Convergys Corporation (CVG) PT Lowered to $24.00
Convergys Corporation (NYSE:CVG) had its target price decreased by Citigroup Inc. from $25.00 to $24.00 in a research report sent to investors on Friday morning. Citigroup Inc. currently has a neutral rating on the business services provider’s stock.
Several other brokerages have also weighed in on CVG. SunTrust Banks, Inc. reissued a hold rating and issued a $26.00 price objective on shares of Convergys Corporation in a report on Monday, October 9th. BidaskClub lowered Convergys Corporation from a hold rating to a sell rating in a report on Tuesday, August 1st. Barrington Research initiated coverage on Convergys Corporation in a report on Tuesday, October 17th. They issued a market perform rating for the company. Finally, Robert W. Baird reissued a hold rating on shares of Convergys Corporation in a report on Sunday, September 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $26.00.
Shares of Convergys Corporation (NYSE CVG) traded down $0.02 during trading on Friday, hitting $23.31. The stock had a trading volume of 1,983,200 shares, compared to its average volume of 753,466. Convergys Corporation has a 1 year low of $20.15 and a 1 year high of $26.66. The stock has a market cap of $2,170.00, a price-to-earnings ratio of 12.48, a PEG ratio of 1.33 and a beta of 1.11. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 0.25.
Convergys Corporation (NYSE:CVG) last announced its earnings results on Tuesday, November 7th. The business services provider reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.02). Convergys Corporation had a net margin of 4.54% and a return on equity of 13.92%. The business had revenue of $688.30 million for the quarter, compared to analysts’ expectations of $692.34 million. During the same period in the prior year, the business earned $0.46 earnings per share. The company’s revenue for the quarter was down 7.1% compared to the same quarter last year. equities analysts forecast that Convergys Corporation will post 1.85 EPS for the current fiscal year.
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The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Investors of record on Friday, December 22nd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.72%. The ex-dividend date is Thursday, December 21st. Convergys Corporation’s dividend payout ratio (DPR) is currently 30.77%.
In other Convergys Corporation news, Director Jeffrey H. Fox sold 43,609 shares of Convergys Corporation stock in a transaction dated 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 of the company’s stock, valued at approximately $7,972,058.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.70% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. grew its holdings in Convergys Corporation by 13,300.3% during the 1st quarter. BlackRock Inc. now owns 10,663,303 shares of the business services provider’s stock valued at $225,529,000 after buying an additional 10,583,728 shares in the last quarter. Vanguard Group Inc. grew its holdings in Convergys Corporation by 6.8% during the 2nd quarter. Vanguard Group Inc. now owns 7,866,455 shares of the business services provider’s stock valued at $187,064,000 after buying an additional 503,693 shares in the last quarter. LSV Asset Management grew its holdings in Convergys Corporation by 3.0% during the 2nd quarter. LSV Asset Management now owns 4,604,891 shares of the business services provider’s stock valued at $109,504,000 after buying an additional 132,200 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Convergys Corporation by 21.0% during the 2nd quarter. Goldman Sachs Group Inc. now owns 3,699,927 shares of the business services provider’s stock valued at $87,985,000 after buying an additional 643,000 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in Convergys Corporation by 1.6% during the 2nd quarter. Northern Trust Corp now owns 3,599,474 shares of the business services provider’s stock valued at $85,596,000 after buying an additional 57,522 shares in the last quarter. 94.06% of the stock is owned by institutional investors and hedge funds.
Convergys Corporation Company Profile
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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