Private Advisor Group LLC Takes Position in Topgolf Callaway Brands Corp. (NYSE:MODG)

Key Points

• Private Advisor Group LLC purchased a new position in Topgolf Callaway Brands Corp. (NYSE:MODG), acquiring 103,927 shares valued at approximately $685,000.
• A variety of institutional investors recently acquired or adjusted their stakes in Topgolf Callaway Brands, indicating a strong interest with institutional ownership at 84.69%.
• Wall Street analysts have mixed views on MODG, with an average rating of "Hold" and diverse price targets ranging from $7.00 to $12.00 set by different firms.

Private Advisor Group LLC bought a new position in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The firm bought 103,927 shares of the company's stock, valued at approximately $685,000. Private Advisor Group LLC owned 0.06% of Topgolf Callaway Brands as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Sterling Capital Management LLC raised its holdings in Topgolf Callaway Brands by 821.5% during the 4th quarter. Sterling Capital Management LLC now owns 4,543 shares of the company's stock valued at $36,000 after buying an additional 4,050 shares during the last quarter. Covestor Ltd raised its stake in shares of Topgolf Callaway Brands by 147.2% during the fourth quarter. Covestor Ltd now owns 9,286 shares of the company's stock valued at $73,000 after acquiring an additional 5,530 shares during the last quarter. Dynamic Advisor Solutions LLC purchased a new stake in Topgolf Callaway Brands in the 1st quarter worth approximately $66,000. FORA Capital LLC purchased a new stake in Topgolf Callaway Brands in the fourth quarter worth $81,000. Finally, Stifel Financial Corp bought a new stake in shares of Topgolf Callaway Brands during the 4th quarter valued at about $83,000. 84.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently commented on MODG shares. Morgan Stanley assumed coverage on shares of Topgolf Callaway Brands in a report on Friday, July 18th. They set an "equal weight" rating and a $9.50 target price on the stock. JPMorgan Chase & Co. decreased their price target on Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating for the company in a research note on Tuesday, May 27th. Truist Financial lowered their price objective on shares of Topgolf Callaway Brands from $12.00 to $7.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Wall Street Zen downgraded Topgolf Callaway Brands from a "hold" rating to a "sell" rating in a report on Sunday, July 6th. Finally, Cfra reiterated a "hold" rating and set a $9.00 price target on shares of Topgolf Callaway Brands in a research note on Friday, July 11th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $10.14.

Topgolf Callaway Brands Price Performance

NYSE MODG traded down $1.15 during trading on Friday, hitting $8.10. 5,345,012 shares of the stock traded hands, compared to its average volume of 2,418,631. The company has a quick ratio of 1.41, a current ratio of 2.12 and a debt-to-equity ratio of 0.60. Topgolf Callaway Brands Corp. has a 12-month low of $5.42 and a 12-month high of $15.07. The firm has a 50-day simple moving average of $8.25 and a 200-day simple moving average of $7.35. The company has a market capitalization of $1.49 billion, a P/E ratio of -1.02 and a beta of 1.26.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of ($0.04) by $0.15. Topgolf Callaway Brands had a positive return on equity of 1.51% and a negative net margin of 34.68%. The firm had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the prior year, the company earned $0.08 EPS. The company's quarterly revenue was down 4.5% compared to the same quarter last year. As a group, analysts predict that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Insider Buying and Selling at Topgolf Callaway Brands

In other Topgolf Callaway Brands news, Director Adebayo O. Ogunlesi bought 384,731 shares of the firm's stock in a transaction dated Friday, June 6th. The shares were purchased at an average cost of $6.48 per share, for a total transaction of $2,493,056.88. Following the transaction, the director owned 768,432 shares of the company's stock, valued at $4,979,439.36. This represents a 100.27% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Glenn F. Hickey purchased 10,000 shares of the stock in a transaction that occurred on Monday, May 19th. The stock was acquired at an average cost of $6.86 per share, with a total value of $68,600.00. Following the acquisition, the executive vice president owned 10,000 shares in the company, valued at $68,600. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 905,284 shares of company stock valued at $5,922,500. Corporate insiders own 2.40% of the company's stock.

About Topgolf Callaway Brands

Topgolf Callaway Brands Corp. designs, manufactures, and sells golf equipment, golf and lifestyle apparel, and other accessories in the United States, Europe, Asia, and Internationally. The Topgolf segment operates Topgolf venues equipped with technology-enabled hitting bays, bars, dining areas, and event spaces, as well as Toptracer ball-flight tracking technology; and World Golf Tour digital golf game.