Convergys Corporation (NYSE:CVG) had its price target decreased by Citigroup Inc. from $25.00 to $24.00 in a research note issued to investors on Friday. Citigroup Inc. currently has a neutral rating on the business services provider’s stock.
CVG has been the subject of a number of other research reports. Robert W. Baird restated a hold rating and issued a $28.00 target price on shares of Convergys Corporation in a research note on Tuesday, October 24th. BidaskClub upgraded Convergys Corporation from a sell rating to a hold rating in a research note on Saturday, August 12th. Barrington Research assumed coverage on Convergys Corporation in a research note on Tuesday, October 17th. They set a market perform rating for the company. Finally, SunTrust Banks, Inc. reiterated a hold rating and set a $26.00 price objective on shares of Convergys Corporation in a research note on Monday, October 9th. One research analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $26.00.
Convergys Corporation (NYSE:CVG) traded down $0.27 on Friday, hitting $23.33. The stock had a trading volume of 1,515,400 shares, compared to its average volume of 747,825. The stock has a market cap of $2,180.93, a PE ratio of 12.62, a PEG ratio of 1.34 and a beta of 1.11. The company has a current ratio of 2.60, a quick ratio of 2.48 and a debt-to-equity ratio of 0.25. Convergys Corporation has a 52 week low of $20.15 and a 52 week high of $26.66.
Convergys Corporation (NYSE:CVG) last released its earnings results on Tuesday, November 7th. The business services provider reported $0.42 EPS for the quarter, missing the Zacks’ consensus estimate of $0.44 by ($0.02). The firm had revenue of $688.30 million during the quarter, compared to analysts’ expectations of $692.34 million. Convergys Corporation had a net margin of 4.54% and a return on equity of 13.92%. The company’s revenue for the quarter was down 7.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.46 EPS. sell-side analysts predict that Convergys Corporation will post 1.86 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Friday, December 22nd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend is Thursday, December 21st. Convergys Corporation’s payout ratio is 30.77%.
In other Convergys Corporation news, Director Jeffrey H. Fox sold 43,609 shares of Convergys Corporation stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $23.53, for a total transaction of $1,026,119.77. Following the completion of the transaction, the director now owns 338,804 shares in the company, valued at $7,972,058.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Andre S. Valentine sold 10,000 shares of Convergys Corporation stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $23.52, for a total value of $235,200.00. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the business. LS Investment Advisors LLC raised its stake in shares of Convergys Corporation by 17.8% in the second quarter. LS Investment Advisors LLC now owns 7,453 shares of the business services provider’s stock worth $177,000 after purchasing an additional 1,125 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Convergys Corporation by 17.7% in the second quarter. Victory Capital Management Inc. now owns 7,498 shares of the business services provider’s stock worth $178,000 after purchasing an additional 1,125 shares during the last quarter. Riverhead Capital Management LLC raised its stake in shares of Convergys Corporation by 71.0% in the second quarter. Riverhead Capital Management LLC now owns 7,525 shares of the business services provider’s stock worth $179,000 after purchasing an additional 3,125 shares during the last quarter. Flinton Capital Management LLC raised its stake in shares of Convergys Corporation by 69.1% in the second quarter. Flinton Capital Management LLC now owns 8,428 shares of the business services provider’s stock worth $200,000 after purchasing an additional 3,444 shares during the last quarter. Finally, Teacher Retirement System of Texas purchased a new position in shares of Convergys Corporation in the third quarter worth $201,000. Institutional investors and hedge funds own 98.72% of the company’s stock.
About Convergys Corporation
Convergys Corporation is engaged in customer experience outsourcing. The Company’s geographical segments include North America and Rest of World. The Company offers services across industries, including communications and media, technology, financial services, retail, government and healthcare. The Company helps businesses to create customer experiences across multiple interaction channels, such as voice, chat, e-mail and interactive voice response.
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