CP hikes its dividend

Article Excerpt

CANADIAN PACIFIC RAILWAY LTD. $58.16 (Toronto symbol CP; Shares outstanding: 168.6 million; Market cap: $9.8 billion; SI Rating: Average; Dividend yield: 1.9%) has raised its quarterly dividend by 9.1%, to $0.27 a share from $0.2475. The new annual rate of $1.08 a share yields 1.9%. The company also added $70 million to its 2010 capital spending plans. It will now spend $750 million to $800 million on upgrades, including improving tracks and buying new trains. That’s up from $724.1 million in 2009. The higher spending will help CP take advantage of rising demand for the goods it ships, such as automobiles and fertilizers. CP Rail is a buy. buy…