5 Best Canadian Dividend Stocks

3. Canadian National Railway Company (NYSE:CNI)

Dividend Yield as of September 23: 2.01%

Number of Hedge Fund Holders: 41

Montreal, Quebec-based Canadian National Railway Company (NYSE:CNI) is a North American transportation and logistics leader offering integrated shipping solutions, including rail, intermodal, trucking, freight forwarding, warehousing and distribution. Its rail network comprises nearly 20,000 route-miles of track connecting three coasts: the Atlantic, the Pacific and the Gulf of Mexico.

In July, Canadian National Railway Company (NYSE:CNI) released the financial results for the quarter ended June 30, 2022. Its total revenue increased by 21% y-o-y to $3.4 billion, while its net income surged by 23% y-o-y to $1 billion, for the three months. It reported a normalized EPS of $1.50 for the quarter, beating the consensus by $0.12. It declared a cash dividend of C$0.7350 per share for the quarter.

On September 12, BofA analyst Ken Hoexter upgraded Canadian National Railway Company (NYSE:CNI) to ‘Buy’ rating from ‘Neutral’ and increased the price target on its shares to $135 from $128 as “hiring rebounds and that volumes have inflected positively.”

As of Q2 2022, 41 of the 895 hedge funds tracked by Insider Monkey owned shares of Canadian National Railway Company (NYSE:CNI), valued at $7.5 billion. Chris Hohn’s TCI Fund Management is its largest shareholder with ownership of 36.7 million shares valued at $4.1 billion.