Edgestream Partners L.P. Takes Position in CBIZ, Inc. $CBZ

Edgestream Partners L.P. bought a new position in shares of CBIZ, Inc. (NYSE:CBZ) in the first quarter, HoldingsChannel reports. The institutional investor bought 134,491 shares of the business services provider’s stock, valued at approximately $3,611,000.

Several other large investors have also made changes to their positions in the company. Strategic Wealth Investment Group LLC bought a new position in CBIZ in the second quarter valued at about $37,000. Caitong International Asset Management Co. Ltd increased its position in CBIZ by 377.8% in the third quarter. Caitong International Asset Management Co. Ltd now owns 559 shares of the business services provider’s stock worth $30,000 after purchasing an additional 442 shares during the period. EverSource Wealth Advisors LLC raised its holdings in CBIZ by 165.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 722 shares of the business services provider’s stock worth $52,000 after purchasing an additional 450 shares during the last quarter. Danske Bank A S bought a new stake in CBIZ during the 3rd quarter worth about $42,000. Finally, Torren Management LLC acquired a new position in CBIZ during the 4th quarter valued at about $48,000. Institutional investors and hedge funds own 87.44% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on CBZ. Barrington Research began coverage on shares of CBIZ in a research note on Wednesday, June 24th. They issued an “outperform” rating and a $45.00 target price on the stock. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $42.00 price target on shares of CBIZ in a research note on Thursday, April 30th. Weiss Ratings upgraded shares of CBIZ from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday. Stephens set a $37.00 price objective on shares of CBIZ in a research note on Friday, May 1st. Finally, CJS Securities lowered shares of CBIZ from a “market outperform” rating to a “market perform” rating and set a $55.00 target price for the company. in a report on Thursday. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, CBIZ has a consensus rating of “Hold” and an average target price of $44.50.

CBIZ Stock Performance

Shares of CBZ stock opened at $55.16 on Friday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.63 and a current ratio of 1.63. The company has a market capitalization of $2.96 billion, a P/E ratio of 25.77, a price-to-earnings-growth ratio of 1.16 and a beta of 0.99. The company’s 50 day moving average price is $36.74 and its two-hundred day moving average price is $33.72. CBIZ, Inc. has a 52 week low of $24.29 and a 52 week high of $76.70.

CBIZ (NYSE:CBZ) last released its quarterly earnings results on Wednesday, July 29th. The business services provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.19. The company had revenue of $682.21 million during the quarter, compared to analysts’ expectations of $697.96 million. CBIZ had a net margin of 4.73% and a return on equity of 12.37%. The business’s quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.95 earnings per share. On average, analysts expect that CBIZ, Inc. will post 4.1 earnings per share for the current fiscal year.

Key Stories Impacting CBIZ

Here are the key news stories impacting CBIZ this week:

• Positive Sentiment: Grant Thornton Advisors will acquire CBIZ in an all-cash transaction at $55 per share, offering shareholders a substantial premium to CBIZ’s pre-announcement price and providing a clear near-term valuation benchmark. The transaction is supported by New Mountain Capital and would take CBIZ private. Grant Thornton Advisors to Acquire CBIZ for $5 Billion
• Positive Sentiment: CBIZ’s latest quarterly results included adjusted earnings of $0.91 per share, well above the $0.72 analyst consensus. The earnings beat, combined with the takeover premium, strengthened investor interest in the stock. CBIZ Shares Gap Up on Better-Than-Expected Earnings
• Neutral Sentiment: Analysts and Zacks highlighted CBIZ’s growth, value and earnings-estimate characteristics, but these research pieces are largely secondary to the acquisition announcement because the $55 cash offer now determines most of the stock’s near-term upside. 3 Reasons Why Growth Investors Shouldn’t Overlook CBIZ
• Negative Sentiment: CBIZ reported quarterly revenue of $682.2 million, below the $698.0 million consensus estimate, while revenue declined slightly year over year and earnings fell from $0.95 per share in the prior-year quarter. These results could limit the stock’s value if the merger is delayed or fails. CBIZ Misses Q2 Revenue Estimates
• Negative Sentiment: Several law firms are investigating whether the $55 offer and the sale process adequately protect shareholders. Such reviews may create deal uncertainty or delay closing, although no wrongdoing has been established. CBIZ Investor Alert

CBIZ Company Profile

CBIZ, Inc (NYSE: CBZ), founded in 1996 and headquartered in Cleveland, Ohio, is a leading provider of professional business services in the United States. Since its inception, the company has grown through both organic expansion and strategic acquisitions to deliver a broad spectrum of financial, tax and advisory solutions tailored to the needs of small to mid-market organizations.

Through its Financial & Advisory Services segment, CBIZ offers accounting, tax preparation and compliance, audit support, and wealth management services.