Adage Capital Partners GP L.L.C. Sells 412,523 Shares of Canadian Pacific Kansas City Limited $CP

Key Points

• Adage Capital Partners GP L.L.C. reduced its holdings in Canadian Pacific Kansas City Limited by 32.8%, selling 412,523 shares and now owns 844,815 shares valued at approximately $59.3 million.
• Canadian Pacific recently announced an increase in its quarterly dividend to $0.1651 per share, marking a positive change from the previous $0.16.
• Analysts are optimistic about Canadian Pacific's stock, with an average rating of "Moderate Buy" and a price target of $92.30, as several firms have upgraded their ratings and price targets for the stock.

Adage Capital Partners GP L.L.C. lowered its holdings in Canadian Pacific Kansas City Limited (NYSE:CP - Free Report) TSE: CP by 32.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 844,815 shares of the transportation company's stock after selling 412,523 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.09% of Canadian Pacific Kansas City worth $59,314,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of CP. Alyeska Investment Group L.P. bought a new stake in shares of Canadian Pacific Kansas City in the fourth quarter valued at approximately $990,000. BNP Paribas Financial Markets purchased a new position in Canadian Pacific Kansas City during the fourth quarter valued at approximately $11,067,000. Chapman Financial Group LLC purchased a new position in Canadian Pacific Kansas City during the fourth quarter valued at approximately $51,000. Centiva Capital LP purchased a new position in Canadian Pacific Kansas City during the fourth quarter valued at approximately $477,000. Finally, Crestline Management LP purchased a new position in Canadian Pacific Kansas City during the fourth quarter valued at approximately $7,585,000. Institutional investors own 72.20% of the company's stock.

Canadian Pacific Kansas City Trading Down 0.2%

Shares of Canadian Pacific Kansas City stock traded down $0.12 during trading on Friday, reaching $76.64. The company's stock had a trading volume of 2,393,127 shares, compared to its average volume of 2,743,303. The firm's 50-day moving average is $77.06 and its two-hundred day moving average is $76.48. Canadian Pacific Kansas City Limited has a 52-week low of $66.49 and a 52-week high of $87.72. The company has a quick ratio of 0.81, a current ratio of 0.93 and a debt-to-equity ratio of 0.45. The company has a market cap of $70.02 billion, a price-to-earnings ratio of 23.87, a PEG ratio of 2.15 and a beta of 1.06.

Canadian Pacific Kansas City (NYSE:CP - Get Free Report) TSE: CP last posted its quarterly earnings results on Wednesday, July 30th. The transportation company reported $0.81 EPS for the quarter, missing analysts' consensus estimates of $0.82 by ($0.01). Canadian Pacific Kansas City had a net margin of 28.05% and a return on equity of 8.69%. The firm had revenue of $2.72 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the prior year, the company earned $1.05 earnings per share. The company's quarterly revenue was up 2.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Canadian Pacific Kansas City Limited will post 3.42 earnings per share for the current year.

Canadian Pacific Kansas City Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 27th. Investors of record on Friday, September 26th will be issued a dividend of $0.1651 per share. The ex-dividend date is Friday, September 26th. This represents a $0.66 dividend on an annualized basis and a yield of 0.9%. This is an increase from Canadian Pacific Kansas City's previous quarterly dividend of $0.16. Canadian Pacific Kansas City's dividend payout ratio (DPR) is currently 20.25%.

Wall Street Analyst Weigh In

CP has been the subject of several recent analyst reports. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $91.00 price objective on shares of Canadian Pacific Kansas City in a research note on Monday, June 2nd. Stephens raised their price objective on shares of Canadian Pacific Kansas City from $95.00 to $97.00 and gave the company an "overweight" rating in a research report on Thursday, July 31st. National Bank Financial upgraded shares of Canadian Pacific Kansas City from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 30th. Citigroup raised their price objective on shares of Canadian Pacific Kansas City from $89.00 to $94.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Finally, Scotiabank restated an "outperform" rating on shares of Canadian Pacific Kansas City in a research report on Thursday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Canadian Pacific Kansas City presently has an average rating of "Moderate Buy" and a consensus price target of $92.30.

Canadian Pacific Kansas City Profile

Canadian Pacific Kansas City Limited, together with its subsidiaries, owns and operates a transcontinental freight railway in Canada, the United States, and Mexico. The company transports bulk commodities, including grain, coal, potash, fertilizers, and sulphur; merchandise freight, such as forest products, energy, chemicals and plastics, metals, minerals, consumer products, and automotive; and intermodal traffic comprising retail goods in overseas containers.