Convergys Corporation (CVG) Given Consensus Recommendation of “Hold” by Brokerages
Shares of Convergys Corporation (NYSE:CVG) have been assigned an average recommendation of “Hold” from the seven ratings firms that are covering the company, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $27.00.
Several analysts have weighed in on the company. BidaskClub raised Convergys Corporation from a “sell” rating to a “hold” rating in a report on Saturday, August 12th. Robert W. Baird reaffirmed a “hold” rating on shares of Convergys Corporation in a research note on Sunday, September 17th. Barrington Research initiated coverage on Convergys Corporation in a research note on Tuesday, October 17th. They set a “market perform” rating on the stock. Finally, SunTrust Banks, Inc. reaffirmed a “hold” rating and set a $26.00 price objective on shares of Convergys Corporation in a research note on Monday, October 9th.
In related news, Director Jeffrey H. Fox sold 43,609 shares of the 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 sale, the director now owns 338,804 shares of the company’s stock, valued at $7,972,058.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Andre S. Valentine sold 10,000 shares of the 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 owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of CVG. Victory Capital Management Inc. boosted its stake in shares of Convergys Corporation by 53.9% during the first quarter. Victory Capital Management Inc. now owns 6,373 shares of the business services provider’s stock valued at $135,000 after acquiring an additional 2,233 shares during the last quarter. LS Investment Advisors LLC boosted its stake in shares of Convergys Corporation by 17.8% during the second quarter. LS Investment Advisors LLC now owns 7,453 shares of the business services provider’s stock valued at $177,000 after acquiring an additional 1,125 shares during the last quarter. Riverhead Capital Management LLC boosted its stake in shares of Convergys Corporation by 71.0% during the second quarter. Riverhead Capital Management LLC now owns 7,525 shares of the business services provider’s stock valued at $179,000 after acquiring an additional 3,125 shares during the last quarter. Flinton Capital Management LLC boosted its stake in shares of Convergys Corporation by 69.1% during the second quarter. Flinton Capital Management LLC now owns 8,428 shares of the business services provider’s stock valued at $200,000 after acquiring an additional 3,444 shares during the last quarter. Finally, Wayne Hummer Investments L.L.C. acquired a new stake in shares of Convergys Corporation during the second quarter valued at $206,000. 98.72% of the stock is currently owned by institutional investors and hedge funds.
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Convergys Corporation (NYSE:CVG) last posted its earnings results on Tuesday, August 8th. The business services provider reported $0.46 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.07. The company had revenue of $686.80 million for the quarter, compared to analyst estimates of $687.91 million. Convergys Corporation had a return on equity of 14.46% and a net margin of 4.90%. Convergys Corporation’s revenue was down .8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.41 earnings per share.
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 6th. Investors of record on Friday, September 22nd were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date was Thursday, September 21st. Convergys Corporation’s payout ratio is currently 28.37%.
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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