Mackenzie Financial Corp Boosts Stake in Canopy Growth Co. (NASDAQ:CGC)

Mackenzie Financial Corp raised its position in Canopy Growth Co. (NASDAQ:CGC) by 3.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 114,600 shares of the company’s stock after buying an additional 4,339 shares during the period. Mackenzie Financial Corp’s holdings in Canopy Growth were worth $1,585,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the business. Goldman Sachs Group Inc. increased its stake in shares of Canopy Growth by 78.6% during the 2nd quarter. Goldman Sachs Group Inc. now owns 662,624 shares of the company’s stock worth $16,023,000 after purchasing an additional 291,715 shares during the last quarter. Private Advisor Group LLC increased its stake in shares of Canopy Growth by 5.5% during the 2nd quarter. Private Advisor Group LLC now owns 119,874 shares of the company’s stock worth $2,899,000 after purchasing an additional 6,233 shares during the last quarter. Dynamic Advisor Solutions LLC increased its stake in shares of Canopy Growth by 19.0% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 39,050 shares of the company’s stock worth $541,000 after purchasing an additional 6,241 shares during the last quarter. Intact Investment Management Inc. increased its stake in shares of Canopy Growth by 9.3% during the 2nd quarter. Intact Investment Management Inc. now owns 401,380 shares of the company’s stock worth $12,013,000 after purchasing an additional 34,280 shares during the last quarter. Finally, FORA Capital LLC purchased a new stake in shares of Canopy Growth during the 2nd quarter worth approximately $187,000. Hedge funds and other institutional investors own 14.59% of the company’s stock.

Shares of NASDAQ:CGC opened at $8.40 on Friday. The firm has a fifty day moving average price of $10.47 and a two-hundred day moving average price of $14.68. The company has a debt-to-equity ratio of 0.36, a current ratio of 9.63 and a quick ratio of 8.27. Canopy Growth Co. has a one year low of $7.96 and a one year high of $56.50.

Canopy Growth (NASDAQ:CGC) last announced its quarterly earnings results on Friday, November 5th. The company reported ($0.02) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.16) by $0.14. Canopy Growth had a negative net margin of 201.25% and a negative return on equity of 24.66%. The firm had revenue of $145.70 million during the quarter, compared to the consensus estimate of $145.63 million. During the same period last year, the firm earned $0.16 EPS. The business’s quarterly revenue was down 3.4% compared to the same quarter last year. Sell-side analysts forecast that Canopy Growth Co. will post -0.08 EPS for the current fiscal year.

Several equities research analysts have recently issued reports on the stock. Cantor Fitzgerald decreased their price target on shares of Canopy Growth from C$30.50 to C$21.00 and set a “neutral” rating for the company in a research note on Monday, September 20th. lowered shares of Canopy Growth from a “hold” rating to a “sell” rating in a research note on Monday, November 8th. CIBC lowered shares of Canopy Growth from a “neutral” rating to an “underperform” rating in a research note on Monday, November 8th. Bank of America lowered shares of Canopy Growth from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $19.00 to $10.00 in a research note on Wednesday, December 22nd. Finally, Alliance Global Partners reduced their price objective on shares of Canopy Growth from C$18.00 to C$11.00 and set a “neutral” rating for the company in a research note on Friday, January 7th. Seven investment analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $21.10.

Canopy Growth Company Profile

Canopy Growth Corp. engages in the production and sale of medical cannabis. The firm operates through the following segments: Global Cannabis and Other Consumer Products. The Global Cannabis segment encompasses the production, distribution and sale of a diverse range of cannabis and cannabinoid-based consumer products in Canada and internationally pursuant to applicable international and domestic legislation, regulations and permits.

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

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