Denver Investment Advisors LLC Buys 2,352 Shares of Convergys Corporation (CVG)
Denver Investment Advisors LLC increased its stake in shares of Convergys Corporation (NYSE:CVG) by 0.3% during the second quarter, according to its most recent filing with the SEC. The fund owned 731,958 shares of the business services provider’s stock after buying an additional 2,352 shares during the period. Denver Investment Advisors LLC’s holdings in Convergys Corporation were worth $17,406,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in CVG. BlackRock Inc. boosted its stake in shares of Convergys Corporation by 13,300.3% in the first 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 during the period. Bank of Montreal Can boosted its stake in shares of Convergys Corporation by 333.5% in the first quarter. Bank of Montreal Can now owns 973,688 shares of the business services provider’s stock valued at $20,594,000 after buying an additional 749,097 shares during the period. AQR Capital Management LLC boosted its stake in shares of Convergys Corporation by 20.5% in the first quarter. AQR Capital Management LLC now owns 2,968,936 shares of the business services provider’s stock valued at $62,793,000 after buying an additional 505,311 shares during the period. Bank of Nova Scotia bought a new stake in shares of Convergys Corporation during the first quarter valued at about $7,783,000. Finally, Vanguard Group Inc. boosted its stake in shares of Convergys Corporation by 4.8% in the first quarter. Vanguard Group Inc. now owns 7,362,762 shares of the business services provider’s stock valued at $155,723,000 after buying an additional 335,934 shares during the period. 98.72% of the stock is currently owned by institutional investors and hedge funds.
Shares of Convergys Corporation (CVG) opened at 23.81 on Tuesday. The stock has a 50 day moving average price of $23.89 and a 200-day moving average price of $23.22. Convergys Corporation has a 52-week low of $20.15 and a 52-week high of $30.92. The firm has a market cap of $2.22 billion, a PE ratio of 16.81 and a beta of 1.04.
Convergys Corporation (NYSE:CVG) last issued its earnings results on Tuesday, August 8th. The business services provider reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The firm had revenue of $686.80 million during the quarter, compared to the consensus estimate of $687.91 million. Convergys Corporation had a net margin of 4.90% and a return on equity of 14.46%. The company’s revenue was down .8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.41 earnings per share. On average, equities analysts anticipate that Convergys Corporation will post $1.88 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 6th. Investors of record on Friday, September 22nd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, September 21st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.68%. Convergys Corporation’s payout ratio is currently 28.37%.
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CVG has been the topic of several recent research reports. Zacks Investment Research cut Convergys Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, May 10th. ValuEngine cut Convergys Corporation from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. TheStreet raised Convergys Corporation from a “c+” rating to a “b-” rating in a research report on Tuesday, May 23rd. Finally, BidaskClub raised Convergys Corporation from a “sell” rating to a “hold” rating in a research report on Saturday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. Convergys Corporation presently has an average rating of “Hold” and a consensus price target of $33.00.
In related news, Director Jeffrey H. Fox sold 10,000 shares of the business’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $24.84, for a total transaction of $248,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Taylor C. Greenwald sold 6,412 shares of the business’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $24.24, for a total transaction of $155,426.88. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.
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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