Dubuque Bank & Trust Co. boosted its stake in shares of Canopy Growth Corp (NYSE:CGC) by 35.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,420 shares of the marijuana producer’s stock after purchasing an additional 1,945 shares during the period. Dubuque Bank & Trust Co.’s holdings in Canopy Growth were worth $199,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in the business. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its holdings in Canopy Growth by 3,902.3% during the third 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 in the last quarter. Morgan Stanley acquired a new stake in shares of Canopy Growth in the second quarter valued at about $35,365,000. TD Asset Management Inc. raised its position in shares of Canopy Growth by 13.7% in the third quarter. TD Asset Management Inc. now owns 749,234 shares of the marijuana producer’s stock valued at $36,372,000 after buying an additional 90,068 shares during the last quarter. HRT Financial LLC acquired a new stake in shares of Canopy Growth in the third quarter valued at about $1,119,000. Finally, BKS Advisors LLC acquired a new stake in shares of Canopy Growth in the third quarter valued at about $253,000. 11.98% of the stock is currently owned by institutional investors.
Several equities research analysts recently issued reports on CGC shares. Piper Jaffray Companies started coverage on shares of Canopy Growth in a research report on Wednesday, January 9th. They set an “overweight” rating and a $40.00 price objective for the company. started coverage on shares of Canopy Growth in a research report on Friday, October 12th. They set a “sell” rating and a $30.00 price objective for the company. They noted that the move was a valuation call. Benchmark started coverage on shares of Canopy Growth in a research report on Tuesday, September 25th. They set a “buy” rating for the company. Zacks Investment Research cut shares of Canopy Growth from a “hold” rating to a “sell” rating in a research report on Tuesday, October 16th. Finally, CIBC assumed coverage on shares of Canopy Growth in a research note on Friday, January 18th. They set an “outperform” rating for the company. Two analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $43.67.
NYSE CGC opened at $43.66 on Wednesday. Canopy Growth Corp has a one year low of $16.74 and a one year high of $59.25. The company has a market capitalization of $10.10 billion, a PE ratio of -136.44 and a beta of 3.31.
Canopy Growth (NYSE:CGC) last posted its quarterly earnings data on Wednesday, November 14th. The marijuana producer reported ($0.76) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by ($0.64). The business had revenue of $23.30 million during the quarter, compared to analysts’ expectations of $59.10 million. Canopy Growth had a negative net margin of 503.14% and a negative return on equity of 26.32%. Canopy Growth’s revenue for the quarter was up 32.4% compared to the same quarter last year. As a group, sell-side analysts expect that Canopy Growth Corp will post -1.13 EPS for the current year.
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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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