Topgolf Callaway Brands (NYSE:CALY) Given New $17.00 Price Target at UBS Group

Key Points

• UBS lowered its price target for Topgolf Callaway Brands from $19 to $17 while maintaining a “neutral” rating. The new target implies approximately 11.36% upside from the prior close.
• Analyst sentiment remains mixed, with three “buy” ratings and five “hold” ratings, resulting in a consensus “hold” rating and an average price target of $19.83.
• Shares closed at $15.27, while the company’s latest quarterly results beat expectations with EPS of $0.39 versus the $0.35 consensus; however, revenue fell 44.9% year over year to $612.2 million.

Topgolf Callaway Brands (NYSE:CALY - Get Free Report) had its price objective lowered by analysts at UBS Group from $19.00 to $17.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a "neutral" rating on the stock. UBS Group's price objective indicates a potential upside of 11.36% from the company's previous close.

A number of other brokerages have also recently commented on CALY. Weiss Ratings reiterated a "hold (c-)" rating on shares of Topgolf Callaway Brands in a research report on Friday, August 7th. Truist Financial raised their price objective on Topgolf Callaway Brands from $19.00 to $20.00 and gave the company a "buy" rating in a research note on Tuesday, September 1st. The Goldman Sachs Group lifted their price objective on Topgolf Callaway Brands from $17.00 to $19.00 and gave the stock a "neutral" rating in a report on Wednesday, August 5th. B. Riley Financial reiterated a "buy" rating and issued a $23.00 price objective (up from $19.00) on shares of Topgolf Callaway Brands in a report on Wednesday, August 5th. Finally, Zacks Research cut Topgolf Callaway Brands from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 6th. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $19.83.

Topgolf Callaway Brands Price Performance

NYSE CALY traded down $0.19 during trading on Monday, reaching $15.27. The company's stock had a trading volume of 1,066,437 shares, compared to its average volume of 2,582,779. The stock has a fifty day moving average of $17.24. Topgolf Callaway Brands has a one year low of $8.39 and a one year high of $20.28. The company has a market capitalization of $2.73 billion, a PE ratio of 35.50 and a beta of 0.93.

Topgolf Callaway Brands (NYSE:CALY - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.35 by $0.04. The firm had revenue of $612.20 million during the quarter. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%.The company's revenue was down 44.9% on a year-over-year basis. As a group, equities analysts forecast that Topgolf Callaway Brands will post 0.75 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Glenn F. Hickey sold 28,843 shares of the stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $18.74, for a total transaction of $540,517.82. Following the completion of the sale, the executive vice president directly owned 72,239 shares in the company, valued at approximately $1,353,758.86. This represents a 28.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Oliver G. Brewer III sold 1,400 shares of the stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $18.00, for a total transaction of $25,200.00. Following the sale, the chief executive officer owned 200,983 shares of the company's stock, valued at approximately $3,617,694. This represents a 0.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 97,717 shares of company stock worth $1,800,492. Insiders own 2.91% of the company's stock.

Institutional Investors Weigh In On Topgolf Callaway Brands

Institutional investors and hedge funds have recently bought and sold shares of the business. Integrated Wealth Concepts LLC purchased a new position in shares of Topgolf Callaway Brands during the second quarter valued at approximately $31,000. Nykredit A S bought a new stake in Topgolf Callaway Brands in the second quarter valued at $43,000. NewEdge Advisors LLC purchased a new position in Topgolf Callaway Brands during the 2nd quarter valued at $113,000. Hsbc Holdings PLC purchased a new position in Topgolf Callaway Brands during the 2nd quarter valued at $256,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in Topgolf Callaway Brands during the 2nd quarter valued at $341,000. Hedge funds and other institutional investors own 84.69% of the company's stock.

About Topgolf Callaway Brands

Topgolf Callaway Brands Corp. is a golf-focused company that combines golf equipment, apparel and footwear businesses with technology-enabled golf entertainment. Its portfolio has included Callaway golf clubs, golf balls and accessories; Odyssey putters and equipment; TravisMathew apparel and footwear; and Jack Wolfskin outdoor apparel and equipment.

The company has also operated Topgolf, a network of technologically enhanced golf entertainment venues where customers can play interactive games, receive instruction, dine and attend social or corporate events.

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