Wall Street Zen Upgrades Topgolf Callaway Brands (NYSE:CALY) to Buy

Key Points

• Wall Street Zen upgraded Topgolf Callaway Brands (NYSE: CALY) from “hold” to “buy.” MarketBeat’s analyst consensus is “Moderate Buy,” with an average price target of $19.83.
• The company reported quarterly EPS of $0.12, beating the $0.01 consensus estimate, while revenue reached $436.9 million.
• Revenue fell 53.2% year over year in the quarter, despite the earnings-per-share beat.

Topgolf Callaway Brands (NYSE:CALY - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Saturday, Wall Street Zen reports.

Several other equities research analysts also recently weighed in on CALY. Zacks Research upgraded Topgolf Callaway Brands from a "hold" rating to a "strong-buy" rating in a report on Wednesday, October 28th. Truist Financial raised their price target on Topgolf Callaway Brands from $19.00 to $20.00 and gave the company a "buy" rating in a report on Tuesday, September 1st. The Goldman Sachs Group lifted their price target on shares of Topgolf Callaway Brands from $17.00 to $19.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 5th. Weiss Ratings upgraded shares of Topgolf Callaway Brands from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, October 8th. Finally, UBS Group lowered their target price on Topgolf Callaway Brands from $19.00 to $17.00 and set a "neutral" rating for the company in a research note on Monday, September 14th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $19.83.

Topgolf Callaway Brands Stock Performance

NYSE:CALY opened at $16.78 on Friday. Topgolf Callaway Brands has a 1 year low of $9.24 and a 1 year high of $20.28. The stock has a market cap of $3.00 billion, a price-to-earnings ratio of 22.08 and a beta of 0.98. The business has a fifty day moving average of $14.78 and a 200-day moving average of $15.67.

Topgolf Callaway Brands (NYSE:CALY - Get Free Report) last issued its quarterly earnings results on Thursday, November 5th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.11. Topgolf Callaway Brands had a net margin of 3.37% and a return on equity of 5.86%. The company had revenue of $436.90 million during the quarter. The firm's quarterly revenue was down 53.2% on a year-over-year basis. On average, equities research analysts predict that Topgolf Callaway Brands will post 0.75 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CALY. Integrated Wealth Concepts LLC purchased a new position in Topgolf Callaway Brands during the 2nd quarter worth $31,000. Nykredit A S acquired a new position in Topgolf Callaway Brands in the 2nd quarter valued at approximately $43,000. NewEdge Advisors LLC bought a new position in Topgolf Callaway Brands in the 2nd quarter worth $113,000. Choreo LLC acquired a new position in shares of Topgolf Callaway Brands in the 3rd quarter valued at $145,000. Finally, Park National Corp OH lifted its stake in shares of Topgolf Callaway Brands by 6.9% during the third quarter. Park National Corp OH now owns 12,244 shares of the company's stock valued at $173,000 after acquiring an additional 792 shares during the period. Institutional investors and hedge funds own 84.69% of the company's stock.

About Topgolf Callaway Brands

Topgolf Callaway Brands is a golf and active-lifestyle company formed through Callaway Golf Company's acquisition of Topgolf, which was completed in 2021. The company has combined traditional golf equipment and apparel operations with Topgolf's technology-enabled entertainment venues.

Its golf portfolio has included Callaway and Odyssey golf clubs, golf balls, wedges, putters and accessories, along with apparel and lifestyle products sold under brands such as TravisMathew and OGIO. Topgolf venues provide golf entertainment, food and beverage service, event hosting and digitally supported play for both experienced golfers and newcomers.

Based in Carlsbad, California, the company has served customers through sporting-goods retailers, specialty golf shops, mass merchants, e-commerce platforms and direct-to-consumer channels.

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