Toronto Dominion Bank Invests $5.02 Million in Canopy Growth Corp (CGC)
Toronto Dominion Bank bought a new position in shares of Canopy Growth Corp (NYSE:CGC) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 175,575 shares of the marijuana producer’s stock, valued at approximately $5,018,000. Toronto Dominion Bank owned about 0.08% of Canopy Growth as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in CGC. Sheaff Brock Investment Advisors LLC acquired a new stake in shares of Canopy Growth in the 2nd quarter valued at about $307,000. Cornerstone Wealth Management LLC acquired a new stake in shares of Canopy Growth in the 2nd quarter valued at about $350,000. Global Financial Private Capital LLC acquired a new stake in shares of Canopy Growth in the 2nd quarter valued at about $202,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Canopy Growth in the 2nd quarter valued at about $15,726,000. Finally, SeaCrest Wealth Management LLC acquired a new stake in shares of Canopy Growth in the 2nd quarter valued at about $430,000. 7.37% of the stock is owned by institutional investors and hedge funds.
Several brokerages have recently commented on CGC. Zacks Investment Researchdowngraded Canopy Growth from a “hold” rating to a “sell” rating in a research note on Tuesday, August 28th. Canaccord Genuity upgraded Canopy Growth from a “hold” rating to a “buy” rating in a research note on Thursday, August 16th.
Shares of NYSE CGC opened at $51.53 on Friday. Canopy Growth Corp has a fifty-two week low of $7.50 and a fifty-two week high of $56.60. The stock has a market capitalization of $11.18 billion, a P/E ratio of -161.03 and a beta of 3.14. The company has a current ratio of 12.80, a quick ratio of 9.10 and a debt-to-equity ratio of 0.01.
Canopy Growth (NYSE:CGC) last announced its quarterly earnings results on Wednesday, June 27th. The marijuana producer reported ($0.31) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.23). Canopy Growth had a negative net margin of 159.94% and a negative return on equity of 14.86%. The business had revenue of $22.80 million during the quarter, compared to the consensus estimate of $24.19 million. The firm’s revenue for the quarter was up 55.1% on a year-over-year basis. sell-side analysts expect that Canopy Growth Corp will post -0.37 earnings per share for the current year.
Canopy Growth 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, Bedrocan Canada, CraftGrow, and Foria brand names.
