Topgolf Callaway Brands Corp. (NYSE:CALY) Given Consensus Recommendation of "Hold" by Brokerages

Topgolf Callaway Brands Corp. (NYSE:CALY - Get Free Report) has earned an average recommendation of "Hold" from the eight brokerages that are presently covering the firm, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $20.00.

Several research analysts have issued reports on the company. B. Riley Financial reiterated a "buy" rating and set a $23.00 price objective (up from $19.00) on shares of Topgolf Callaway Brands in a research note on Wednesday, August 5th. KeyCorp upped their target price on shares of Topgolf Callaway Brands from $19.00 to $22.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. The Goldman Sachs Group upped their target price on shares of Topgolf Callaway Brands from $17.00 to $19.00 and gave the stock a "neutral" rating in a report on Wednesday, August 5th. UBS Group lifted their price target on shares of Topgolf Callaway Brands from $15.00 to $19.00 and gave the company a "neutral" rating in a report on Friday, June 26th. Finally, Zacks Research lowered shares of Topgolf Callaway Brands from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 6th.

Insider Buying and Selling

In other news, CEO Oliver G. Brewer III sold 67,474 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $18.30, for a total value of $1,234,774.20. Following the transaction, the chief executive officer directly owned 201,276 shares of the company's stock, valued at $3,683,350.80. The trade was a 25.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Glenn F. Hickey sold 28,843 shares of the firm's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $18.74, for a total value of $540,517.82. Following the sale, the executive vice president directly owned 72,239 shares of the company's stock, valued at $1,353,758.86. This represents a 28.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 97,717 shares of company stock valued at $1,800,492 in the last quarter. 2.91% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CALY. Nykredit A S bought a new stake in Topgolf Callaway Brands during the 2nd quarter worth about $43,000. Hsbc Holdings PLC acquired a new stake in Topgolf Callaway Brands in the 2nd quarter valued at about $256,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Topgolf Callaway Brands in the second quarter worth about $341,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Topgolf Callaway Brands in the second quarter worth about $6,239,000. Finally, California State Teachers Retirement System acquired a new position in shares of Topgolf Callaway Brands during the second quarter worth approximately $55,105,000. Institutional investors and hedge funds own 84.69% of the company's stock.

Topgolf Callaway Brands Price Performance

CALY opened at $15.78 on Tuesday. The firm has a market capitalization of $2.82 billion, a P/E ratio of 36.69 and a beta of 0.93. The business's fifty day simple moving average is $17.97. Topgolf Callaway Brands has a fifty-two week low of $8.39 and a fifty-two week high of $20.28.

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. The company had revenue of $612.20 million during the quarter. Topgolf Callaway Brands had a net margin of 3.37% and a return on equity of 5.86%. The business's revenue for the quarter was down 44.9% on a year-over-year basis. On average, analysts forecast that Topgolf Callaway Brands will post 0.75 earnings per share for the current fiscal year.

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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