Connable Office Inc. Invests $1.41 Million in Canadian Pacific Railway Limited (CP)

Connable Office Inc. bought a new stake in shares of Canadian Pacific Railway Limited (NYSE:CP) (TSE:CP) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 8,750 shares of the transportation company’s stock, valued at approximately $1,407,000.

Several other large investors have also recently modified their holdings of the stock. Guggenheim Capital LLC increased its stake in shares of Canadian Pacific Railway Limited by 96.3% in the fourth quarter. Guggenheim Capital LLC now owns 6,520 shares of the transportation company’s stock valued at $930,000 after buying an additional 3,198 shares in the last quarter. Capstone Asset Management Co. increased its stake in shares of Canadian Pacific Railway Limited by 9.6% in the first quarter. Capstone Asset Management Co. now owns 16,875 shares of the transportation company’s stock valued at $2,479,000 after buying an additional 1,473 shares in the last quarter. Beutel Goodman & Co Ltd. increased its stake in shares of Canadian Pacific Railway Limited by 4.4% in the first quarter. Beutel Goodman & Co Ltd. now owns 1,603,202 shares of the transportation company’s stock valued at $235,105,000 after buying an additional 68,085 shares in the last quarter. Skylands Capital LLC increased its stake in shares of Canadian Pacific Railway Limited by 124.3% in the first quarter. Skylands Capital LLC now owns 24,000 shares of the transportation company’s stock valued at $3,526,000 after buying an additional 13,300 shares in the last quarter. Finally, Viking Fund Management LLC increased its stake in shares of Canadian Pacific Railway Limited by 5.3% in the first quarter. Viking Fund Management LLC now owns 100,000 shares of the transportation company’s stock valued at $14,692,000 after buying an additional 5,000 shares in the last quarter. Institutional investors own 70.54% of the company’s stock.

Shares of Canadian Pacific Railway Limited (CP) opened at 153.99 on Thursday. Canadian Pacific Railway Limited has a 52 week low of $139.29 and a 52 week high of $167.52. The stock has a 50 day moving average price of $159.73 and a 200-day moving average price of $153.82. The company has a market capitalization of $22.50 billion, a PE ratio of 17.41 and a beta of 1.09.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 30th. Investors of record on Friday, September 29th will be paid a $0.4411 dividend. This is a positive change from Canadian Pacific Railway Limited’s previous quarterly dividend of $0.41. This represents a $1.76 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date is Thursday, September 28th. Canadian Pacific Railway Limited’s payout ratio is currently 19.88%.

Canadian Pacific Railway Limited declared that its board has approved a share buyback program on Wednesday, May 10th that authorizes the company to repurchase 4,380,000 outstanding shares. This repurchase authorization authorizes the transportation company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

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Several equities research analysts have recently commented on CP shares. Loop Capital downgraded shares of Canadian Pacific Railway Limited from a “buy” rating to a “hold” rating and reduced their target price for the company from $157.34 to $119.50 in a research note on Friday, April 21st. They noted that the move was a valuation call. Barclays PLC reiterated an “overweight” rating and set a $174.00 price target (down previously from $177.00) on shares of Canadian Pacific Railway Limited in a research report on Saturday, April 22nd. Stifel Nicolaus reiterated a “buy” rating and set a $164.00 price target (down previously from $165.00) on shares of Canadian Pacific Railway Limited in a research report on Saturday, April 22nd. Cowen and Company reiterated an “outperform” rating and set a $172.00 price target (down previously from $173.00) on shares of Canadian Pacific Railway Limited in a research report on Sunday, April 23rd. Finally, Citigroup Inc. reiterated a “buy” rating and set a $180.00 price target (up previously from $165.00) on shares of Canadian Pacific Railway Limited in a research report on Sunday, May 14th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and twenty have assigned a buy rating to the company’s stock. Canadian Pacific Railway Limited presently has an average rating of “Buy” and a consensus target price of $187.37.

About Canadian Pacific Railway Limited

Canadian Pacific Railway Limited, together with its subsidiaries, owns and operates a transcontinental freight railway in Canada and the United States. The Company operates through rail transportation segment. The Company’s transports bulk commodities, merchandise freight, and intermodal traffic over a network of approximately 12,400 miles.

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Institutional Ownership by Quarter for Canadian Pacific Railway Limited (NYSE:CP)

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