Toronto Dominion Bank raised its stake in shares of Canopy Growth Corp (NYSE:CGC) by 128.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 385,193 shares of the marijuana producer’s stock after buying an additional 216,559 shares during the period. Toronto Dominion Bank’s holdings in Canopy Growth were worth $16,663,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of CGC. Bank of New York Mellon Corp acquired a new position in Canopy Growth in the 3rd quarter worth approximately $246,000. Morgan Stanley increased its holdings in 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 period. Vanguard Group Inc. increased its holdings in Canopy Growth by 4.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,310,420 shares of the marijuana producer’s stock worth $209,658,000 after buying an additional 180,130 shares during the period. Mercer Capital Advisers Inc. acquired a new position in Canopy Growth in the 4th quarter worth approximately $83,000. Finally, TCI Wealth Advisors Inc. increased its holdings in Canopy Growth by 82.7% in the 4th quarter. TCI Wealth Advisors Inc. now owns 2,134 shares of the marijuana producer’s stock worth $57,000 after buying an additional 966 shares during the period. Institutional investors own 8.05% of the company’s stock.
Canopy Growth stock traded up $0.03 during mid-day trading on Friday, hitting $45.08. The company had a trading volume of 36,178 shares, compared to its average volume of 6,519,128. The company has a current ratio of 17.85, a quick ratio of 17.12 and a debt-to-equity ratio of 0.10. Canopy Growth Corp has a 12-month low of $24.21 and a 12-month high of $59.25. The firm has a market cap of $15.62 billion, a PE ratio of -140.35 and a beta of 4.17.
Canopy Growth (NYSE:CGC) last released its quarterly earnings data on Thursday, February 14th. The marijuana producer reported ($0.67) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by ($0.52). Canopy Growth had a negative return on equity of 14.39% and a negative net margin of 267.40%. The company had revenue of $62.85 million during the quarter, compared to analysts’ expectations of $66.09 million. On average, equities research analysts forecast that Canopy Growth Corp will post -1.08 EPS for the current year.
Several brokerages recently weighed in on CGC. Bank of America began coverage on shares of Canopy Growth in a report on Wednesday, April 17th. They issued a “buy” rating on the stock. GMP Securities upgraded shares of Canopy Growth from a “hold” rating to a “buy” rating and increased their price target for the stock from $65.00 to $72.00 in a report on Monday, April 22nd. Zacks Investment Research upgraded Canopy Growth from a “sell” rating to a “hold” rating in a research report on Monday, April 15th. TheStreet upgraded Canopy Growth from a “d+” rating to a “c” rating in a research report on Friday, March 1st. Finally, Piper Jaffray Companies set a $60.00 price objective on Canopy Growth and gave the stock a “buy” rating in a research report on Friday, February 15th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $57.85.
Canopy Growth 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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