Cormark Has Positive Outlook for TSE:CTS FY2024 Earnings

Converge Technology Solutions Corp. (TSE:CTS) – Stock analysts at Cormark upped their FY2024 earnings per share estimates for shares of Converge Technology Solutions in a note issued to investors on Wednesday, November 13th. Cormark analyst G. Fairweather now expects that the company will post earnings per share of $0.54 for the year, up from their prior estimate of $0.49. Cormark currently has a “Hold” rating on the stock. The consensus estimate for Converge Technology Solutions’ current full-year earnings is $0.69 per share. Cormark also issued estimates for Converge Technology Solutions’ FY2025 earnings at $0.61 EPS.

A number of other brokerages have also recently commented on CTS. Canaccord Genuity Group decreased their target price on shares of Converge Technology Solutions from C$6.25 to C$6.00 in a research report on Friday, October 25th. Ventum Financial decreased their price objective on Converge Technology Solutions from C$6.20 to C$5.20 in a report on Wednesday. Raymond James dropped their target price on Converge Technology Solutions from C$6.50 to C$4.50 in a report on Friday, October 25th. TD Securities decreased their price target on Converge Technology Solutions from C$5.00 to C$4.50 in a research note on Wednesday. Finally, National Bank Financial lowered Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 24th. Six research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of C$5.86.

Converge Technology Solutions Stock Down 1.4 %

Shares of TSE CTS opened at C$3.55 on Friday. The stock has a market capitalization of C$692.96 million, a P/E ratio of -4.50, a PEG ratio of 0.14 and a beta of 1.81. Converge Technology Solutions has a one year low of C$2.90 and a one year high of C$6.06. The firm’s 50 day simple moving average is C$4.09 and its two-hundred day simple moving average is C$4.44. The company has a debt-to-equity ratio of 99.08, a current ratio of 1.00 and a quick ratio of 0.68.

Insider Buying and Selling

In related news, Senior Officer Greg Berard purchased 10,105 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average cost of C$4.42 per share, with a total value of C$44,684.31. 5.97% of the stock is currently owned by insiders.

Converge Technology Solutions Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, December 28th. Investors of record on Tuesday, December 10th will be issued a dividend of $0.015 per share. The ex-dividend date is Tuesday, December 10th. This represents a $0.06 dividend on an annualized basis and a dividend yield of 1.69%. Converge Technology Solutions’s dividend payout ratio is presently -7.50%.

About Converge Technology Solutions

Converge Technology Solutions Corp. provides software-enabled IT and cloud solutions in the United States and Canada. Its solutions approach delivers advanced analytics, artificial intelligence, application modernization, cloud, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries.