Convergys Corp. (NYSE:CVG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The brokerage presently has a $33.00 price objective on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 11.00% from the company’s current price.
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. “
CVG has been the topic of several other research reports. Sidoti raised shares of Convergys Corp. from a “neutral” rating to a “buy” rating in a research report on Wednesday, June 1st. Citigroup Inc. raised their target price on shares of Convergys Corp. from $28.00 to $30.00 and gave the stock a “neutral” rating in a report on Wednesday, August 10th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $31.00.
Shares of Convergys Corp. (NYSE:CVG) opened at 29.73 on Monday. The company has a 50 day moving average price of $29.61 and a 200-day moving average price of $27.51. The firm has a market cap of $2.85 billion, a PE ratio of 17.41 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 issued its quarterly earnings results on Monday, August 8th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.37 by $0.04. Convergys Corp. had a net margin of 6.14% and a return on equity of 15.02%. The business had revenue of $692.30 million for the quarter, compared to analysts’ expectations of $695.78 million. During the same quarter last year, the company posted $0.33 earnings per share. The company’s quarterly revenue was down 3.4% compared to the same quarter last year. Analysts expect that Convergys Corp. will post $1.91 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Friday, September 23rd will be issued a $0.09 dividend. 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 1.21%. Convergys Corp.’s dividend payout ratio is currently 20.93%.
In other news, Director Jeffrey H. Fox sold 65,000 shares of Convergys Corp. stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $29.55, for a total transaction of $1,920,750.00. Following the sale, the director now owns 338,610 shares of the company’s stock, valued at $10,005,925.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Andre S. Valentine sold 9,000 shares of Convergys Corp. stock in a transaction that occurred on Monday, September 12th. The shares were 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 in the company, valued at approximately $2,368,849.72. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. FMR LLC boosted its stake in Convergys Corp. by 1,192.1% in the second quarter. FMR LLC now owns 1,098,300 shares of the company’s stock worth $27,458,000 after buying an additional 1,013,300 shares during the period. Emerald Acquisition Ltd. acquired a new stake in Convergys Corp. during the second quarter worth $24,148,000. Fuller & Thaler Asset Management Inc. boosted its stake in Convergys Corp. by 20.0% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 3,673,490 shares of the company’s stock worth $91,837,000 after buying an additional 612,174 shares during the period. Bank of Montreal Can acquired a new stake in Convergys Corp. during the second quarter worth $8,945,000. Finally, Vanguard Group Inc. boosted its stake in Convergys Corp. by 4.5% in the second quarter. Vanguard Group Inc. now owns 6,623,546 shares of the company’s stock worth $165,589,000 after buying an additional 285,165 shares during the period. 99.08% of the stock is currently owned by institutional investors.
About Convergys Corp.
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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