Convergys Corporation (NYSE:CVG) Stake Raised by OppenheimerFunds Inc.
OppenheimerFunds Inc. raised its stake in shares of Convergys Corporation (NYSE:CVG) by 46.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,037 shares of the business services provider’s stock after buying an additional 11,451 shares during the period. OppenheimerFunds Inc.’s holdings in Convergys Corporation were worth $762,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of CVG. GSA Capital Partners LLP bought a new position in Convergys Corporation during the fourth quarter valued at about $401,000. Norges Bank bought a new position in Convergys Corporation during the fourth quarter valued at about $38,110,000. Bowling Portfolio Management LLC increased its position in Convergys Corporation by 18.4% in the first quarter. Bowling Portfolio Management LLC now owns 26,041 shares of the business services provider’s stock valued at $551,000 after buying an additional 4,050 shares in the last quarter. Boston Partners increased its position in Convergys Corporation by 2.0% in the first quarter. Boston Partners now owns 502,374 shares of the business services provider’s stock valued at $10,625,000 after buying an additional 9,777 shares in the last quarter. Finally, Seizert Capital Partners LLC increased its position in Convergys Corporation by 33.4% in the first quarter. Seizert Capital Partners LLC now owns 90,404 shares of the business services provider’s stock valued at $1,912,000 after buying an additional 22,621 shares in the last quarter. 99.71% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Convergys Corporation (CVG) traded up 0.42% on Friday, reaching $23.90. 278,049 shares of the company’s stock were exchanged. The company has a market capitalization of $2.25 billion, a P/E ratio of 17.76 and a beta of 1.04. The stock’s 50-day moving average price is $24.05 and its 200-day moving average price is $23.33. Convergys Corporation has a 1-year low of $20.15 and a 1-year high of $30.92.
Convergys Corporation (NYSE:CVG) last issued its earnings results on Monday, May 8th. The business services provider reported $0.52 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.07. Convergys Corporation had a net margin of 4.67% and a return on equity of 14.24%. The business had revenue of $727.60 million for the quarter, compared to the consensus estimate of $719.96 million. During the same period in the previous year, the company earned $0.50 earnings per share. The firm’s revenue for the quarter was up .7% on a year-over-year basis. Analysts anticipate that Convergys Corporation will post $1.85 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 7th. Shareholders of record on Friday, June 23rd were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.67%. This is a boost from Convergys Corporation’s previous quarterly dividend of $0.09. The ex-dividend date was Wednesday, June 21st. Convergys Corporation’s payout ratio is 30.08%.
CVG has been the subject of several recent research reports. Zacks Investment Research downgraded shares of Convergys Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, May 10th. BidaskClub downgraded shares of Convergys Corporation from a “hold” rating to a “sell” rating in a research note on Tuesday. ValuEngine downgraded shares of Convergys Corporation from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, TheStreet upgraded shares of Convergys Corporation from a “c+” rating to a “b-” rating in a research report on Tuesday, May 23rd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $31.50.
In other Convergys Corporation news, insider Taylor C. Greenwald sold 6,412 shares of Convergys Corporation stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $24.24, for a total transaction of $155,426.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeffrey H. Fox sold 10,000 shares of Convergys Corporation stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $24.84, for a total transaction of $248,400.00. The disclosure for this sale can be found here. Insiders own 1.70% 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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