Canadian Pacific Kansas City Limited $CP Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company sold 4,692,216 shares of Canadian Pacific Kansas City, reducing its holdings by 40.1% to 7,015,103 shares, valued at approximately $494.99 million.
• Canadian Pacific Kansas City reported earnings per share of $0.81 for the last quarter, falling short of analysts' expectations of $0.82.
• The company recently announced a dividend increase, paying $0.1651 quarterly, up from $0.16, with an annualized yield of 0.9%.

The Manufacturers Life Insurance Company reduced its stake in Canadian Pacific Kansas City Limited (NYSE:CP - Free Report) TSE: CP by 40.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,015,103 shares of the transportation company's stock after selling 4,692,216 shares during the period. The Manufacturers Life Insurance Company owned 0.75% of Canadian Pacific Kansas City worth $494,993,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Canadian Pacific Kansas City by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 37,142,988 shares of the transportation company's stock worth $2,606,624,000 after purchasing an additional 364,515 shares in the last quarter. TD Asset Management Inc boosted its position in shares of Canadian Pacific Kansas City by 0.5% during the 1st quarter. TD Asset Management Inc now owns 20,865,404 shares of the transportation company's stock worth $1,464,094,000 after purchasing an additional 104,077 shares in the last quarter. Causeway Capital Management LLC boosted its position 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 in the last quarter. Invesco Ltd. boosted its position 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 in the last quarter. Finally, Mackenzie Financial Corp boosted its position in shares of Canadian Pacific Kansas City by 6.5% during the 1st quarter. Mackenzie Financial Corp now owns 16,347,804 shares of the transportation company's stock worth $1,147,220,000 after purchasing an additional 999,522 shares in the last quarter. 72.20% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Stephens lifted their price target on Canadian Pacific Kansas City from $95.00 to $97.00 and gave the stock an "overweight" rating in a research note on Thursday, July 31st. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $91.00 price target on shares of Canadian Pacific Kansas City in a research note on Monday, June 2nd. Bank of America lifted their price target on Canadian Pacific Kansas City from $82.00 to $90.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. Wall Street Zen raised Canadian Pacific Kansas City from a "sell" rating to a "hold" rating in a research note on Saturday, August 23rd. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Canadian Pacific Kansas City has an average rating of "Moderate Buy" and a consensus target price of $92.30.

Canadian Pacific Kansas City Trading Up 0.3%

Shares of NYSE CP traded up $0.22 on Tuesday, reaching $76.41. 2,111,716 shares of the company traded hands, compared to its average volume of 3,219,997. Canadian Pacific Kansas City Limited has a fifty-two week low of $66.49 and a fifty-two week high of $87.72. The company has a 50 day moving average of $77.23 and a 200 day moving average of $76.51. The company has a current ratio of 0.93, a quick ratio of 0.81 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $69.81 billion, a PE ratio of 23.80, a P/E/G ratio of 2.13 and a beta of 1.06.

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 analysts' consensus estimates of $0.82 by ($0.01). The company had revenue of $2.72 billion for 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 company's revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.05 EPS. On average, equities research analysts forecast 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. Shareholders of record on Friday, September 26th will be issued a $0.1651 dividend. The ex-dividend date is Friday, September 26th. This represents a $0.66 dividend on an annualized basis and a yield of 0.9%. This is a boost from Canadian Pacific Kansas City's previous quarterly dividend of $0.16. Canadian Pacific Kansas City's dividend payout ratio (DPR) is currently 20.56%.

About Canadian Pacific Kansas City

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.