Zacks Investment Research upgraded shares of Convergys Corp. (NYSE:CVG) from a hold rating to a buy rating in a research report report published on Monday morning. They currently have $33.00 target price on the stock.
According to Zacks, “Convergys Corp. is one of the global leaders in the provision of outsourced, integrated billing and customer care services. It focuses on developing long-term strategic relationships with clients in customer-intensive industries including telecommunications, cable, broadband, satellite broadcasting, Internet services, technology and financial services. The company serves its clients through its two operating units: the Information Management Group; and the Customer Management Group. “
A number of other research analysts also recently commented on CVG. Sidoti upgraded Convergys Corp. from a neutral rating to a buy rating in a report on Wednesday, June 1st. Citigroup Inc. raised their price target on Convergys Corp. from $28.00 to $30.00 and gave the stock a neutral rating in a research note on Wednesday, August 10th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $31.00.
Shares of Convergys Corp. (NYSE:CVG) opened at 30.16 on Monday. The company’s 50 day moving average price is $29.68 and its 200-day moving average price is $27.55. The firm has a market cap of $2.89 billion, a P/E ratio of 17.66 and a beta of 1.06. Convergys Corp. has a 12-month low of $22.53 and a 12-month high of $30.92.
Convergys Corp. (NYSE:CVG) last released its quarterly earnings data on Monday, August 8th. The company reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.04. Convergys Corp. had a return on equity of 15.02% and a net margin of 6.14%. The business had revenue of $692.30 million for the quarter, compared to the consensus estimate of $695.78 million. During the same quarter in the prior year, the business posted $0.33 EPS. The business’s revenue for the quarter was down 3.4% on a year-over-year basis. On average, equities research analysts anticipate that Convergys Corp. will post $1.91 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 7th. Investors of record on Friday, September 23rd will be paid a dividend of $0.09 per share. The ex-dividend date of this dividend is Wednesday, September 21st. This represents a $0.36 dividend on an annualized basis and a yield of 1.19%. Convergys Corp.’s dividend payout ratio is presently 20.93%.
In other Convergys Corp. news, Director Joseph E. Gibbs sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $30.82, for a total transaction of $770,500.00. Following the completion of the sale, the director now directly owns 16,777 shares of the company’s stock, valued at approximately $517,067.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Andre S. Valentine sold 9,000 shares of the stock in a transaction that occurred on Monday, September 12th. The stock was sold at an average price of $29.56, for a total value of $266,040.00. Following the sale, the chief financial officer now directly owns 80,137 shares of the company’s stock, valued at $2,368,849.72. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Advisor Group Inc. bought a new stake in Convergys Corp. during the second quarter worth $109,000. LS Investment Advisors LLC boosted its stake in Convergys Corp. by 72.8% in the second quarter. LS Investment Advisors LLC now owns 5,827 shares of the company’s stock worth $146,000 after buying an additional 2,455 shares during the last quarter. C M Bidwell & Associates Ltd. bought a new stake in Convergys Corp. during the first quarter worth $180,000. LMR Partners LLP bought a new stake in Convergys Corp. during the second quarter worth $201,000. Finally, Tower Research Capital LLC TRC boosted its stake in Convergys Corp. by 2,602.1% in the second quarter. Tower Research Capital LLC TRC now owns 9,025 shares of the company’s stock worth $226,000 after buying an additional 8,691 shares during the last quarter. 99.08% of the stock is owned by institutional investors.
Convergys Corp. Company Profile
Convergys Corporation is engaged in providing customer management services. The Company’s primary focus is on growth with multinational corporations and other companies in communications and media, financial services, technology, healthcare, retail and other vertical markets. Its segments include North America and Rest of World.
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