Northwestern Mutual Wealth Management Co. boosted its holdings in Canopy Growth Corp (NYSE:CGC) by 184.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,368 shares of the marijuana producer’s stock after purchasing an additional 1,535 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Canopy Growth were worth $50,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the business. Sfmg LLC increased its stake in Canopy Growth by 1.5% in the 4th quarter. Sfmg LLC now owns 33,057 shares of the marijuana producer’s stock worth $697,000 after acquiring an additional 475 shares during the last quarter. Wealthcare Advisory Partners LLC increased its position in shares of Canopy Growth by 5.9% during the 4th quarter. Wealthcare Advisory Partners LLC now owns 10,168 shares of the marijuana producer’s stock valued at $214,000 after purchasing an additional 569 shares during the last quarter. ACG Wealth increased its position in shares of Canopy Growth by 6.0% during the 4th quarter. ACG Wealth now owns 11,985 shares of the marijuana producer’s stock valued at $253,000 after purchasing an additional 675 shares during the last quarter. Winslow Evans & Crocker Inc. increased its position in shares of Canopy Growth by 10.5% during the 4th quarter. Winslow Evans & Crocker Inc. now owns 8,192 shares of the marijuana producer’s stock valued at $174,000 after purchasing an additional 776 shares during the last quarter. Finally, Pictet Asset Management Ltd. increased its position in shares of Canopy Growth by 1.0% during the 4th quarter. Pictet Asset Management Ltd. now owns 79,671 shares of the marijuana producer’s stock valued at $1,678,000 after purchasing an additional 800 shares during the last quarter. 10.56% of the stock is currently owned by institutional investors and hedge funds.
NYSE CGC traded up $1.16 on Thursday, hitting $15.14. The company’s stock had a trading volume of 10,153,487 shares, compared to its average volume of 6,702,967. Canopy Growth Corp has a 52-week low of $9.00 and a 52-week high of $52.74. The company has a current ratio of 7.58, a quick ratio of 5.96 and a debt-to-equity ratio of 0.10. The company’s 50-day simple moving average is $17.20 and its 200 day simple moving average is $20.39. The firm has a market cap of $5.29 billion, a P/E ratio of -3.29 and a beta of 3.37.
Canopy Growth (NYSE:CGC) last released its quarterly earnings data on Friday, February 14th. The marijuana producer reported ($0.27) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.09. Canopy Growth had a negative return on equity of 14.97% and a negative net margin of 535.05%. The business had revenue of $93.77 million during the quarter, compared to analysts’ expectations of $78.86 million. On average, research analysts forecast that Canopy Growth Corp will post -2.23 EPS for the current fiscal year.
Several equities analysts have recently commented on the company. BMO Capital Markets upgraded Canopy Growth from a “market perform” rating to an “outperform” rating and set a $40.00 price objective on the stock in a research report on Tuesday, January 28th. CIBC restated a “buy” rating and set a $35.00 target price on shares of Canopy Growth in a report on Tuesday, February 18th. Zacks Investment Research upgraded Canopy Growth from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a report on Tuesday, March 3rd. Laurentian Bank of Canada upgraded Canopy Growth to a “buy” rating in a report on Thursday, March 5th. Finally, MKM Partners restated a “hold” rating and set a $23.00 target price on shares of Canopy Growth in a report on Thursday, December 5th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $39.45.
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, CraftGrow, and Foria brand names.
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