Topgolf Callaway Brands Corp. (NYSE:CALY) Stock Has Average Price Target of $19.83 According to Brokerages

Key Points

• Analyst consensus is “Hold”: Five of eight covering firms rate Topgolf Callaway Brands a hold, while three recommend buying. The average 12-month price target is $19.83, above the reported share price of $13.81.
• Quarterly earnings beat expectations: The company reported $0.39 in earnings per share versus the $0.35 consensus estimate, with revenue of $612.2 million. However, revenue declined 44.9% year over year.
• Insiders have been selling while institutions maintain strong ownership: Executives sold 97,717 shares worth about $1.8 million over the past three months, while institutional investors own 84.69% of the stock.

Shares of Topgolf Callaway Brands Corp. (NYSE:CALY - Get Free Report) have received an average recommendation of "Hold" from the eight research firms that are covering the company, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $19.83.

Several analysts have recently issued reports on the company. Weiss Ratings raised Topgolf Callaway Brands from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, October 8th. B. Riley Financial restated a "buy" rating and issued a $23.00 price target (up from $19.00) on shares of Topgolf Callaway Brands in a research report on Wednesday, August 5th. Truist Financial boosted their price target 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. KeyCorp upped their price objective on shares of 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 upped their price objective on shares of Topgolf Callaway Brands from $17.00 to $19.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 5th.

Insider Activity

In other news, EVP Glenn Hickey sold 28,843 shares of the business'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 value of $540,517.82. Following the completion of the transaction, the executive vice president directly owned 72,239 shares in the company, valued at approximately $1,353,758.86. The trade was a 28.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Oliver Brewer, III sold 67,474 shares of the company'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 transaction of $1,234,774.20. Following the sale, the chief executive officer directly owned 201,276 shares of the company's stock, valued at approximately $3,683,350.80. This trade represents a 25.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over 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

Several institutional investors and hedge funds have recently added to or reduced their stakes in CALY. O Keefe Stevens Advisory Inc. raised its holdings in shares of Topgolf Callaway Brands by 2.4% during the 3rd quarter. O Keefe Stevens Advisory Inc. now owns 1,217,521 shares of the company's stock worth $17,155,000 after buying an additional 28,798 shares in the last quarter. Park National Corp OH lifted its position in shares of Topgolf Callaway Brands by 6.9% during the 3rd quarter. Park National Corp OH now owns 12,244 shares of the company's stock worth $173,000 after buying an additional 792 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in Topgolf Callaway Brands in the second quarter valued at about $5,243,000. Insight Wealth Partners LLC acquired a new stake in Topgolf Callaway Brands in the second quarter valued at about $611,000. Finally, Integrated Wealth Concepts LLC acquired a new stake in Topgolf Callaway Brands in the second quarter valued at about $31,000. 84.69% of the stock is currently owned by institutional investors.

Topgolf Callaway Brands Price Performance

Shares of NYSE:CALY opened at $13.81 on Wednesday. The company has a market capitalization of $2.47 billion, a P/E ratio of 32.12 and a beta of 0.96. Topgolf Callaway Brands has a 1 year low of $8.65 and a 1 year high of $20.28. The business's 50 day simple moving average is $15.37 and its 200 day simple moving average is $16.04.

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 for the quarter, beating the consensus estimate 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 firm's revenue was down 44.9% on a year-over-year basis. On average, sell-side analysts anticipate that Topgolf Callaway Brands will post 0.75 EPS for the current fiscal year.

About Topgolf Callaway Brands

Topgolf Callaway Brands is a golf and active-lifestyle company built around golf equipment, apparel, accessories and entertainment experiences. Its portfolio has included Callaway golf clubs and balls, Odyssey putters and wedges, OGIO bags and accessories, and TravisMathew apparel and footwear. The company has also operated Topgolf, a technology-enabled golf entertainment business combining driving ranges, games, food and beverages, and event spaces.

The company traces its roots to Callaway Golf, founded in 1982 by Ely Callaway Jr.

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