Sumitomo Mitsui Trust Holdings Inc. trimmed its position in shares of Canopy Growth Corp (NYSE:CGC) by 5.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 776,538 shares of the marijuana producer’s stock after selling 44,844 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.22% of Canopy Growth worth $31,357,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Geode Capital Management LLC acquired a new position in Canopy Growth in the fourth quarter valued at about $791,000. Norges Bank bought a new position in shares of Canopy Growth in the fourth quarter worth about $30,296,000. Deutsche Bank AG raised its stake in shares of Canopy Growth by 111.2% in the fourth quarter. Deutsche Bank AG now owns 176,861 shares of the marijuana producer’s stock worth $4,749,000 after acquiring an additional 93,136 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new position in shares of Canopy Growth in the first quarter worth about $218,000. Finally, Flagship Harbor Advisors LLC raised its stake in shares of Canopy Growth by 102.2% in the first quarter. Flagship Harbor Advisors LLC now owns 13,111 shares of the marijuana producer’s stock worth $568,000 after acquiring an additional 6,628 shares during the last quarter. 8.16% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have weighed in on CGC. LADENBURG THALM/SH SH began coverage on shares of Canopy Growth in a research note on Wednesday, July 17th. They issued a “buy” rating and a $50.00 target price for the company. Consumer Edge began coverage on shares of Canopy Growth in a research note on Friday, June 28th. They issued an “equal weight” rating for the company. Compass Point began coverage on shares of Canopy Growth in a research note on Monday, June 10th. They issued a “neutral” rating and a $43.76 target price for the company. Piper Jaffray Companies dropped their target price on shares of Canopy Growth from $57.00 to $54.00 and set an “overweight” rating for the company in a research note on Monday, July 8th. Finally, Bank of America set a $53.00 target price on shares of Canopy Growth and gave the stock a “buy” rating in a research note on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the stock. Canopy Growth currently has a consensus rating of “Hold” and an average price target of $54.86.
Shares of NYSE CGC opened at $33.09 on Wednesday. The firm has a market capitalization of $11.41 billion, a PE ratio of -20.81 and a beta of 3.63. The firm’s 50 day moving average price is $35.98. The company has a debt-to-equity ratio of 0.12, a quick ratio of 11.49 and a current ratio of 12.32. Canopy Growth Corp has a 52-week low of $24.46 and a 52-week high of $59.25.
Canopy Growth (NYSE:CGC) last issued its quarterly earnings data on Thursday, June 20th. The marijuana producer reported ($0.67) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.17) by ($0.50). The firm had revenue of $70.74 million for the quarter, compared to analyst estimates of $71.06 million. Canopy Growth had a negative net margin of 304.03% and a negative return on equity of 15.82%. On average, analysts forecast that Canopy Growth Corp will post -0.9 EPS for the current year.
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, CraftGrow, and Foria brand names.
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