Convergys Corp Plans Quarterly Dividend of $0.10 (CVG)
Convergys Corp (NYSE:CVG) declared a quarterly dividend on Tuesday, November 7th, Zacks reports. Stockholders of record on Friday, December 22nd will be paid a dividend of 0.10 per share by the business services provider on Friday, January 5th. This represents a $0.40 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend is Thursday, December 21st.
Convergys has increased its dividend payment by an average of 13.9% per year over the last three years and has increased its dividend annually for the last 4 consecutive years. Convergys has a payout ratio of 21.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Convergys to earn $1.84 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 21.7%.
Shares of Convergys (NYSE CVG) traded up $0.13 during trading on Friday, hitting $23.77. The stock had a trading volume of 2,356,813 shares, compared to its average volume of 747,249. Convergys has a twelve month low of $20.15 and a twelve month high of $26.66. The firm has a market cap of $2,184.62, a price-to-earnings ratio of 12.64, a PEG ratio of 1.42 and a beta of 1.07. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 0.25.
In related news, CEO Andrea J. Ayers sold 30,000 shares of the stock in a transaction dated Tuesday, December 5th. The stock was sold at an average price of $24.15, for a total transaction of $724,500.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jeffrey H. Fox sold 25,000 shares of the stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $23.77, for a total value of $594,250.00. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.
Several brokerages have recently commented on CVG. Zacks Investment Research lowered Convergys from a “hold” rating to a “sell” rating in a research note on Friday, November 10th. Citigroup decreased their target price on Convergys from $25.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, November 10th. Robert W. Baird reissued a “hold” rating and set a $28.00 target price on shares of Convergys in a research note on Tuesday, October 24th. Barrington Research started coverage on Convergys in a research note on Tuesday, October 17th. They set a “market perform” rating on the stock. Finally, SunTrust Banks reissued a “hold” rating and set a $26.00 target price on shares of Convergys in a research note on Monday, October 9th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. Convergys presently has an average rating of “Hold” and a consensus price target of $26.00.
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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