Canadian Pacific Kansas City Limited $CP Shares Sold by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. reduced its position in Canadian Pacific Kansas City Limited by 72.6%, owning 398,828 shares worth approximately $28 million after selling 1,058,854 shares in Q1.
• Despite the significant sell-off by Alliancebernstein, several other investors, including Invesco Ltd. and Goldman Sachs, increased their stakes in the company by 59.5% and 70.4%, respectively.
• Canadian Pacific Kansas City announced a quarterly dividend increase to $0.1651, marking a rise from the previous $0.16, representing an annualized payout of $0.66 and a dividend yield of 0.9%.

Alliancebernstein L.P. cut its position in Canadian Pacific Kansas City Limited (NYSE:CP - Free Report) TSE: CP by 72.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 398,828 shares of the transportation company's stock after selling 1,058,854 shares during the quarter. Alliancebernstein L.P.'s holdings in Canadian Pacific Kansas City were worth $28,002,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of CP. North Capital Inc. acquired a new stake in shares of Canadian Pacific Kansas City in the first quarter valued at $27,000. Cornerstone Planning Group LLC grew its stake in Canadian Pacific Kansas City by 209.8% during the 1st quarter. Cornerstone Planning Group LLC now owns 378 shares of the transportation company's stock worth $28,000 after purchasing an additional 256 shares in the last quarter. Cheviot Value Management LLC acquired a new position in Canadian Pacific Kansas City during the 1st quarter worth $30,000. Bernard Wealth Management Corp. acquired a new position in Canadian Pacific Kansas City during the 4th quarter worth $31,000. Finally, Hexagon Capital Partners LLC grew its stake in Canadian Pacific Kansas City by 49.5% during the 1st quarter. Hexagon Capital Partners LLC now owns 495 shares of the transportation company's stock worth $35,000 after purchasing an additional 164 shares in the last quarter. 72.20% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CP has been the subject of several analyst reports. National Bank Financial raised Canadian Pacific Kansas City from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 30th. The Goldman Sachs Group reissued a "neutral" rating and set a $91.00 target price on shares of Canadian Pacific Kansas City in a research note on Monday, June 2nd. Susquehanna reissued a "positive" rating and set a $94.00 target price (up from $90.00) on shares of Canadian Pacific Kansas City in a research note on Tuesday, June 24th. Scotiabank reissued an "outperform" rating on shares of Canadian Pacific Kansas City in a research note on Thursday, July 10th. Finally, Citigroup boosted their target price on Canadian Pacific Kansas City from $89.00 to $94.00 and gave the stock a "buy" rating in a research note on Wednesday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $92.30.

Canadian Pacific Kansas City Stock Performance

CP traded down $0.57 on Friday, hitting $75.14. 1,571,004 shares of the company traded hands, compared to its average volume of 2,658,295. The company has a 50 day moving average of $76.51 and a 200-day moving average of $76.41. 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 stock has a market capitalization of $68.14 billion, a PE ratio of 23.41, a PEG ratio of 2.12 and a beta of 1.06. Canadian Pacific Kansas City Limited has a 12-month low of $66.49 and a 12-month high of $87.72.

Canadian Pacific Kansas City (NYSE:CP - Get Free Report) TSE: CP last posted its quarterly earnings data on Wednesday, July 30th. The transportation company reported $0.81 EPS for the quarter, missing the consensus estimate 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 company had revenue of $2.72 billion for the quarter, compared to analysts' expectations of $2.76 billion. During the same period in the prior year, the company earned $1.05 earnings per share. The firm's revenue was up 2.7% on a year-over-year basis. 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 announced a quarterly dividend, which will be paid on Monday, October 27th. Investors of record on Friday, September 26th will be given a $0.1651 dividend. This is an increase from Canadian Pacific Kansas City's previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Friday, September 26th. This represents a $0.66 annualized dividend and a dividend yield of 0.9%. Canadian Pacific Kansas City's dividend payout ratio is 20.25%.

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.