M&G Investment Management Ltd. Has $4.11 Million Holdings in Canopy Growth Co. (NASDAQ:CGC)

M&G Investment Management Ltd. boosted its stake in Canopy Growth Co. (NASDAQ:CGC) by 0.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 128,967 shares of the company’s stock after purchasing an additional 1,023 shares during the quarter. M&G Investment Management Ltd.’s holdings in Canopy Growth were worth $4,105,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the stock. Amundi Pioneer Asset Management Inc. raised its stake in Canopy Growth by 6.7% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 36,373 shares of the company’s stock worth $1,577,000 after acquiring an additional 2,296 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in Canopy Growth by 10.7% during the fourth quarter. Janney Montgomery Scott LLC now owns 17,844 shares of the company’s stock worth $440,000 after acquiring an additional 1,722 shares in the last quarter. NN Investment Partners Holdings N.V. raised its stake in Canopy Growth by 4.3% during the fourth quarter. NN Investment Partners Holdings N.V. now owns 46,037 shares of the company’s stock worth $1,134,000 after acquiring an additional 1,889 shares in the last quarter. CIBC Asset Management Inc raised its stake in Canopy Growth by 142.0% during the fourth quarter. CIBC Asset Management Inc now owns 373,968 shares of the company’s stock worth $9,180,000 after acquiring an additional 219,446 shares in the last quarter. Finally, Winslow Evans & Crocker Inc. raised its stake in Canopy Growth by 57.5% during the fourth quarter. Winslow Evans & Crocker Inc. now owns 11,710 shares of the company’s stock worth $288,000 after acquiring an additional 4,275 shares in the last quarter. 12.73% of the stock is owned by institutional investors and hedge funds.

Shares of CGC opened at $25.66 on Friday. Canopy Growth Co. has a 52-week low of $13.83 and a 52-week high of $56.50. The company has a debt-to-equity ratio of 0.45, a quick ratio of 8.69 and a current ratio of 9.98. The firm has a 50 day simple moving average of $25.99. The firm has a market capitalization of $9.83 billion, a price-to-earnings ratio of -7.11 and a beta of 2.11.

Canopy Growth (NASDAQ:CGC) last issued its quarterly earnings results on Monday, May 31st. The company reported ($1.85) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by ($1.67). Canopy Growth had a negative net margin of 311.30% and a negative return on equity of 18.67%. The business had revenue of $167.40 million during the quarter, compared to analyst estimates of $149.97 million. During the same period last year, the firm posted ($3.72) earnings per share. Canopy Growth’s quarterly revenue was up 45.4% compared to the same quarter last year. As a group, equities research analysts expect that Canopy Growth Co. will post -0.58 EPS for the current fiscal year.

Several analysts have recently weighed in on CGC shares. Jefferies Financial Group cut Canopy Growth from a “hold” rating to an “underperform” rating in a report on Wednesday, February 24th. Bank of America assumed coverage on Canopy Growth in a report on Wednesday, April 28th. They set a “buy” rating on the stock. CIBC reduced their target price on Canopy Growth from C$38.00 to C$36.00 and set a “neutral” rating on the stock in a report on Wednesday, June 2nd. Eight Capital upgraded Canopy Growth from a “sell” rating to a “neutral” rating in a report on Wednesday, June 2nd. Finally, Alliance Global Partners reiterated a “neutral” rating and issued a $32.00 target price (down from $40.00) on shares of Canopy Growth in a report on Tuesday, June 1st. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $31.41.

Canopy Growth Profile

Canopy Growth Corporation, together with its subsidiaries, engages in the production, distribution, and sale of cannabis for recreational and medical purposes primarily in Canada, the United States, Germany, and the United Kingdom. It operates through two segments, Cannabis, Hemp and Other Consumer Products; and Canopy Rivers.

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Institutional Ownership by Quarter for Canopy Growth (NASDAQ:CGC)

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