Waters Parkerson Bets $3 Million on a CBIZ Rebound
Key Points
Waters Parkerson added 85,796 shares of CBIZ during Q1 2026, with an estimated transaction value of $3.0 million based on the quarter's average closing price.
The purchase raises the fund's total stake to 523,042 shares valued at $14.0 million at quarter end -- down $8.0 million from the prior period, reflecting both the purchase and share price movement during the quarter.
The trade represented a 0.2% change in the fund's 13F reportable assets under management (AUM), bringing CBIZ to 0.7% of total AUM and placing it outside the fund's top five holdings.
What happened
According to a recent SEC filing, Waters Parkerson & Co. LLC increased its position in CBIZ (NYSE:CBZ) by 85,796 shares during the first quarter of 2026. The estimated transaction value was $3.0 million, calculated using the average closing price for the quarter. The fund's CBIZ stake was valued at $14.0 million at quarter-end, down $8.0 million from the prior period, reflecting both the new purchase and a meaningful decline in CBIZ's share price.
What else to know
- The fund added to its CBIZ position, raising its stake to 0.7% of 13F reportable AUM.
- Top five holdings after the filing:
- NYSE: JPM: $99.6 million (5.1% of AUM)
- NYSE: COHR: $98.5 million (5.1% of AUM)
- NYSE: XOM: $92.0 million (4.7% of AUM)
- NYSE: V: $90.9 million (4.7% of AUM)
- NASDAQ: META: $87.8 million (4.5% of AUM)
- As of April 29, 2026, shares of CBIZ were trading at $33.10, down about 51% over the past year, underperforming the S&P 500 by roughly 79 percentage points.
Company overview
| Metric | Value |
|---|---|
| Market cap | $1.8 billion |
| Revenue (TTM) | $2.8 billion |
| Net income (TTM) | $115.4 million |
| One-year price change | (50.77%) |
Company snapshot
CBIZ is a leading advisor to mid-market companies, offering a broad range of professional services to businesses and individuals across the U.S. and Canada.
- Services: Accounting, tax, financial advisory, valuation, employee benefits consulting, insurance, payroll, and IT managed services.
- Clients: Primarily small and medium-sized businesses, as well as not-for-profit organizations and governmental entities.
- Business model: Revenue is generated primarily through fee-based advisory, consulting, and insurance services, giving the company a recurring, relatively defensive revenue stream.
What this transaction means for investors
Adding shares of a stock that has lost more 50% its value over the past year is a transaction worth exploring. At some point in Q1 2026, Waters Parkerson increased its existing CBIZ position, a period during which the stock was trading well below its prior-year levels. That's a contrarian move -- while the market has been selling CBIZ aggressively, Waters appears to see enough value in the beaten-down shares to keep building its position.
Some context on why CBIZ looks the way it does right now: the company closed its acquisition of Marcum LLP in November 2024 -- the largest deal in CBIZ's history. The integration has since dominated CBIZ’ results. In full-year 2025 results (reported Feb. 25, 2026), CBIZ posted total revenue of $2.8 billion, up 52% year over year, with adjusted earnings per share of $3.61, up roughly 80%. Those are strong headline numbers, but much of the gain reflects Marcum's contribution rather than organic growth, which came in at a more modest 2% for the year. Management acknowledged that post-merger productivity headwinds and softer market conditions weighed on organic performance. The company's 2026 guidance calls for revenue of $2.8 billion to $2.9 billion and adjusted EPS of $3.75 to $3.85 -- a modest step up in profitability. The more notable forward-looking number may be free cash flow: management expects $270 to $290 million in 2026, up sharply from $176 million in 2025. That jump reflects the expectation that heavy integration-related spending will ease significantly as the Marcum combination winds down.
For everyday investors, the bottom line is that CBIZ’s underlying story has gotten harder to read amid the noise of a major acquisition. Waters Parkerson's decision to add shares amid the stock’s significant decline suggests a degree of confidence that the integration headwinds will be temporary. Whether the stock ultimately rewards that patience will likely depend on how cleanly CBIZ executes over the next few quarters as the Marcum business is fully digested.
JPMorgan Chase is an advertising partner of Motley Fool Money. Andy Gould has positions in Coherent, Meta Platforms, and Visa. The Motley Fool has positions in and recommends Coherent, JPMorgan Chase, Meta Platforms, and Visa. The Motley Fool has a disclosure policy.