5 Best Canadian Stocks to Buy and Hold

4. Canadian Pacific Railway Limited (NYSE:CP)

Number of Hedge Fund Holders: 41

Canadian Pacific Railway Limited (NYSE:CP) is a transportation firm based in Canada. It offers rail and intermodal transportation services over a network of approximately 13,000 miles. On November 28, Deutsche Bank analyst Amit Mehrotra upgraded Canadian Pacific Railway Limited (NYSE:CP) stock to Buy from Hold with a $98 price target. The analyst is confident on the outlook for transportation equities in 2023.

Given its scale, the company has shown strong profits. In the third fiscal quarter, Canadian Pacific Railway Limited (NYSE:CP) reported an EPS of C$1.01. Its revenue for the quarter came in at C$2.31 billion, up 19.1% year over year and ahead of Wall Street estimates by C$40 million.

Canadian Pacific Railway Limited (NYSE:CP) was a part of 41 hedge fund portfolios in Q3 2022, as per Insider Monkey’s data. The stakes owned by these hedge funds have a total value of over $7.1 billion. TCI Fund Management was the company’s leading stakeholder in Q3.