Bank of Nova Scotia Acquires 667,638 Shares of Canadian Pacific Kansas City Limited $CP

Bank of Nova Scotia lifted its stake in Canadian Pacific Kansas City Limited (NYSE:CP) (TSE:CP) by 42.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,242,557 shares of the transportation company’s stock after acquiring an additional 667,638 shares during the period. Bank of Nova Scotia owned approximately 0.25% of Canadian Pacific Kansas City worth $176,429,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Invesco Ltd. boosted its stake in Canadian Pacific Kansas City by 1.3% during the fourth quarter. Invesco Ltd. now owns 23,431,949 shares of the transportation company’s stock worth $1,725,294,000 after buying an additional 303,464 shares in the last quarter. FIL Ltd grew its stake in Canadian Pacific Kansas City by 20.2% during the fourth quarter. FIL Ltd now owns 16,666,777 shares of the transportation company’s stock worth $1,227,045,000 after buying an additional 2,804,686 shares during the last quarter. Norges Bank bought a new stake in Canadian Pacific Kansas City during the 4th quarter worth approximately $978,558,000. Geode Capital Management LLC increased its stake in shares of Canadian Pacific Kansas City by 5.5% in the fourth quarter. Geode Capital Management LLC now owns 8,821,358 shares of the transportation company’s stock valued at $661,339,000 after buying an additional 461,724 shares in the last quarter. Finally, Cibc World Market Inc. increased its position in Canadian Pacific Kansas City by 21.9% in the 4th quarter. Cibc World Market Inc. now owns 8,433,042 shares of the transportation company’s stock valued at $620,925,000 after acquiring an additional 1,517,323 shares in the last quarter. 72.20% of the stock is owned by institutional investors and hedge funds.

Canadian Pacific Kansas City Stock Up 1.2%

Shares of CP opened at $92.40 on Friday. Canadian Pacific Kansas City Limited has a 52 week low of $68.42 and a 52 week high of $93.95. The firm’s 50-day simple moving average is $88.71 and its 200 day simple moving average is $83.33. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.57 and a current ratio of 0.67. The firm has a market cap of $81.78 billion, a P/E ratio of 28.52, a price-to-earnings-growth ratio of 1.82 and a beta of 1.10.

Canadian Pacific Kansas City (NYSE:CP) (TSE:CP) last announced its earnings results on Wednesday, April 29th. The transportation company reported $0.76 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.02). Canadian Pacific Kansas City had a return on equity of 8.86% and a net margin of 27.20%.The firm had revenue of $2.66 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter last year, the business posted $1.06 EPS. Canadian Pacific Kansas City’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, analysts forecast that Canadian Pacific Kansas City Limited will post 3.69 earnings per share for the current year.

Canadian Pacific Kansas City Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 27th. Investors of record on Friday, June 26th will be paid a $0.268 dividend. This represents a $1.07 annualized dividend and a dividend yield of 1.2%. This is a boost from Canadian Pacific Kansas City’s previous quarterly dividend of $0.23. The ex-dividend date is Friday, June 26th. Canadian Pacific Kansas City’s dividend payout ratio is currently 24.07%.

Analysts Set New Price Targets

Several research firms have recently commented on CP. Stephens raised Canadian Pacific Kansas City to a “hold” rating in a research note on Wednesday, July 8th. Wall Street Zen lowered shares of Canadian Pacific Kansas City from a “hold” rating to a “sell” rating in a report on Saturday, July 18th. Barclays set a $102.00 price objective on Canadian Pacific Kansas City and gave the company an “overweight” rating in a report on Thursday, June 25th. Susquehanna boosted their price objective on shares of Canadian Pacific Kansas City from $104.00 to $106.00 and gave the company a “positive” rating in a research report on Tuesday, July 14th. Finally, Sanford C. Bernstein upped their price target on Canadian Pacific Kansas City from $85.41 to $90.00 and gave the stock a “market perform” rating in a research report on Tuesday, March 31st. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $104.91.

About Canadian Pacific Kansas City

Canadian Pacific Kansas City (CPKC) is a North American Class I freight railroad formed through the combination of Canadian Pacific Railway and Kansas City Southern. The merged company operates an integrated rail network that spans Canada, the United States and Mexico, providing a single-line rail connection across all three countries. This transborder footprint is intended to streamline cross-border freight flows and provide shippers with direct rail access from Canadian and U.S. production centers to Mexican markets and ports.

CPKC’s core business is freight transportation and related logistics services.