Bank of Nova Scotia Sells 1,434,122 Shares of Canadian Pacific Kansas City Limited (NYSE:CP)

Bank of Nova Scotia decreased its holdings in shares of Canadian Pacific Kansas City Limited (NYSE:CP) (TSE:CP) by 32.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,050,397 shares of the transportation company’s stock after selling 1,434,122 shares during the quarter. Bank of Nova Scotia owned approximately 0.33% of Canadian Pacific Kansas City worth $220,829,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Norges Bank bought a new position in Canadian Pacific Kansas City during the fourth quarter valued at about $914,090,000. Allspring Global Investments Holdings LLC raised its stake in shares of Canadian Pacific Kansas City by 281.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 3,433,669 shares of the transportation company’s stock valued at $252,912,000 after acquiring an additional 2,532,519 shares in the last quarter. Invesco Ltd. raised its stake in shares of Canadian Pacific Kansas City by 25.7% in the 4th quarter. Invesco Ltd. now owns 10,647,039 shares of the transportation company’s stock valued at $770,526,000 after acquiring an additional 2,177,604 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Canadian Pacific Kansas City by 27.2% in the 4th quarter. Geode Capital Management LLC now owns 5,511,465 shares of the transportation company’s stock worth $404,849,000 after purchasing an additional 1,179,108 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in Canadian Pacific Kansas City by 260.7% during the fourth quarter. Alliancebernstein L.P. now owns 1,457,682 shares of the transportation company’s stock worth $105,492,000 after purchasing an additional 1,053,570 shares during the period. Institutional investors own 72.20% of the company’s stock.

Wall Street Analyst Weigh In

CP has been the subject of a number of analyst reports. StockNews.com cut shares of Canadian Pacific Kansas City from a “hold” rating to a “sell” rating in a research note on Wednesday, December 25th. Wells Fargo & Company cut their target price on shares of Canadian Pacific Kansas City from $92.00 to $90.00 and set an “overweight” rating for the company in a research report on Tuesday, January 7th. Argus set a $90.00 price target on Canadian Pacific Kansas City in a research report on Wednesday, March 26th. Susquehanna cut their price objective on Canadian Pacific Kansas City from $90.00 to $88.00 and set a “positive” rating for the company in a research report on Thursday, March 27th. Finally, Royal Bank of Canada increased their target price on Canadian Pacific Kansas City from $124.00 to $128.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $94.68.

Canadian Pacific Kansas City Stock Performance

NYSE:CP opened at $68.55 on Tuesday. The company has a quick ratio of 0.46, a current ratio of 0.53 and a debt-to-equity ratio of 0.42. The firm has a 50-day moving average price of $75.48 and a 200 day moving average price of $76.74. The firm has a market capitalization of $64.01 billion, a PE ratio of 23.64, a price-to-earnings-growth ratio of 2.00 and a beta of 1.01. Canadian Pacific Kansas City Limited has a 12-month low of $66.57 and a 12-month high of $89.26.

Canadian Pacific Kansas City (NYSE:CP) (TSE:CP) last posted its earnings results on Wednesday, January 29th. The transportation company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.66 by $0.26. Canadian Pacific Kansas City had a return on equity of 8.86% and a net margin of 25.51%. Research analysts anticipate that Canadian Pacific Kansas City Limited will post 3.42 earnings per share for the current fiscal year.

Canadian Pacific Kansas City Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 28th. Stockholders of record on Friday, March 28th will be paid a $0.1318 dividend. This represents a $0.53 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date is Friday, March 28th. Canadian Pacific Kansas City’s dividend payout ratio (DPR) is currently 17.93%.

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.