Canadian Pacific Kansas City Limited $CP Shares Sold by Truist Financial Corp

Key Points

• Truist Financial Corp sold 98,834 shares of Canadian Pacific Kansas City Limited, reducing its position by 63.5%, now holding a total of 56,871 shares worth approximately $4.5 million.
• Institutional investors currently own 72.20% of the company's stock, with several firms significantly increasing their stakes in the first quarter.
• Canadian Pacific has announced an increase in its quarterly dividend to $0.1651 per share, reflecting a yield of 0.8% and a payout ratio of 20.56%.

Truist Financial Corp decreased its position in shares of Canadian Pacific Kansas City Limited (NYSE:CP - Free Report) TSE: CP by 63.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,871 shares of the transportation company's stock after selling 98,834 shares during the quarter. Truist Financial Corp's holdings in Canadian Pacific Kansas City were worth $4,508,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in CP. Invesco Ltd. grew its stake in shares of Canadian Pacific Kansas City by 59.5% during the 1st quarter. Invesco Ltd. now owns 16,984,351 shares of the transportation company's stock worth $1,192,471,000 after purchasing an additional 6,337,312 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Canadian Pacific Kansas City by 70.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 9,299,753 shares of the transportation company's stock worth $652,936,000 after purchasing an additional 3,842,866 shares during the period. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in shares of Canadian Pacific Kansas City during the 1st quarter worth approximately $126,928,000. Causeway Capital Management LLC grew its stake in shares of Canadian Pacific Kansas City by 11.5% during the 1st quarter. Causeway Capital Management LLC now owns 17,208,788 shares of the transportation company's stock worth $1,207,605,000 after purchasing an additional 1,778,984 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Canadian Pacific Kansas City by 44.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 4,950,353 shares of the transportation company's stock valued at $351,723,000 after buying an additional 1,516,684 shares in the last quarter. Institutional investors and hedge funds own 72.20% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on CP shares. National Bankshares reiterated an "outperform" rating on shares of Canadian Pacific Kansas City in a research report on Thursday, September 18th. Barclays set a $90.00 target price on Canadian Pacific Kansas City and gave the company an "overweight" rating in a research report on Thursday, October 2nd. Susquehanna decreased their target price on Canadian Pacific Kansas City from $91.00 to $88.00 and set a "positive" rating on the stock in a research report on Thursday, September 25th. Wall Street Zen lowered Canadian Pacific Kansas City from a "hold" rating to a "sell" rating in a research report on Saturday, September 13th. Finally, Stephens increased their target price on 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. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Canadian Pacific Kansas City has a consensus rating of "Moderate Buy" and an average target price of $91.80.

Canadian Pacific Kansas City Stock Performance

NYSE CP opened at $77.75 on Wednesday. The company has a market cap of $70.51 billion, a P/E ratio of 24.22, a P/E/G ratio of 2.17 and a beta of 1.08. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.93 and a quick ratio of 0.81. The stock has a 50-day moving average of $75.22 and a two-hundred day moving average of $76.43. Canadian Pacific Kansas City Limited has a 1-year low of $66.49 and a 1-year high of $83.65.

Canadian Pacific Kansas City (NYSE:CP - Get Free Report) TSE: CP last released its earnings results on Wednesday, July 30th. The transportation company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.82 by ($0.01). The firm had revenue of $2.72 billion during the quarter, compared to analyst estimates of $2.76 billion. Canadian Pacific Kansas City had a net margin of 28.05% and a return on equity of 8.69%. The business's revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.05 earnings per share. As a group, analysts anticipate that Canadian Pacific Kansas City Limited will post 3.42 EPS 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. Shareholders of record on Friday, September 26th will be given a $0.1651 dividend. The ex-dividend date of this dividend is Friday, September 26th. This represents a $0.66 annualized dividend and a yield of 0.8%. This is an increase from Canadian Pacific Kansas City's previous quarterly dividend of $0.16. Canadian Pacific Kansas City's dividend payout ratio is presently 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.

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