Topgolf Callaway Brands (NYSE:CALY) Price Target Raised to $20.00

Key Points

• Truist Financial raised its price target for Topgolf Callaway Brands from $19 to $20 and maintained a “buy” rating, implying 28.41% upside from the prior close. The analyst consensus remains “Hold,” with a target of $20.17.
• CALY shares fell 0.9% to $15.57, while the company’s latest quarterly results exceeded expectations with EPS of $0.39 versus the $0.35 consensus. However, revenue declined 44.9% year over year to $612.2 million.
• Insiders sold shares worth approximately $1.8 million over the past three months, while institutional investors own 84.69% of the stock; Wellington Management established a position valued at about $268.4 million.

Topgolf Callaway Brands (NYSE:CALY - Get Free Report) had its target price upped by equities research analysts at Truist Financial from $19.00 to $20.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's price target indicates a potential upside of 28.41% from the company's previous close.

A number of other equities analysts have also recently issued reports on CALY. JPMorgan Chase & Co. increased their price objective on shares of Topgolf Callaway Brands to $18.00 and gave the stock a "neutral" rating in a research report on Thursday, June 11th. UBS Group boosted their target price on Topgolf Callaway Brands from $15.00 to $19.00 and gave the company a "neutral" rating in a research report on Friday, June 26th. Zacks Research downgraded Topgolf Callaway Brands from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 6th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Topgolf Callaway Brands in a report on Friday, August 7th. Finally, B. Riley Financial reissued a "buy" rating and issued a $23.00 price objective (up from $19.00) on shares of Topgolf Callaway Brands in a research note on Wednesday, August 5th. Three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $20.17.

Topgolf Callaway Brands Stock Down 0.9%

CALY traded down $0.14 during trading on Tuesday, reaching $15.57. 422,196 shares of the stock traded hands, compared to its average volume of 2,630,678. The company has a 50-day simple moving average of $17.77. Topgolf Callaway Brands has a 12 month low of $8.39 and a 12 month high of $20.28. The stock has a market capitalization of $2.78 billion, a PE ratio of 36.21 and a beta of 0.93.

Topgolf Callaway Brands (NYSE:CALY - Get Free Report) last announced its quarterly earnings data 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. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%.The company had revenue of $612.20 million for the quarter. Topgolf Callaway Brands's revenue for the quarter was down 44.9% on a year-over-year basis. Equities research analysts anticipate that Topgolf Callaway Brands will post 0.75 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Oliver G. Brewer III sold 1,400 shares of Topgolf Callaway Brands stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $18.00, for a total transaction of $25,200.00. Following the transaction, the chief executive officer owned 200,983 shares of the company's stock, valued at $3,617,694. The trade was a 0.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Glenn F. Hickey sold 28,843 shares of the company's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $18.74, for a total value of $540,517.82. Following the sale, the executive vice president owned 72,239 shares of the company's stock, valued at $1,353,758.86. This trade represents a 28.53% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 97,717 shares of company stock valued at $1,800,492 over the last three months. Corporate insiders own 2.91% of the company's stock.

Hedge Funds Weigh In On Topgolf Callaway Brands

A number of hedge funds have recently bought and sold shares of CALY. Wellington Management Group LLP bought a new position in shares of Topgolf Callaway Brands during the second quarter valued at about $268,370,000. Hsbc Holdings PLC bought a new stake in Topgolf Callaway Brands in the 2nd quarter worth about $256,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Topgolf Callaway Brands in the 2nd quarter valued at about $6,239,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Topgolf Callaway Brands during the 2nd quarter worth approximately $341,000. Finally, Nykredit A S bought a new position in shares of Topgolf Callaway Brands during the 2nd quarter worth approximately $43,000. 84.69% of the stock is owned by hedge funds and other institutional investors.

Topgolf Callaway Brands Company Profile

Topgolf Callaway Brands plc NYSE: MODG is a leading global sports and entertainment company formed through the merger of Callaway Golf Company and Topgolf Entertainment Group in July 2022. The company combines Callaway’s heritage in golf equipment design and manufacturing with Topgolf’s innovative, technology-driven entertainment venues. Topgolf Callaway Brands serves a diverse audience of golf enthusiasts, casual players and social visitors, offering experiences that span both competitive sport and leisure activities.

Under the Callaway Golf brand, the company develops and markets a broad portfolio of premium golf clubs, balls, accessories and apparel.

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