BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Invests $9.03 Million in Canopy Growth Corp (CGC)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new stake in shares of Canopy Growth Corp (NYSE:CGC) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 156,230 shares of the marijuana producer’s stock, valued at approximately $9,033,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Stone House Investment Management LLC acquired a new position in shares of Canopy Growth during the 1st quarter valued at about $25,000. Ellis Investment Partners LLC bought a new stake in Canopy Growth during the 1st quarter valued at approximately $25,000. Cypress Capital Management LLC WY bought a new stake in Canopy Growth during the 4th quarter valued at approximately $27,000. Next Capital Management LLC bought a new stake in Canopy Growth during the 4th quarter valued at approximately $27,000. Finally, Global Retirement Partners LLC boosted its stake in Canopy Growth by 524.0% during the 1st quarter. Global Retirement Partners LLC now owns 624 shares of the marijuana producer’s stock valued at $27,000 after purchasing an additional 524 shares during the period. 7.82% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:CGC opened at $44.56 on Friday. Canopy Growth Corp has a twelve month low of $24.21 and a twelve month high of $59.25. The company has a market cap of $15.84 billion, a P/E ratio of -139.25 and a beta of 4.17. The company has a quick ratio of 17.12, a current ratio of 17.85 and a debt-to-equity ratio of 0.10.

Several analysts recently weighed in on the company. Bank of America assumed coverage on Canopy Growth in a research note on Wednesday, April 17th. They set a “buy” rating for the company. GMP Securities upgraded Canopy Growth from a “hold” rating to a “buy” rating and increased their target price for the company from $65.00 to $72.00 in a research note on Monday, April 22nd. Zacks Investment Research upgraded Canopy Growth from a “sell” rating to a “hold” rating in a research note on Monday, April 15th. TheStreet upgraded Canopy Growth from a “d+” rating to a “c” rating in a research note on Friday, March 1st. Finally, Piper Jaffray Companies set a $60.00 target price on Canopy Growth and gave the company a “buy” rating in a research note on Friday, February 15th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $57.85.

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

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