Bank of Nova Scotia Boosts Stake in Canadian Pacific Kansas City Limited (NYSE:CP)

Key Points

• The Bank of Nova Scotia increased its stake in Canadian Pacific Kansas City Limited by 0.9%, owning about 3,077,871 shares worth approximately $216 million as of the end of the most recent quarter.
• Canadian Pacific Kansas City declared a quarterly dividend of $0.1651 per share, representing a 0.9% annual yield, which is an increase from its previous dividend.
• Several analysts have raised their price targets for Canadian Pacific Kansas City, with Barclays setting a new target of $91.00 and Citigroup at $94.00, indicating positive outlooks for the stock.

Bank of Nova Scotia raised its position in shares of Canadian Pacific Kansas City Limited (NYSE:CP - Free Report) TSE: CP by 0.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,077,871 shares of the transportation company's stock after acquiring an additional 27,474 shares during the quarter. Bank of Nova Scotia owned approximately 0.33% of Canadian Pacific Kansas City worth $216,030,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. North Capital Inc. bought a new stake in shares of Canadian Pacific Kansas City in the 1st quarter worth approximately $27,000. Cornerstone Planning Group LLC boosted its position in shares of Canadian Pacific Kansas City by 209.8% in 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. Bernard Wealth Management Corp. bought a new stake in shares of Canadian Pacific Kansas City in the 4th quarter worth approximately $31,000. Hexagon Capital Partners LLC boosted its position in shares of Canadian Pacific Kansas City by 49.5% in 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. Finally, Curat Global LLC bought a new stake in shares of Canadian Pacific Kansas City in the 1st quarter worth approximately $42,000. 72.20% of the stock is owned by institutional investors.

Canadian Pacific Kansas City Stock Performance

CP traded down $0.66 during mid-day trading on Friday, reaching $72.89. 3,538,129 shares of the company traded hands, compared to its average volume of 3,097,308. The stock has a market capitalization of $66.91 billion, a P/E ratio of 22.71, a P/E/G ratio of 2.05 and a beta of 1.06. 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's fifty day moving average price is $79.74 and its 200-day moving average price is $76.96. Canadian Pacific Kansas City Limited has a 52-week low of $66.49 and a 52-week high of $87.72.

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

Canadian Pacific Kansas City Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 27th. Stockholders of record on Friday, September 26th will be paid a $0.1651 dividend. This is a positive change from Canadian Pacific Kansas City's previous quarterly dividend of $0.16. The ex-dividend date 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 (DPR) is currently 20.56%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CP. Evercore ISI dropped their price target on Canadian Pacific Kansas City from $89.00 to $88.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Royal Bank Of Canada dropped their price target on Canadian Pacific Kansas City from $122.00 to $121.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Barclays boosted their price target on Canadian Pacific Kansas City from $87.00 to $91.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Stifel Nicolaus lowered their price objective on Canadian Pacific Kansas City from $85.00 to $79.00 and set a "hold" rating on the stock in a research report on Monday, April 14th. Finally, Jefferies Financial Group lowered their price objective on Canadian Pacific Kansas City from $100.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Canadian Pacific Kansas City currently has an average rating of "Moderate Buy" and an average 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.