Topgolf Callaway Brands Corp. (NYSE:CALY) Receives Consensus Rating of "Hold" from Brokerages

Key Points

• Analysts rate Topgolf Callaway Brands “Hold” overall: Five of eight covering firms recommend holding the stock, while three recommend buying it. The average 12-month price target is $19.83, above the reported $14.67 share price.
• The company’s latest quarterly earnings exceeded expectations, with EPS of $0.39 versus a $0.35 consensus estimate, but revenue fell 44.9% year over year to $612.2 million.
• Insiders sold shares recently: The CEO and an executive vice president sold a combined 96,317 shares, while institutional investors own a substantial 84.69% of the company.

Topgolf Callaway Brands Corp. (NYSE:CALY - Get Free Report) has earned a consensus rating of "Hold" from the eight ratings firms that are currently covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $19.8333.

Several analysts have recently commented on CALY shares. JPMorgan Chase & Co. raised their target price on Topgolf Callaway Brands to $18.00 and gave the stock a "neutral" rating in a research report on Thursday, June 11th. UBS Group dropped their price target on Topgolf Callaway Brands from $19.00 to $17.00 and set a "neutral" rating on the stock in a research report on Monday, September 14th. Weiss Ratings reissued a "hold (c-)" rating on shares of Topgolf Callaway Brands in a research note on Friday, August 7th. KeyCorp raised their price objective on Topgolf Callaway Brands from $19.00 to $22.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 5th. Finally, The Goldman Sachs Group lifted their target price on Topgolf Callaway Brands from $17.00 to $19.00 and gave the company a "neutral" rating in a research note on Wednesday, August 5th.

Topgolf Callaway Brands Price Performance

CALY stock opened at $14.67 on Friday. The firm has a market capitalization of $2.62 billion, a P/E ratio of 34.12 and a beta of 0.93. Topgolf Callaway Brands has a 52-week low of $8.39 and a 52-week high of $20.28. The company's 50 day simple moving average is $16.90 and its 200-day simple moving average is $15.97.

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

Insider Buying and Selling

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

Institutional Trading of Topgolf Callaway Brands

A number of institutional investors have recently bought and sold shares of CALY. Integrated Wealth Concepts LLC acquired a new stake in shares of Topgolf Callaway Brands during the 2nd quarter valued at about $31,000. Nykredit A S acquired a new position in Topgolf Callaway Brands in the second quarter worth approximately $43,000. NewEdge Advisors LLC bought a new position in Topgolf Callaway Brands during the second quarter valued at approximately $113,000. Hsbc Holdings PLC acquired a new stake in Topgolf Callaway Brands in the second quarter valued at approximately $256,000. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in Topgolf Callaway Brands in the second quarter worth approximately $341,000. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.