Convergys Corp (CVG) Holdings Lifted by KBC Group NV
KBC Group NV raised its holdings in shares of Convergys Corp (NYSE:CVG) by 4.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 181,041 shares of the business services provider’s stock after buying an additional 7,907 shares during the period. KBC Group NV owned about 0.20% of Convergys worth $4,687,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in CVG. Vanguard Group Inc. boosted its holdings in shares of Convergys 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 purchasing an additional 503,693 shares during the period. LSV Asset Management boosted its holdings in shares of Convergys by 3.0% in the second quarter. LSV Asset Management now owns 4,604,891 shares of the business services provider’s stock valued at $109,504,000 after purchasing an additional 132,200 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Convergys 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 purchasing an additional 643,000 shares during the period. Northern Trust Corp boosted its holdings in shares of Convergys by 1.6% in the second quarter. Northern Trust Corp now owns 3,599,474 shares of the business services provider’s stock valued at $85,596,000 after purchasing an additional 57,522 shares during the period. Finally, State Street Corp boosted its holdings in shares of Convergys by 5.2% in the second quarter. State Street Corp now owns 3,346,311 shares of the business services provider’s stock valued at $79,577,000 after purchasing an additional 164,978 shares during the period. Institutional investors and hedge funds own 98.72% of the company’s stock.
A number of analysts recently issued reports on CVG shares. BidaskClub upgraded Convergys from a “sell” rating to a “hold” rating in a report on Saturday, August 12th. Robert W. Baird reiterated a “hold” rating on shares of Convergys in a report on Sunday, September 17th. SunTrust Banks reiterated a “hold” rating and issued a $26.00 price target on shares of Convergys in a report on Monday, October 9th. Barrington Research started coverage on shares of Convergys in a research note on Tuesday, October 17th. They issued a “market perform” rating for the company. Finally, Citigroup reduced their price objective on shares of Convergys from $25.00 to $24.00 and set a “neutral” rating for the company in a research note on Friday, November 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $26.00.
Convergys (NYSE:CVG) last issued its quarterly earnings data on Tuesday, November 7th. The business services provider reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). The business had revenue of $688.30 million during the quarter, compared to the consensus estimate of $692.34 million. Convergys had a return on equity of 13.92% and a net margin of 4.54%. The business’s quarterly revenue was down 7.1% on a year-over-year basis. During the same period last year, the firm earned $0.46 EPS. analysts forecast that Convergys Corp will post 1.85 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Investors of record on Friday, December 22nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date is Thursday, December 21st. Convergys’s dividend payout ratio (DPR) is 30.77%.
In related news, Director Jeffrey H. Fox sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $23.77, for a total value of $594,250.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.70% of the company’s stock.
Convergys 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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