Contrarius Investment Management Ltd Takes Position in Canopy Growth Co. (NASDAQ:CGC)

Contrarius Investment Management Ltd acquired a new stake in Canopy Growth Co. (NASDAQ:CGC) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,120,828 shares of the company’s stock, valued at approximately $51,282,000. Canopy Growth comprises approximately 2.5% of Contrarius Investment Management Ltd’s investment portfolio, making the stock its 14th largest position. Contrarius Investment Management Ltd owned approximately 0.54% of Canopy Growth at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CGC. Essex Investment Management Co. LLC lifted its stake in shares of Canopy Growth by 120.8% during the 2nd quarter. Essex Investment Management Co. LLC now owns 70,000 shares of the company’s stock worth $1,693,000 after acquiring an additional 38,295 shares during the last quarter. Bank of Nova Scotia lifted its stake in shares of Canopy Growth by 5.7% during the 2nd quarter. Bank of Nova Scotia now owns 1,912,753 shares of the company’s stock worth $46,257,000 after acquiring an additional 102,858 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Canopy Growth by 2.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,103,308 shares of the company’s stock worth $33,078,000 after acquiring an additional 23,814 shares during the last quarter. CIBC World Markets Inc. lifted its stake in shares of Canopy Growth by 5.6% during the 2nd quarter. CIBC World Markets Inc. now owns 1,414,680 shares of the company’s stock worth $34,207,000 after acquiring an additional 75,453 shares during the last quarter. Finally, Intact Investment Management Inc. lifted 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 acquiring an additional 34,280 shares during the last quarter. 14.24% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ CGC traded up $0.68 during mid-day trading on Monday, hitting $14.59. The company had a trading volume of 113,640 shares, compared to its average volume of 4,567,788. The company has a market capitalization of $5.74 billion, a PE ratio of -5.13 and a beta of 2.05. The business’s 50-day simple moving average is $17.31 and its 200 day simple moving average is $23.23. The company has a debt-to-equity ratio of 0.37, a current ratio of 10.44 and a quick ratio of 8.84. Canopy Growth Co. has a 1-year low of $13.35 and a 1-year high of $56.50.

Canopy Growth (NASDAQ:CGC) last released its quarterly earnings results on Thursday, August 5th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.18) by $1.02. Canopy Growth had a negative return on equity of 17.31% and a negative net margin of 200.71%. The firm had revenue of $136.21 million for the quarter, compared to analyst estimates of $151.29 million. During the same quarter last year, the company posted ($0.30) earnings per share. The business’s revenue was up 23.4% on a year-over-year basis. On average, analysts expect that Canopy Growth Co. will post -0.05 EPS for the current year.

A number of research analysts have recently issued reports on CGC shares. Eight Capital upgraded Canopy Growth from a “sell” rating to a “neutral” rating in a report on Wednesday, June 2nd. Canaccord Genuity lifted their price target on Canopy Growth from C$25.00 to C$30.00 and gave the stock a “hold” rating in a research report on Monday, August 9th. TheStreet cut Canopy Growth from a “c-” rating to a “d” rating in a report on Tuesday, June 1st. Zacks Investment Research raised Canopy Growth from a “sell” rating to a “hold” rating in a report on Monday, August 9th. Finally, CIBC reduced their price target on Canopy Growth from C$27.00 to C$22.00 and set a “neutral” rating for the company in a report on Thursday. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Canopy Growth has a consensus rating of “Hold” and an average price target of $28.23.

About Canopy Growth

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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