Toronto Dominion Bank Sells 419,519 Shares of Canopy Growth Co. (NASDAQ:CGC)

Toronto Dominion Bank trimmed its position in Canopy Growth Co. (NASDAQ:CGC) by 58.3% during the first quarter, HoldingsChannel.com reports. The fund owned 300,146 shares of the company’s stock after selling 419,519 shares during the quarter. Toronto Dominion Bank’s holdings in Canopy Growth were worth $9,638,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CGC. SOA Wealth Advisors LLC. acquired a new stake in Canopy Growth in the fourth quarter valued at approximately $30,000. Piscataqua Savings Bank acquired a new stake in Canopy Growth in the first quarter valued at approximately $25,000. Grandview Asset Management LLC acquired a new position in shares of Canopy Growth during the first quarter worth $49,000. Laurel Wealth Advisors LLC acquired a new position in shares of Canopy Growth during the fourth quarter worth $29,000. Finally, Capital Advisory Group Advisory Services LLC acquired a new position in shares of Canopy Growth during the fourth quarter worth $41,000. 12.73% of the stock is currently owned by institutional investors and hedge funds.

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

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings data on Monday, May 31st. The company reported ($1.85) EPS for the quarter, missing the Zacks’ 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 firm had revenue of $167.40 million during the quarter, compared to analyst estimates of $149.97 million. During the same period last year, the business posted ($3.72) EPS. The company’s revenue was up 45.4% on a year-over-year basis. As a group, analysts expect that Canopy Growth Co. will post -0.58 earnings per share for the current fiscal year.

A number of equities analysts have recently commented on CGC shares. Eight Capital upgraded shares of Canopy Growth from a “sell” rating to a “neutral” rating in a report on Wednesday, June 2nd. MKM Partners upgraded shares of Canopy Growth from a “neutral” rating to a “buy” rating and set a $55.00 price target on the stock in a report on Tuesday, May 25th. Cantor Fitzgerald cut their price target on shares of Canopy Growth from $62.00 to $35.00 and set a “neutral” rating on the stock in a report on Friday, April 9th. Alliance Global Partners reiterated a “neutral” rating and set a $32.00 price target (down previously from $40.00) on shares of Canopy Growth in a report on Tuesday, June 1st. Finally, Canaccord Genuity upgraded shares of Canopy Growth from a “sell” rating to a “hold” rating in a report on Tuesday, June 1st. Three equities 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 company. Canopy Growth currently has a consensus rating of “Hold” and an average target price of $31.41.

About Canopy Growth

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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