Thin films of Co/Ru(0001) are known to exhibit an unusual spin reorientation transition (SRT) coupled to the completion of Co atomic layers for Co thicknesses under 4 layers. By means of spin-polarized low-energy electron microscopy, we follow in real space the magnetization orientation during the growth of atomically thick capping layers on Co/Ru(0001). Capping with coinage-metal (Cu, Ag, Au) elements modifies the SRT depending on the Co and overlayer thickness and on the overlayer material,

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... sulting in an expanded range of structures with high perpendicular magnetic anisotropy. The origin of the SRT can be explained in terms of ab-initio calculations of the layer-resolved contributions to the magnetic anisotropy energy. Besides the changes in the SRT introduced by the capping, a quantitative enhancement of the magnetic anisotropy is identified. A detailed analysis of the interplay between strain and purely electronic effects allows us to identify the conditions that lead to a high perpendicular magnetic anisotropy in thin hcp Co films.