Convergys Corporation (NYSE:CVG) – Investment analysts at SunTrust Banks lowered their Q4 2017 earnings estimates for shares of Convergys Corporation in a research report issued on Thursday. SunTrust Banks analyst F. Atkins now anticipates that the business services provider will post earnings per share of $0.45 for the quarter, down from their previous estimate of $0.47. SunTrust Banks has a “Hold” rating and a $26.00 price target on the stock. SunTrust Banks also issued estimates for Convergys Corporation’s Q1 2018 earnings at $0.45 EPS, Q3 2018 earnings at $0.48 EPS and Q4 2018 earnings at $0.53 EPS.
Several other analysts also recently issued reports on CVG. Citigroup Inc. reduced their price objective on Convergys Corporation from $25.00 to $24.00 and set a “neutral” rating on the stock in a research report on Friday, November 10th. Zacks Investment Research downgraded Convergys Corporation from a “hold” rating to a “sell” rating in a research report on Friday, November 10th. BidaskClub downgraded Convergys Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Barrington Research assumed coverage on Convergys Corporation in a research report on Tuesday, October 17th. They issued a “market perform” rating on the stock. Finally, Robert W. Baird restated a “hold” rating and issued a $28.00 price objective on shares of Convergys Corporation in a research report on Tuesday, October 24th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. Convergys Corporation currently has a consensus rating of “Hold” and a consensus target price of $26.00.
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Convergys Corporation (NYSE:CVG) last posted its earnings results on Tuesday, November 7th. The business services provider reported $0.42 earnings per share for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $688.30 million during the quarter, compared to analyst estimates of $692.34 million. During the same period last year, the company posted $0.46 EPS. The firm’s revenue for the quarter was down 7.1% on a year-over-year basis.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Stockholders of record on Friday, December 22nd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, December 21st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.71%. Convergys Corporation’s dividend payout ratio (DPR) is 30.77%.
In other news, Director Jeffrey H. Fox sold 43,609 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $23.53, for a total value of $1,026,119.77. Following the transaction, the director now directly owns 338,804 shares in the company, valued at approximately $7,972,058.12. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.70% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in CVG. BlackRock Inc. raised its holdings in shares of Convergys Corporation by 13,300.3% in the 1st quarter. BlackRock Inc. now owns 10,663,303 shares of the business services provider’s stock worth $225,529,000 after purchasing an additional 10,583,728 shares during the period. Alliancebernstein L.P. raised its holdings in shares of Convergys Corporation by 1,096.4% in the 2nd quarter. Alliancebernstein L.P. now owns 2,869,183 shares of the business services provider’s stock worth $68,229,000 after purchasing an additional 2,629,363 shares during the period. Royce & Associates LP grew its stake in shares of Convergys Corporation by 320.7% in the second quarter. Royce & Associates LP now owns 866,557 shares of the business services provider’s stock valued at $20,607,000 after buying an additional 660,557 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Convergys Corporation by 21.0% in the second 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, Vanguard Group Inc. grew its stake in shares of Convergys Corporation by 6.8% in the second 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. Institutional investors own 94.06% of the company’s stock.
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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