5 Best Canadian Stocks to Buy

4. Canadian Pacific Railway Limited (NYSE:CP)

Percentage of iShares MSCI Canada ETF: 3.93%

Number of Hedge Fund Holders: 42

Based in Calgary, Alberta, Canadian Pacific Railway Limited (NYSE:CP) is a transcontinental railway in Canada and the United States with direct links to major ports on the west and east coasts. It offers a suite of freight transportation services, logistics solutions and supply chain expertise.

Earlier this year in July, Canadian Pacific Railway Limited (NYSE:CP) released its financial results for the quarter ended June 30, 2022. Its total revenues increased by 3% y-o-y to $1.7 billion, while it reported net earnings of $594 million, for the three months. The normalized EPS was recorded at $0.74 per share, beating the consensus by $0.01. The company declared a cash dividend of $0.15 per share for the quarter.

On September 12, BofA analyst Ken Hoexter upgraded Canadian Pacific Railway Company (NYSE:CP) to ‘Buy’ rating from ‘Neutral’ and increased the price target on its shares to $87 from $85 as “hiring rebounds and that volumes have inflected positively.”

As of Q2 2022, 42 hedge funds tracked by Insider Monkey held shares of Canadian Pacific Railway Limited (NYSE:CP), worth $7 billion. Chris Hohn’s TCI Fund Management is its largest hedge fund shareholder with ownership of 55.9 million shares valued at $3.9 billion.