Wishbone Management LP Boosts Stock Position in Copa Holdings, S.A. $CPA

Key Points

• Wishbone Management LP increased its stake in Copa Holdings by 12.5% during the 1st quarter, making it the second largest position in its portfolio, totaling 472,500 shares valued at approximately $43.7 million.
• Copa Holdings recently announced a quarterly dividend of $1.61 per share, reflecting a 5.6% dividend yield, with an ex-dividend date of August 29th.
• Analysts have adjusted their price targets for Copa, with a recent average target price of $154.40, influenced by upgrades and changes in ratings from various financial institutions.

Wishbone Management LP raised its holdings in shares of Copa Holdings, S.A. (NYSE:CPA - Free Report) by 12.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 472,500 shares of the transportation company's stock after purchasing an additional 52,500 shares during the quarter. Copa makes up 26.2% of Wishbone Management LP's holdings, making the stock its 2nd biggest position. Wishbone Management LP owned about 1.15% of Copa worth $43,687,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Northern Trust Corp raised its position in shares of Copa by 19.7% in the fourth quarter. Northern Trust Corp now owns 20,850 shares of the transportation company's stock valued at $1,832,000 after purchasing an additional 3,433 shares during the period. HighTower Advisors LLC bought a new stake in shares of Copa during the 1st quarter worth about $423,000. Hsbc Holdings PLC grew its stake in Copa by 16.7% in the 1st quarter. Hsbc Holdings PLC now owns 52,671 shares of the transportation company's stock valued at $4,841,000 after buying an additional 7,520 shares during the last quarter. Aptus Capital Advisors LLC raised its holdings in Copa by 12.5% in the 1st quarter. Aptus Capital Advisors LLC now owns 52,242 shares of the transportation company's stock valued at $4,830,000 after acquiring an additional 5,808 shares during the period. Finally, Seven Mile Advisory bought a new position in Copa in the 1st quarter valued at about $223,000. 70.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Citigroup reduced their price objective on Copa from $159.00 to $150.00 and set a "buy" rating for the company in a report on Friday, August 22nd. Cowen reissued a "buy" rating on shares of Copa in a report on Friday, August 8th. Wall Street Zen upgraded Copa from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. TD Cowen upped their price objective on Copa from $144.00 to $147.00 and gave the company a "buy" rating in a report on Friday, August 8th. Finally, Morgan Stanley reiterated an "overweight" rating and set a $145.00 price objective (up previously from $125.00) on shares of Copa in a research report on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to MarketBeat.com, Copa currently has an average rating of "Buy" and an average target price of $154.40.

Copa Stock Down 2.3%

Shares of CPA opened at $115.06 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 0.93 and a debt-to-equity ratio of 0.58. Copa Holdings, S.A. has a 12 month low of $82.54 and a 12 month high of $121.63. The firm's 50 day moving average is $113.29 and its 200-day moving average is $102.78. The stock has a market capitalization of $4.74 billion, a PE ratio of 7.48, a P/E/G ratio of 1.03 and a beta of 1.31.

Copa (NYSE:CPA - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The transportation company reported $3.61 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.25 by $0.36. Copa had a return on equity of 26.22% and a net margin of 18.36%.The business had revenue of $842.60 million for the quarter, compared to the consensus estimate of $833.12 million. During the same quarter in the prior year, the business posted $2.88 earnings per share. The firm's quarterly revenue was up 2.8% compared to the same quarter last year. Equities research analysts forecast that Copa Holdings, S.A. will post 15.48 EPS for the current year.

Copa Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 29th will be issued a dividend of $1.61 per share. This represents a $6.44 annualized dividend and a dividend yield of 5.6%. The ex-dividend date of this dividend is Friday, August 29th. Copa's dividend payout ratio is 41.87%.

Copa Profile

Copa Holdings, SA, through its subsidiaries, provides airline passenger and cargo services. The company offers approximately 375 daily scheduled flights to 82 destinations in 32 countries in North, Central, and South America, as well as the Caribbean from its Panama City hub. As of December 31, 2023, it operated a fleet of 106 aircraft comprising 76 Boeing 737-Next Generation aircraft, 29 Boeing 737 MAX 9 aircraft, and one Boeing 737-800 Boeing Converted Freighter.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.