McGowan Group Asset Management Inc. lowered its stake in Canopy Growth Corp (NYSE:CGC) by 14.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 30,665 shares of the marijuana producer’s stock after selling 5,390 shares during the quarter. McGowan Group Asset Management Inc.’s holdings in Canopy Growth were worth $1,489,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Canopy Growth by 234.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,802,260 shares of the marijuana producer’s stock valued at $87,492,000 after acquiring an additional 1,263,825 shares during the last quarter. JW Asset Management LLC bought a new stake in shares of Canopy Growth during the 2nd quarter valued at about $37,819,000. Morgan Stanley bought a new stake in shares of Canopy Growth during the 2nd quarter valued at about $35,365,000. TD Asset Management Inc. boosted its position in shares of Canopy Growth by 13.7% during the 3rd quarter. TD Asset Management Inc. now owns 749,234 shares of the marijuana producer’s stock valued at $36,372,000 after acquiring an additional 90,068 shares during the last quarter. Finally, Indus Capital Partners LLC bought a new stake in shares of Canopy Growth during the 2nd quarter valued at about $19,226,000. Institutional investors and hedge funds own 11.97% of the company’s stock.
A number of brokerages have recently issued reports on CGC. Zacks Investment Research downgraded Canopy Growth from a “hold” rating to a “sell” rating in a research report on Tuesday, October 16th. Benchmark began coverage on Canopy Growth in a research report on Tuesday, September 25th. They set a “buy” rating for the company. Scotiabank began coverage on Canopy Growth in a research report on Wednesday, October 17th. They set a “hold” rating and a $61.00 price target for the company. Cann began coverage on Canopy Growth in a research report on Friday, October 12th. They set a “sell” rating and a $30.00 price target for the company. They noted that the move was a valuation call. Finally, Canaccord Genuity upgraded Canopy Growth from a “hold” rating to a “buy” rating in a research report on Thursday, August 16th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. Canopy Growth presently has a consensus rating of “Hold” and an average price target of $36.67.
Canopy Growth (NYSE:CGC) last announced its quarterly earnings data on Wednesday, November 14th. The marijuana producer reported ($0.76) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.12) by ($0.64). The firm had revenue of $23.30 million for 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% on a year-over-year basis. As a group, research analysts anticipate that Canopy Growth Corp will post -0.88 earnings per share 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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