Cannon Global Investment Management LLC Acquires 11,000 Shares of CBIZ, Inc.

Cannon Global Investment Management LLC recently disclosed its acquisition of a new stake in CBIZ, Inc. (NYSE:CBZ - Free Report) during the third quarter of the year. The firm purchased 11,000 shares of the business services provider's stock, which is valued at around $740,000. This investment accounts for approximately 1.2% of Cannon Global's overall portfolio, making CBIZ its 20th largest holding.

In addition to Cannon Global, several other hedge funds have also adjusted their positions in CBIZ. For example, AQR Capital Management LLC increased its stake by 1.2% in the second quarter and now owns 14,960 shares valued at $1,109,000 after acquiring an additional 176 shares. Similarly, Wealth Enhancement Advisory Services LLC raised its holdings by 1.2% during the same quarter, bringing their total to 16,235 shares worth $1,203,000 following a purchase of 185 shares. Inspire Investing LLC increased its position by 4.2%, now holding 4,757 shares valued at $352,000 after buying 190 shares. Covestor Ltd raised its stake in CBIZ by a significant 45.5%, ending up with 707 shares valued at $56,000. Lastly, US Bancorp DE boosted its holdings by 16.1% in the third quarter, now owning 1,796 shares worth $121,000. Currently, institutional investors control 87.44% of CBIZ's shares.

Analysts Outlook on CBIZ

CBIZ has attracted attention from various research analysts. StockNews.com downgraded their rating for the stock from "hold" to "sell" on September 5th. Conversely, Sidoti upgraded CBIZ from "neutral" to "buy," raising the target price for the shares from $80.00 to $86.00 in their analysis published on August 12th.

CBIZ Stock Performance Overview

In mid-day trading on Friday, shares of CBIZ increased by $0.77, reaching a price of $69.70. Approximately 384,915 shares were traded, which surpasses the average volume of 323,937. Financial metrics for the company include a debt-to-equity ratio of 0.43, and both a quick and current ratio of 1.48. CBIZ has a market capitalization of $3.50 billion, a price-to-earnings (PE) ratio of 29.53, and a beta of 0.90. Over the past year, CBIZ's stock has fluctuated between a low of $53.37 and a high of $86.36, with a 50-day moving average at $67.80 and a 200-day moving average at $72.80.

On October 29th, CBIZ reported its quarterly earnings, revealing earnings per share (EPS) of $0.84, which surpasses the consensus estimates of $0.76 by $0.08. The company achieved a net margin of 7.08% and a 15.47% return on equity. Its revenue for the quarter totaled $438.90 million, slightly under the expected $440.16 million. Compared to the same quarter last year, CBIZ's revenue grew by 6.9%, with analysts forecasting an EPS of 2.65 for the current fiscal year.

Introduction to CBIZ, Inc.

CBIZ, Inc. is a provider of financial, insurance, and advisory services across the United States and Canada. The company operates in several segments, including Financial Services, Benefits and Insurance Services, and National Practices. Its Financial Services division offers services such as accounting, tax, financial advisory, valuation, risk management, and government healthcare consulting.

Cannon, Investment, Shares