Korea Investment CORP increased its stake in shares of Canadian Pacific Railway Limited (NYSE:CP) (TSE:CP) by 178.2% during the second quarter, according to its most recent filing with the SEC. The fund owned 39,709 shares of the transportation company’s stock after buying an additional 25,435 shares during the period. Korea Investment CORP’s holdings in Canadian Pacific Railway Limited were worth $6,380,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Causeway Capital Management LLC bought a new stake in shares of Canadian Pacific Railway Limited during the first quarter valued at about $662,274,000. OppenheimerFunds Inc. boosted its stake in shares of Canadian Pacific Railway Limited by 34.9% in the first quarter. OppenheimerFunds Inc. now owns 2,505,015 shares of the transportation company’s stock valued at $368,038,000 after buying an additional 647,669 shares during the period. CIBC Asset Management Inc boosted its stake in shares of Canadian Pacific Railway Limited by 31.7% in the second quarter. CIBC Asset Management Inc now owns 2,191,935 shares of the transportation company’s stock valued at $352,265,000 after buying an additional 527,453 shares during the period. Thornburg Investment Management Inc. boosted its stake in shares of Canadian Pacific Railway Limited by 54.3% in the first quarter. Thornburg Investment Management Inc. now owns 1,295,958 shares of the transportation company’s stock valued at $190,402,000 after buying an additional 456,122 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in shares of Canadian Pacific Railway Limited by 77.5% in the first quarter. Renaissance Technologies LLC now owns 835,800 shares of the transportation company’s stock valued at $122,796,000 after buying an additional 364,800 shares during the period. 70.54% of the stock is currently owned by institutional investors and hedge funds.

Shares of Canadian Pacific Railway Limited (NYSE CP) opened at 153.07 on Friday. The firm’s 50-day moving average price is $159.67 and its 200-day moving average price is $153.81. The firm has a market cap of $22.36 billion, a PE ratio of 17.24 and a beta of 1.09. Canadian Pacific Railway Limited has a 12 month low of $139.29 and a 12 month high of $167.52.

Canadian Pacific Railway Limited declared that its board has initiated a stock repurchase plan on Wednesday, May 10th that authorizes the company to repurchase 4,380,000 shares. This repurchase authorization authorizes the transportation company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

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

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Several analysts have issued reports on CP shares. Wells Fargo & Company reaffirmed an “outperform” rating and set a $180.00 target price (up previously from $175.00) on shares of Canadian Pacific Railway Limited in a research report on Saturday, July 22nd. BidaskClub raised Canadian Pacific Railway Limited from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. Loop Capital dropped their target price on Canadian Pacific Railway Limited from $157.00 to $119.00 in a research report on Monday, April 24th. Cowen and Company reaffirmed an “outperform” rating and set a $172.00 target price (down previously from $173.00) on shares of Canadian Pacific Railway Limited in a research report on Sunday, April 23rd. Finally, Credit Suisse Group reaffirmed an “outperform” rating and set a $178.00 target price (up previously from $171.00) on shares of Canadian Pacific Railway Limited in a research report on Sunday, May 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty have given a buy rating to the stock. Canadian Pacific Railway Limited presently has a consensus rating of “Buy” and a consensus target price of $187.37.

Canadian Pacific Railway Limited Company Profile

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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