Canadian Pacific Kansas City Limited $CP Position Trimmed 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. trimmed its stake in Canadian Pacific Kansas City Limited (NYSE:CP - Free Report) TSE: CP by 72.6% during the first quarter, according to its most recent disclosure with the SEC. The fund 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 SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Canadian Pacific Kansas City by 1.0% in the first quarter. Vanguard Group Inc. now owns 37,142,988 shares of the transportation company's stock valued at $2,606,624,000 after buying an additional 364,515 shares during the last quarter. TD Asset Management Inc lifted its stake in Canadian Pacific Kansas City by 0.5% in the first quarter. TD Asset Management Inc now owns 20,865,404 shares of the transportation company's stock valued at $1,464,094,000 after buying an additional 104,077 shares during the last quarter. Causeway Capital Management LLC lifted its stake in Canadian Pacific Kansas City by 11.5% in the first quarter. Causeway Capital Management LLC now owns 17,208,788 shares of the transportation company's stock valued at $1,207,605,000 after buying an additional 1,778,984 shares during the last quarter. Invesco Ltd. lifted its stake in Canadian Pacific Kansas City by 59.5% in the first quarter. Invesco Ltd. now owns 16,984,351 shares of the transportation company's stock valued at $1,192,471,000 after buying an additional 6,337,312 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its stake in Canadian Pacific Kansas City by 6.5% in the first quarter. Mackenzie Financial Corp now owns 16,347,804 shares of the transportation company's stock valued at $1,147,220,000 after buying an additional 999,522 shares during the last quarter. 72.20% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Susquehanna restated a "positive" rating and set a $94.00 price objective (up from $90.00) on shares of Canadian Pacific Kansas City in a research note on Tuesday, June 24th. The Goldman Sachs Group restated 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. National Bank Financial upgraded shares of Canadian Pacific Kansas City from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 30th. Scotiabank restated an "outperform" rating on shares of Canadian Pacific Kansas City in a research note on Thursday, July 10th. Finally, Stephens lifted 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 note on Thursday, July 31st. One investment 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 company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $92.30.

Canadian Pacific Kansas City Price Performance

Canadian Pacific Kansas City stock traded up $0.80 during midday trading on Monday, hitting $75.88. The company's stock had a trading volume of 2,390,359 shares, compared to its average volume of 2,654,389. 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's 50-day moving average price is $76.44 and its 200-day moving average price is $76.39. Canadian Pacific Kansas City Limited has a 12 month low of $66.49 and a 12 month high of $87.72. The company has a market capitalization of $68.81 billion, a PE ratio of 23.64, a price-to-earnings-growth ratio of 2.10 and a beta of 1.06.

Canadian Pacific Kansas City (NYSE:CP - Get Free Report) TSE: CP last issued its quarterly earnings results 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 return on equity of 8.69% and a net margin of 28.05%.The business had revenue of $2.72 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter last year, the firm posted $1.05 earnings per share. Canadian Pacific Kansas City's revenue was up 2.7% compared to the same quarter last year. Analysts anticipate that Canadian Pacific Kansas City Limited will post 3.42 earnings per share for the current fiscal year.

Canadian Pacific Kansas City Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 27th. Investors of record on Friday, September 26th will be paid a $0.1651 dividend. The ex-dividend date of this dividend 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 20.56%.

Canadian Pacific Kansas City Company 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.