Vanguard Group Inc. Reduces Stock Position in Topgolf Callaway Brands Corp. $MODG

Key Points

• Vanguard Group Inc. has reduced its stake in Topgolf Callaway Brands Corp. by 8.5%, selling over 1.35 million shares and now owning 7.89% of the company valued at approximately $95.6 million.
• Insider activity includes Director Adebayo O. Ogunlesi acquiring 384,731 shares for about $2.5 million, increasing his stake by over 100%, while CEO Artie Starrs sold 106,734 shares, cutting his ownership by 50.21%.
• Wall Street analysts have a consensus rating of "Hold" on Topgolf Callaway Brands, with price targets ranging from $7.00 to $10.00, reflecting a mix of neutral and hold ratings following earnings reports.

Vanguard Group Inc. trimmed its position in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 8.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,505,742 shares of the company's stock after selling 1,355,254 shares during the period. Vanguard Group Inc. owned approximately 7.89% of Topgolf Callaway Brands worth $95,593,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new stake in Topgolf Callaway Brands in the fourth quarter valued at $380,000. Sterling Capital Management LLC lifted its holdings in Topgolf Callaway Brands by 821.5% in the fourth quarter. Sterling Capital Management LLC now owns 4,543 shares of the company's stock valued at $36,000 after acquiring an additional 4,050 shares during the period. Barclays PLC lifted its holdings in Topgolf Callaway Brands by 3.5% in the fourth quarter. Barclays PLC now owns 304,344 shares of the company's stock valued at $2,393,000 after acquiring an additional 10,264 shares during the period. Guggenheim Capital LLC lifted its holdings in Topgolf Callaway Brands by 64.3% in the fourth quarter. Guggenheim Capital LLC now owns 29,193 shares of the company's stock valued at $229,000 after acquiring an additional 11,420 shares during the period. Finally, NewEdge Advisors LLC lifted its holdings in Topgolf Callaway Brands by 39.8% in the fourth quarter. NewEdge Advisors LLC now owns 127,388 shares of the company's stock valued at $1,001,000 after acquiring an additional 36,254 shares during the period. 84.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MODG has been the subject of a number of recent analyst reports. Cfra reissued a "hold" rating and issued a $9.00 target price on shares of Topgolf Callaway Brands in a report on Friday, July 11th. Wall Street Zen raised Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. B. Riley reissued a "neutral" rating and issued a $9.50 target price (up previously from $7.00) on shares of Topgolf Callaway Brands in a report on Monday, August 11th. Morgan Stanley initiated coverage on Topgolf Callaway Brands in a report on Friday, July 18th. They issued an "equal weight" rating and a $9.50 target price for the company. Finally, JPMorgan Chase & Co. reduced their target price on Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating for the company in a report on Tuesday, May 27th. Three investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat.com, Topgolf Callaway Brands presently has an average rating of "Hold" and an average target price of $10.00.

Insider Transactions at Topgolf Callaway Brands

In related news, Director Adebayo O. Ogunlesi acquired 384,731 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was purchased at an average price of $6.48 per share, for a total transaction of $2,493,056.88. Following the transaction, the director owned 768,432 shares in the company, valued at $4,979,439.36. This trade represents a 100.27% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Artie Starrs sold 106,734 shares of Topgolf Callaway Brands stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $8.64, for a total value of $922,181.76. Following the sale, the chief executive officer owned 105,823 shares of the company's stock, valued at approximately $914,310.72. This represents a 50.21% decrease in their position. The disclosure for this sale can be found here. Insiders bought 845,284 shares of company stock valued at $5,533,600 in the last 90 days. 2.40% of the stock is currently owned by insiders.

Topgolf Callaway Brands Price Performance

Shares of NYSE:MODG traded down $0.04 during midday trading on Thursday, hitting $9.77. 2,234,566 shares of the stock were exchanged, compared to its average volume of 3,112,779. The stock has a market cap of $1.80 billion, a P/E ratio of -1.20 and a beta of 1.26. The company has a current ratio of 1.85, a quick ratio of 1.25 and a debt-to-equity ratio of 0.48. Topgolf Callaway Brands Corp. has a twelve month low of $5.42 and a twelve month high of $11.41. The company has a 50 day moving average price of $9.10 and a 200-day moving average price of $7.52.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.21. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.08 billion. Topgolf Callaway Brands had a positive return on equity of 0.37% and a negative net margin of 36.08%.The business's revenue was down 4.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.42 EPS. On average, research analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Topgolf Callaway Brands Profile

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.