Fiera Capital Corp Decreases Position in Canopy Growth Corp (NYSE:CGC)

Fiera Capital Corp reduced its stake in Canopy Growth Corp (NYSE:CGC) by 2.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,751 shares of the marijuana producer’s stock after selling 783 shares during the period. Fiera Capital Corp’s holdings in Canopy Growth were worth $445,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Wealth Quarterback LLC purchased a new stake in shares of Canopy Growth during the 4th quarter worth approximately $13,803,510,000. Renaissance Technologies LLC raised its stake in Canopy Growth by 62.0% during the 4th quarter. Renaissance Technologies LLC now owns 827,700 shares of the marijuana producer’s stock worth $17,418,000 after acquiring an additional 316,800 shares in the last quarter. Swiss National Bank lifted its position in Canopy Growth by 11.9% in the first quarter. Swiss National Bank now owns 820,100 shares of the marijuana producer’s stock valued at $11,712,000 after acquiring an additional 87,000 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Canopy Growth by 1.4% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 759,744 shares of the marijuana producer’s stock valued at $10,958,000 after acquiring an additional 10,701 shares during the last quarter. Finally, Korea Investment CORP boosted its stake in Canopy Growth by 8.9% in the fourth quarter. Korea Investment CORP now owns 481,400 shares of the marijuana producer’s stock valued at $10,153,000 after acquiring an additional 39,300 shares in the last quarter. 10.44% of the stock is currently owned by institutional investors.

NYSE CGC opened at $19.42 on Monday. The stock has a market capitalization of $6.81 billion, a price-to-earnings ratio of -4.22 and a beta of 2.62. The business’s 50 day moving average is $15.19 and its two-hundred day moving average is $18.08. Canopy Growth Corp has a 12-month low of $9.00 and a 12-month high of $45.78. The company has a current ratio of 7.58, a quick ratio of 5.96 and a debt-to-equity ratio of 0.10.

Several analysts have recently weighed in on the company. BMO Capital Markets raised Canopy Growth from a “market perform” rating to an “outperform” rating and set a $40.00 target price for the company in a report on Tuesday, January 28th. Jefferies Financial Group raised Canopy Growth from an “underperform” rating to a “hold” rating and decreased their price objective for the company from $17.30 to $15.60 in a report on Thursday, April 16th. Stifel Nicolaus raised their target price on shares of Canopy Growth from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, February 18th. Canaccord Genuity reiterated a “neutral” rating on shares of Canopy Growth in a research report on Friday, April 17th. Finally, Pi Financial cut shares of Canopy Growth to a “hold” rating and set a $30.00 price target for the company. in a research note on Friday, February 14th. Fourteen investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $36.32.

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.

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