TD Asset Management Inc Decreases Stake in Canadian Pacific Kansas City Limited $CP

Key Points

• TD Asset Management reduced its Canadian Pacific Kansas City stake by 22.5% in the second quarter, selling 4.24 million shares and retaining 14.59 million shares worth approximately $1.26 billion.
• Canadian Pacific Kansas City reported quarterly revenue of $2.93 billion and earnings of $0.92 per share, beating analyst estimates; revenue increased 12.6% year over year despite lower EPS than the prior-year quarter.
• The company declared a quarterly dividend of $0.268 per share, equal to a 1.1% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $108.60.

TD Asset Management Inc cut its position in Canadian Pacific Kansas City Limited (NYSE:CP - Free Report) TSE: CP by 22.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,588,459 shares of the transportation company's stock after selling 4,241,354 shares during the period. Canadian Pacific Kansas City accounts for 1.1% of TD Asset Management Inc's investment portfolio, making the stock its 14th largest holding. TD Asset Management Inc owned approximately 1.65% of Canadian Pacific Kansas City worth $1,264,350,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Rothschild & Co Wealth Management UK Ltd grew its stake in shares of Canadian Pacific Kansas City by 0.9% during the fourth quarter. Rothschild & Co Wealth Management UK Ltd now owns 5,353,188 shares of the transportation company's stock worth $394,156,000 after purchasing an additional 48,258 shares in the last quarter. HighTower Advisors LLC raised its stake in Canadian Pacific Kansas City by 6.2% in the fourth quarter. HighTower Advisors LLC now owns 630,624 shares of the transportation company's stock valued at $46,434,000 after buying an additional 37,044 shares in the last quarter. Jennison Associates LLC purchased a new stake in Canadian Pacific Kansas City during the 4th quarter worth about $1,983,000. Saranac Partners Ltd purchased a new stake in Canadian Pacific Kansas City during the 4th quarter worth about $5,973,000. Finally, TD Waterhouse Canada Inc. boosted its position in shares of Canadian Pacific Kansas City by 2.6% during the 4th quarter. TD Waterhouse Canada Inc. now owns 1,708,432 shares of the transportation company's stock worth $125,733,000 after acquiring an additional 44,021 shares in the last quarter. 72.20% of the stock is currently owned by institutional investors and hedge funds.

Canadian Pacific Kansas City Stock Performance

NYSE CP opened at $93.53 on Friday. The company has a fifty day moving average of $89.72 and a two-hundred day moving average of $85.41. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.59 and a quick ratio of 0.50. Canadian Pacific Kansas City Limited has a 1 year low of $68.42 and a 1 year high of $94.66. The company has a market capitalization of $82.16 billion, a PE ratio of 30.08, a P/E/G ratio of 1.84 and a beta of 1.10.

Canadian Pacific Kansas City (NYSE:CP - Get Free Report) TSE: CP last posted its earnings results on Wednesday, July 29th. The transportation company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.03. Canadian Pacific Kansas City had a return on equity of 9.02% and a net margin of 25.02%.The business had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.89 billion. During the same period in the previous year, the business earned $1.12 EPS. The business's quarterly revenue was up 12.6% on a year-over-year basis. As a group, analysts expect that Canadian Pacific Kansas City Limited will post 3.7 earnings per share for the current year.

Canadian Pacific Kansas City Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 26th. Shareholders of record on Friday, September 25th will be given a dividend of $0.268 per share. The ex-dividend date is Friday, September 25th. This represents a $1.07 annualized dividend and a yield of 1.1%. Canadian Pacific Kansas City's payout ratio is presently 25.08%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Weiss Ratings upgraded Canadian Pacific Kansas City from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, July 2nd. Citigroup boosted their target price on Canadian Pacific Kansas City from $106.00 to $109.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $145.00 price target (up from $139.00) on shares of Canadian Pacific Kansas City in a report on Thursday, July 30th. Canadian Imperial Bank of Commerce increased their price target on shares of Canadian Pacific Kansas City from C$140.00 to C$143.00 and gave the company an "outperformer" rating in a research note on Thursday, June 25th. Finally, ATB Cormark Capital Markets cut shares of Canadian Pacific Kansas City from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $108.60.

Canadian Pacific Kansas City Company Profile

Canadian Pacific Kansas City (CPKC) is a North American Class I freight railroad formed through the combination of Canadian Pacific Railway and Kansas City Southern. The merged company operates an integrated rail network that spans Canada, the United States and Mexico, providing a single-line rail connection across all three countries. This transborder footprint is intended to streamline cross-border freight flows and provide shippers with direct rail access from Canadian and U.S. production centers to Mexican markets and ports.

CPKC's core business is freight transportation and related logistics services.

Want to see what other hedge funds are holding CP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Canadian Pacific Kansas City Limited (NYSE:CP - Free Report) TSE: CP.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source