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Victory Capital Management Inc. Sells 104,726 Shares of Topgolf Callaway Brands Corp. (NYSE:MODG)

Topgolf Callaway Brands logo with Consumer Discretionary background

Key Points

  • Victory Capital Management Inc. reduced its holdings in Topgolf Callaway Brands Corp. by 66.1%, selling 104,726 shares, leaving them with 53,601 shares valued at $353,000.
  • Major institutional investors collectively own 84.69% of Topgolf Callaway Brands, with notable acquisitions from firms like Raymond James Financial Inc. and Vanguard Group Inc..
  • Recent analyst ratings for Topgolf Callaway Brands include a downgrade from Truist Financial, reducing their price target from $12.00 to $7.00, reflecting a mixed market outlook with a consensus rating of "Hold".
  • Five stocks we like better than Topgolf Callaway Brands.

Victory Capital Management Inc. trimmed its position in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 66.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 53,601 shares of the company's stock after selling 104,726 shares during the period. Victory Capital Management Inc.'s holdings in Topgolf Callaway Brands were worth $353,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of MODG. Raymond James Financial Inc. bought a new position in shares of Topgolf Callaway Brands in the 4th quarter valued at $380,000. KLP Kapitalforvaltning AS bought a new position in shares of Topgolf Callaway Brands in the 4th quarter valued at $196,000. Vanguard Group Inc. lifted its stake in shares of Topgolf Callaway Brands by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 15,860,996 shares of the company's stock valued at $124,667,000 after acquiring an additional 224,578 shares during the last quarter. Norges Bank bought a new position in shares of Topgolf Callaway Brands in the 4th quarter valued at $129,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Topgolf Callaway Brands in the 4th quarter valued at $1,614,000. 84.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MODG has been the subject of a number of recent research reports. Truist Financial decreased their price objective on Topgolf Callaway Brands from $12.00 to $7.00 and set a "buy" rating for the company in a report on Monday, April 14th. B. Riley initiated coverage on Topgolf Callaway Brands in a report on Friday, May 16th. They issued a "neutral" rating and a $7.00 price objective for the company. JPMorgan Chase & Co. decreased their price objective 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. Wall Street Zen downgraded Topgolf Callaway Brands from a "hold" rating to a "sell" rating in a report on Sunday, July 6th. Finally, 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 price objective for the company. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $10.14.

Read Our Latest Analysis on Topgolf Callaway Brands

Topgolf Callaway Brands Stock Performance

Shares of Topgolf Callaway Brands stock opened at $8.10 on Friday. The company has a current ratio of 2.12, a quick ratio of 1.41 and a debt-to-equity ratio of 0.60. The business has a 50-day moving average price of $8.25 and a two-hundred day moving average price of $7.34. Topgolf Callaway Brands Corp. has a 1-year low of $5.42 and a 1-year high of $15.07. The company has a market cap 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 issued its quarterly earnings results on Monday, May 12th. The company reported $0.11 earnings per share for the quarter, topping 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 last year, the business posted $0.08 EPS. The business's revenue was down 4.5% compared to the same quarter last year. As a group, analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Insider Activity at Topgolf Callaway Brands

In related news, EVP Glenn F. Hickey acquired 10,000 shares of the business's stock in a transaction dated Monday, May 19th. The shares were bought at an average price of $6.86 per share, with a total value of $68,600.00. Following the transaction, the executive vice president directly owned 10,000 shares of the company's stock, valued at $68,600. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Oliver G. Brewer III acquired 20,000 shares of the business's stock in a transaction dated Wednesday, May 14th. The shares were bought at an average cost of $6.40 per share, for a total transaction of $128,000.00. Following the transaction, the chief executive officer directly owned 1,009,297 shares in the company, valued at approximately $6,459,500.80. This represents a 2.02% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 905,284 shares of company stock worth $5,922,500 over the last quarter. Company insiders own 2.40% of the company's stock.

Topgolf Callaway Brands Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Topgolf Callaway Brands (NYSE:MODG)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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