Squar Milner Financial Services LLC raised its holdings in Canopy Growth Corp (NYSE:CGC) by 60.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,250 shares of the marijuana producer’s stock after purchasing an additional 470 shares during the quarter. Squar Milner Financial Services LLC’s holdings in Canopy Growth were worth $50,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of CGC. Norges Bank acquired a new stake in shares of Canopy Growth in the 4th quarter valued at $30,296,000. Thoroughbred Financial Services LLC boosted its holdings in shares of Canopy Growth by 4,147.9% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 481,583 shares of the marijuana producer’s stock valued at $48,158,000 after purchasing an additional 470,246 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Canopy Growth by 358.4% in the 1st quarter. Janus Henderson Group PLC now owns 597,022 shares of the marijuana producer’s stock valued at $25,841,000 after purchasing an additional 466,768 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Canopy Growth by 4,386.9% in the 4th quarter. Bank of New York Mellon Corp now owns 226,500 shares of the marijuana producer’s stock valued at $6,086,000 after purchasing an additional 221,452 shares in the last quarter. Finally, Toronto Dominion Bank boosted its holdings in shares of Canopy Growth by 128.4% in the 1st quarter. Toronto Dominion Bank now owns 385,193 shares of the marijuana producer’s stock valued at $16,663,000 after purchasing an additional 216,559 shares in 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. Bryan, Garnier & Co downgraded Canopy Growth from a “buy” rating to a “neutral” rating in a report on Friday, July 5th. Evercore ISI assumed coverage on Canopy Growth in a research note on Wednesday, June 12th. They issued an “outperform” rating and a $107.57 price target for the company. Zacks Investment Research cut Canopy Growth from a “buy” rating to a “hold” rating in a research note on Wednesday, June 26th. Desjardins reiterated a “hold” rating on shares of Canopy Growth in a research note on Thursday, July 4th. Finally, Consumer Edge assumed coverage on Canopy Growth in a research note on Friday, June 28th. They issued an “equal weight” rating for the company. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $54.86.
Canopy Growth (NYSE:CGC) last announced its earnings results on Thursday, June 20th. The marijuana producer reported ($0.67) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.17) by ($0.50). The company had revenue of $70.74 million for the quarter, compared to the consensus estimate of $71.06 million. Canopy Growth had a negative return on equity of 15.82% and a negative net margin of 304.03%. On average, research analysts predict that Canopy Growth Corp will post -0.9 EPS for the current year.
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, CraftGrow, and Foria brand names.
Read More: SEC Filing
Want to see what other hedge funds are holding CGC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Canopy Growth Corp (NYSE:CGC).
Receive News & Ratings for Canopy Growth Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canopy Growth and related companies with MarketBeat.com's FREE daily email newsletter.