Vanguard Group Inc. Has $187.06 Million Stake in Convergys Corporation (CVG)
Vanguard Group Inc. lifted its stake in Convergys Corporation (NYSE:CVG) by 6.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,866,455 shares of the business services provider’s stock after buying an additional 503,693 shares during the period. Vanguard Group Inc. owned approximately 8.36% of Convergys Corporation worth $187,064,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in CVG. Wayne Hummer Investments L.L.C. bought a new stake in shares of Convergys Corporation in the second quarter worth about $206,000. AQR Capital Management LLC grew 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 worth $62,793,000 after purchasing an additional 505,311 shares during the last quarter. State Street Corp grew its stake in shares of Convergys Corporation by 3.5% in the first quarter. State Street Corp now owns 3,181,333 shares of the business services provider’s stock worth $67,284,000 after purchasing an additional 108,814 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Convergys Corporation by 4.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,056,927 shares of the business services provider’s stock worth $64,654,000 after purchasing an additional 141,399 shares during the last quarter. Finally, Foundry Partners LLC grew its stake in shares of Convergys Corporation by 11.4% in the second quarter. Foundry Partners LLC now owns 226,348 shares of the business services provider’s stock worth $5,383,000 after purchasing an additional 23,197 shares during the last quarter. Hedge funds and other institutional investors own 98.72% of the company’s stock.
In related news, Director Jeffrey H. Fox sold 43,609 shares of the stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $23.53, for a total value of $1,026,119.77. Following the sale, the director now directly owns 338,804 shares of the company’s stock, valued at approximately $7,972,058.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Andre S. Valentine sold 10,000 shares of the stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $23.52, for a total transaction of $235,200.00. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.
Several research firms recently issued reports on CVG. Barrington Research began coverage on Convergys Corporation in a research note on Tuesday. They issued a “market perform” rating on the stock. BidaskClub raised Convergys Corporation from a “sell” rating to a “hold” rating in a research note on Saturday, August 12th. Robert W. Baird reissued a “hold” rating on shares of Convergys Corporation in a research note on Sunday, September 17th. Finally, SunTrust Banks, Inc. reissued a “hold” rating and issued a $26.00 target price on shares of Convergys Corporation in a research note on Monday, October 9th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $26.00.
Shares of Convergys Corporation (NYSE:CVG) opened at 25.49 on Wednesday. The company has a market capitalization of $2.38 billion, a PE ratio of 18.00 and a beta of 1.06. Convergys Corporation has a 1-year low of $20.15 and a 1-year high of $30.34. The company has a 50 day moving average price of $24.95 and a 200 day moving average price of $23.78.
Convergys Corporation (NYSE:CVG) last posted its quarterly earnings data on Tuesday, August 8th. The business services provider reported $0.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.07. Convergys Corporation had a net margin of 4.90% and a return on equity of 14.46%. The company had revenue of $686.80 million for the quarter, compared to analyst estimates of $687.91 million. During the same period in the prior year, the company posted $0.41 EPS. The firm’s revenue for the quarter was down .8% on a year-over-year basis. Equities analysts predict that Convergys Corporation will post $1.88 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 6th. Investors of record on Friday, September 22nd were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date was Thursday, September 21st. Convergys Corporation’s dividend payout ratio (DPR) is currently 28.37%.
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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