TD Asset Management Inc. boosted its position in Canopy Growth Corp (NYSE:CGC) by 13.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 749,234 shares of the marijuana producer’s stock after buying an additional 90,068 shares during the quarter. TD Asset Management Inc.’s holdings in Canopy Growth were worth $36,372,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of CGC. JW Asset Management LLC acquired a new position in Canopy Growth in the 2nd quarter worth $37,819,000. Morgan Stanley acquired a new position in Canopy Growth in the 2nd quarter worth $35,365,000. Indus Capital Partners LLC acquired a new position in Canopy Growth in the 2nd quarter worth $19,226,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Canopy Growth in the 2nd quarter worth $15,726,000. Finally, QCI Asset Management Inc. NY acquired a new position in Canopy Growth in the 2nd quarter worth $13,573,000. Hedge funds and other institutional investors own 7.44% of the company’s stock.
A number of brokerages have commented on CGC. Canaccord Genuity upgraded shares of Canopy Growth from a “hold” rating to a “buy” rating in a report on Thursday, August 16th. Cann began coverage on shares of Canopy Growth in a report on Friday, October 12th. They issued a “sell” rating and a $30.00 price objective on the stock. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Canopy Growth from a “hold” rating to a “sell” rating in a report on Tuesday, October 16th. Benchmark began coverage on shares of Canopy Growth in a report on Tuesday, September 25th. They issued a “buy” rating on the stock. Finally, Scotiabank began coverage on shares of Canopy Growth in a report on Wednesday, October 17th. They issued a “hold” rating and a $61.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $36.67.
Canopy Growth (NYSE:CGC) last released its earnings results on Tuesday, August 14th. The marijuana producer reported ($0.31) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.12) by ($0.19). The company had revenue of $20.09 million during the quarter, compared to the consensus estimate of $21.04 million. Canopy Growth had a negative return on equity of 12.47% and a negative net margin of 159.94%. On average, equities analysts expect that Canopy Growth Corp will post -0.41 EPS for the current year.
About Canopy Growth
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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