Corient Private Wealth LP Purchases New Holdings in Topgolf Callaway Brands Corp. $CALY

Key Points

• Corient Private Wealth LP acquired 138,260 shares of Topgolf Callaway Brands in the second quarter, worth approximately $2.6 million. Institutional investors and hedge funds collectively own 84.69% of the company.
• Analyst sentiment remains mixed, with three Buy ratings and five Holds. The consensus rating is Hold, with an average price target of $19.83; B. Riley raised its target to $23.
• Topgolf Callaway reported quarterly adjusted earnings of $0.39 per share, exceeding estimates of $0.35, but revenue fell 44.9% year over year to $612.2 million. Meanwhile, company insiders sold nearly 97,717 shares worth about $1.8 million during the quarter.

Corient Private Wealth LP bought a new stake in Topgolf Callaway Brands Corp. (NYSE:CALY - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 138,260 shares of the company's stock, valued at approximately $2,598,000. Corient Private Wealth LP owned approximately 0.08% of Topgolf Callaway Brands as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Nykredit A S purchased a new position in Topgolf Callaway Brands in the second quarter valued at about $43,000. Hsbc Holdings PLC acquired a new position in shares of Topgolf Callaway Brands during the 2nd quarter worth about $256,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Topgolf Callaway Brands in the second quarter valued at approximately $341,000. HighTower Advisors LLC acquired a new stake in Topgolf Callaway Brands in the 2nd quarter worth $348,000. Finally, Amundi acquired a new stake in Topgolf Callaway Brands during the second quarter worth about $769,000. 84.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on CALY shares. B. Riley Financial reissued a "buy" rating and issued a $23.00 price target (up from $19.00) on shares of Topgolf Callaway Brands in a report on Wednesday, August 5th. JPMorgan Chase & Co. upped their target price on shares of Topgolf Callaway Brands to $18.00 and gave the company a "neutral" rating in a research report on Thursday, June 11th. The Goldman Sachs Group boosted their price objective on shares of Topgolf Callaway Brands from $17.00 to $19.00 and gave the company a "neutral" rating in a report on Wednesday, August 5th. Weiss Ratings reissued a "hold (c-)" rating on shares of Topgolf Callaway Brands in a research note on Friday, August 7th. Finally, KeyCorp increased their price objective on Topgolf Callaway Brands from $19.00 to $22.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Topgolf Callaway Brands has a consensus rating of "Hold" and an average price target of $19.83.

Topgolf Callaway Brands Trading Up 0.6%

Shares of Topgolf Callaway Brands stock opened at $14.82 on Wednesday. The company has a 50 day moving average of $16.74 and a 200-day moving average of $15.97. The company has a market cap of $2.65 billion, a PE ratio of 34.46 and a beta of 0.93. Topgolf Callaway Brands Corp. has a 1-year low of $8.39 and a 1-year 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 for the quarter, topping the consensus estimate of $0.35 by $0.04. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%.The business had revenue of $612.20 million during the quarter. The business's quarterly revenue was down 44.9% on a year-over-year basis. Research analysts forecast that Topgolf Callaway Brands Corp. will post 0.75 earnings per share for the current year.

Insider Buying and Selling at Topgolf Callaway Brands

In other news, EVP Glenn Hickey sold 28,843 shares of the stock in a transaction on Thursday, August 6th. The stock was 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. This represents a 28.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Oliver Brewer, III sold 67,474 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 201,276 shares of the company's stock, valued at $3,683,350.80. This represents a 25.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 97,717 shares of company stock valued at $1,800,492 over the last quarter. Company insiders own 2.91% of the company's stock.

Topgolf Callaway Brands Profile

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.

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