Certified Advisory Corp raised its holdings in Canopy Growth Corp (NYSE:CGC) by 192.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,303 shares of the marijuana producer’s stock after buying an additional 858 shares during the quarter. Certified Advisory Corp’s holdings in Canopy Growth were worth $35,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp grew its position in shares of Canopy Growth by 3,902.3% in the 3rd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 344,200 shares of the marijuana producer’s stock worth $21,599,000 after buying an additional 335,600 shares during the last quarter. TD Asset Management Inc. grew its position in shares of Canopy Growth by 13.7% in the 3rd quarter. TD Asset Management Inc. now owns 749,234 shares of the marijuana producer’s stock worth $36,372,000 after buying an additional 90,068 shares during the last quarter. Morgan Stanley grew its position in shares of Canopy Growth by 243.3% in the 3rd quarter. Morgan Stanley now owns 4,144,694 shares of the marijuana producer’s stock worth $201,598,000 after buying an additional 2,937,286 shares during the last quarter. HRT Financial LLC bought a new stake in shares of Canopy Growth in the 3rd quarter worth approximately $1,119,000. Finally, BKS Advisors LLC bought a new stake in shares of Canopy Growth in the 3rd quarter worth approximately $253,000. Hedge funds and other institutional investors own 12.83% of the company’s stock.
NYSE CGC opened at $42.94 on Tuesday. Canopy Growth Corp has a twelve month low of $18.93 and a twelve month high of $59.25. The company has a market cap of $10.56 billion, a P/E ratio of -134.19 and a beta of 4.46.
Canopy Growth (NYSE:CGC) last released its quarterly earnings results on Wednesday, November 14th. The marijuana producer reported ($0.76) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by ($0.64). Canopy Growth had a negative net margin of 503.14% and a negative return on equity of 26.32%. The firm had revenue of $23.30 million for the quarter, compared to the consensus estimate of $59.10 million. The business’s revenue was up 32.4% compared to the same quarter last year. On average, research analysts predict that Canopy Growth Corp will post -1.13 EPS for the current fiscal year.
CGC has been the topic of several research reports. Scotiabank initiated coverage on Canopy Growth in a research report on Wednesday, October 17th. They set a “hold” rating and a $61.00 price target on the stock. Piper Jaffray Companies set a $60.00 price target on Canopy Growth and gave the company a “buy” rating in a research report on Saturday, February 2nd. CIBC initiated coverage on Canopy Growth in a research report on Friday, January 18th. They set an “outperform” rating on the stock. Finally, Zacks Investment Research lowered Canopy Growth from a “hold” rating to a “sell” rating in a research report on Tuesday, October 16th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $50.33.
Canopy Growth Company Profile
Canopy Growth Corporation, together with its subsidiaries, engages in growing, possession, and sale of medical cannabis in Canada. Its products include dried flowers, oils and concentrates, softgel capsules, and hemps. The company offers its products under the Tweed, Black Label, Spectrum Cannabis, DNA Genetics, Leafs By Snoop, Bedrocan Canada, CraftGrow, and Foria brand names.
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