5 Best Dividend Stocks According to British-Irish Billionaire John Armitage

2. Canadian National Railway Company (NYSE:CNI)

Number of Hedge Fund Holders: 38
Dividend Yield as of May 26: 2.03%
Egerton Capital’s Stake Value: $1,259,358,000

Canadian National Railway Company (NYSE:CNI) is a Montreal-based rail freight company that transports billions of worth of goods. In May, BMO Capital upgraded the stock to Outperform from Market Perform and saw potential upside in shares. The firm set a C$170 price target on the stock.

During Q1 2022, Egerton Capital increased its position in Canadian National Railway Company (NYSE:CNI) by 22% and held shares worth over $1.25 billion. The company was the fourth-largest holding of the hedge fund, representing 6.63% of its 13F portfolio.

In January, Canadian National Railway Company (NYSE:CNI) announced a quarterly dividend of C$0.7325, reflecting a 19% growth from its previous dividend. The stock’s dividend yield was recorded at 2.03% on May 26.

At the end of Q1 2022, 38 hedge funds in Insider Monkey’s database held stakes in Canadian National Railway Company (NYSE:CNI), valued at roughly $8.4 billion. In comparison, 42 hedge funds held stakes in the company in the previous quarter, worth over $7.7 billion. TCI Fund Management held roughly $5 billion worth of stakes in the company, becoming its largest shareholder in Q1 2022.