Bank of New York Mellon Corp decreased its position in shares of Canadian Pacific Railway Limited (NYSE:CP) (TSE:CP) by 5.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 479,489 shares of the transportation company’s stock after selling 28,081 shares during the period. Bank of New York Mellon Corp owned approximately 0.33% of Canadian Pacific Railway Limited worth $77,105,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in CP. Candriam Luxembourg S.C.A. boosted its stake in shares of Canadian Pacific Railway Limited by 21.1% in the first quarter. Candriam Luxembourg S.C.A. now owns 3,701 shares of the transportation company’s stock worth $542,000 after buying an additional 645 shares during the last quarter. Korea Investment CORP acquired a new stake in shares of Canadian Pacific Railway Limited during the first quarter worth approximately $2,091,000. Janney Montgomery Scott LLC boosted its stake in shares of Canadian Pacific Railway Limited by 12.8% in the first quarter. Janney Montgomery Scott LLC now owns 8,848 shares of the transportation company’s stock worth $1,300,000 after buying an additional 1,005 shares during the last quarter. Wetherby Asset Management Inc. boosted its stake in shares of Canadian Pacific Railway Limited by 2.2% in the first quarter. Wetherby Asset Management Inc. now owns 2,142 shares of the transportation company’s stock worth $315,000 after buying an additional 47 shares during the last quarter. Finally, BB&T Corp acquired a new stake in shares of Canadian Pacific Railway Limited during the first quarter worth approximately $225,000. Institutional investors own 65.89% of the company’s stock.

Canadian Pacific Railway Limited (CP) opened at 152.75 on Tuesday. Canadian Pacific Railway Limited has a 12-month low of $139.29 and a 12-month high of $167.52. The company’s 50 day moving average is $157.42 and its 200 day moving average is $153.91. The company has a market cap of $22.31 billion, a price-to-earnings ratio of 17.41 and a beta of 1.09.

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

The business also recently declared a quarterly dividend, which will be paid on Monday, October 30th. Stockholders of record on Friday, September 29th will be issued a dividend of $0.4411 per share. This represents a $1.76 annualized dividend and a dividend yield of 1.16%. The ex-dividend date is Thursday, September 28th. This is a positive change from Canadian Pacific Railway Limited’s previous quarterly dividend of $0.41. Canadian Pacific Railway Limited’s payout ratio is currently 19.88%.

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CP has been the topic of a number of analyst reports. Citigroup Inc. reaffirmed a “buy” rating and set a $180.00 target price (up previously from $165.00) on shares of Canadian Pacific Railway Limited in a report on Sunday, May 14th. 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 report on Sunday, May 28th. BidaskClub lowered shares of Canadian Pacific Railway Limited from a “hold” rating to a “sell” rating in a report on Saturday, June 10th. Stifel Nicolaus upped their target price on shares of Canadian Pacific Railway Limited from $167.00 to $184.00 and gave the stock a “buy” rating in a report on Tuesday, July 11th. Finally, Zacks Investment Research raised shares of Canadian Pacific Railway Limited from a “hold” rating to a “buy” rating and set a $181.00 target price on the stock in a report on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty have given a buy rating to the company. Canadian Pacific Railway Limited presently has a consensus 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.

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

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