Zacks Investment Research Upgrades TeleTech (TTEC) to Buy
TeleTech (NASDAQ:TTEC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Saturday. The brokerage presently has a $45.00 target price on the business services provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 12.50% from the company’s previous close.
According to Zacks, “TeleTech Holdings, Inc. is a leading provider of eCommerce-enabling customer management solutions for large domestic, foreign and multinational companies. The company’s programs include both automated and human-assisted support and involve all stages of the customer relationship. Programs consist of a variety of customer management and product support activities, such as providing new product information, enrolling customers in client programs, providing 24-hour technical and help desk support and resolving customer complaints. “
A number of other equities research analysts have also recently issued reports on TTEC. BidaskClub cut shares of TeleTech from a “hold” rating to a “sell” rating in a report on Saturday, December 30th. SunTrust Banks reiterated a “hold” rating and issued a $43.00 price objective on shares of TeleTech in a report on Monday, October 9th. Finally, ValuEngine cut shares of TeleTech from a “buy” rating to a “hold” rating in a report on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $44.00.
TeleTech (NASDAQ:TTEC) last issued its quarterly earnings data on Wednesday, November 8th. The business services provider reported $0.38 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.38. The firm had revenue of $359.04 million during the quarter, compared to analysts’ expectations of $348.94 million. TeleTech had a net margin of 3.45% and a return on equity of 19.24%. TeleTech’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.39 earnings per share. analysts anticipate that TeleTech will post 1.75 EPS for the current fiscal year.
In other TeleTech news, SVP Steven C. Pollema sold 9,000 shares of the company’s stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $40.00, for a total transaction of $360,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 70.00% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in TTEC. Vanguard Group Inc. lifted its stake in shares of TeleTech by 2.9% in the second quarter. Vanguard Group Inc. now owns 2,083,206 shares of the business services provider’s stock valued at $84,995,000 after buying an additional 57,907 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of TeleTech by 0.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,391,207 shares of the business services provider’s stock valued at $56,761,000 after buying an additional 3,759 shares during the period. Boston Partners lifted its stake in shares of TeleTech by 1.4% in the third quarter. Boston Partners now owns 1,288,735 shares of the business services provider’s stock valued at $53,805,000 after buying an additional 18,028 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of TeleTech by 1.5% in the second quarter. Bank of New York Mellon Corp now owns 348,253 shares of the business services provider’s stock valued at $14,208,000 after buying an additional 5,272 shares during the period. Finally, Ameriprise Financial Inc. lifted its stake in shares of TeleTech by 10.0% in the third quarter. Ameriprise Financial Inc. now owns 336,946 shares of the business services provider’s stock valued at $14,067,000 after buying an additional 30,680 shares during the period. Institutional investors own 24.80% of the company’s stock.
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TeleTech Holdings, Inc (TeleTech) is a customer service provider that delivers consulting, technology, growth and customer care solutions on a global scale. The Company operates through four segments: Customer Management Services (CMS), Customer Growth Services (CGS), Customer Technology Services (CTS) and Customer Strategy Services (CSS).
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