Veritas Asset Management LLP Has $496.32 Million Stock Holdings in Canadian Pacific Kansas City Limited $CP

Key Points

• Veritas Asset Management reduced its Canadian Pacific Kansas City position by 16.4% in the second quarter, selling 1.13 million shares. It still held 5.73 million shares worth approximately $496.3 million, representing 8.9% of its portfolio.
• CP reported quarterly revenue of $2.93 billion and adjusted earnings of $0.92 per share, exceeding analyst estimates, while revenue increased 12.6% year over year.
• The company declared a quarterly dividend of $0.268 per share, equivalent to a $1.07 annualized payout and a 1.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $108.60.

Veritas Asset Management LLP cut its position in Canadian Pacific Kansas City Limited (NYSE:CP - Free Report) TSE: CP by 16.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,727,867 shares of the transportation company's stock after selling 1,126,494 shares during the period. Canadian Pacific Kansas City comprises 8.9% of Veritas Asset Management LLP's portfolio, making the stock its 3rd largest holding. Veritas Asset Management LLP owned approximately 0.65% of Canadian Pacific Kansas City worth $496,320,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CP. Intech Investment Management LLC boosted its holdings in Canadian Pacific Kansas City by 16.0% in the 1st quarter. Intech Investment Management LLC now owns 21,276 shares of the transportation company's stock worth $1,493,000 after buying an additional 2,940 shares during the period. Acadian Asset Management LLC bought a new stake in Canadian Pacific Kansas City during the first quarter valued at about $35,000. Sivia Capital Partners LLC purchased a new position in shares of Canadian Pacific Kansas City in the second quarter valued at about $206,000. Prudential Financial Inc. lifted its position in shares of Canadian Pacific Kansas City by 8.7% in the second quarter. Prudential Financial Inc. now owns 5,183 shares of the transportation company's stock valued at $411,000 after acquiring an additional 415 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Canadian Pacific Kansas City by 39.3% in the second quarter. EverSource Wealth Advisors LLC now owns 1,307 shares of the transportation company's stock worth $104,000 after acquiring an additional 369 shares during the period. 72.20% of the stock is currently owned by institutional investors.

Canadian Pacific Kansas City Trading Down 0.4%

Shares of CP stock opened at $93.53 on Friday. Canadian Pacific Kansas City Limited has a 12-month low of $68.42 and a 12-month high of $94.66. The company has a current ratio of 0.59, a quick ratio of 0.50 and a debt-to-equity ratio of 0.47. The stock's 50-day moving average price is $89.72 and its 200-day moving average price is $85.41. The stock has a market capitalization of $82.16 billion, a price-to-earnings ratio of 30.08, a price-to-earnings-growth 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 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $2.93 billion for the quarter, compared to the consensus estimate of $2.89 billion. During the same period in the previous year, the business earned $1.12 earnings per share. The firm's revenue for the quarter was up 12.6% on a year-over-year basis. Equities research analysts predict that Canadian Pacific Kansas City Limited will post 3.7 EPS for the current fiscal year.

Canadian Pacific Kansas City Dividend Announcement

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

Analyst Ratings Changes

CP has been the subject of several research analyst reports. Barclays set a $102.00 target price on Canadian Pacific Kansas City and gave the stock an "overweight" rating in a research report on Thursday, June 25th. Wells Fargo & Company upped their price target on Canadian Pacific Kansas City from $90.00 to $100.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 8th. Scotiabank reaffirmed an "outperform" rating on shares of Canadian Pacific Kansas City in a report on Thursday, July 16th. Canadian Imperial Bank of Commerce lifted their price objective 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 report on Thursday, June 25th. Finally, Evercore set a $99.00 target price on shares of Canadian Pacific Kansas City in a report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $108.60.

About Canadian Pacific Kansas City

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.

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