VIRGINIA RETIREMENT SYSTEMS ET Al Acquires New Stake in Topgolf Callaway Brands Corp. $CALY

Key Points

• Virginia Retirement Systems acquired 196,800 shares of Topgolf Callaway Brands valued at approximately $3.7 million, while institutional investors collectively own 84.69% of the company.
• Topgolf Callaway reported quarterly EPS of $0.39, exceeding the $0.35 consensus estimate, but revenue fell 44.9% year over year to $612.2 million.
• Analysts maintain a consensus “Hold” rating with an average price target of $20.17; meanwhile, company insiders sold 97,717 shares worth approximately $1.8 million over the past three months.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Topgolf Callaway Brands Corp. (NYSE:CALY - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 196,800 shares of the company's stock, valued at approximately $3,698,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.11% of Topgolf Callaway Brands as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of CALY. Nykredit A S purchased a new stake in Topgolf Callaway Brands in the second quarter valued at approximately $43,000. Hsbc Holdings PLC purchased a new position in Topgolf Callaway Brands in the 2nd quarter worth approximately $256,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Topgolf Callaway Brands in the 2nd quarter worth $341,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Topgolf Callaway Brands in the 2nd quarter worth $6,239,000. Finally, California State Teachers Retirement System purchased a new stake in shares of Topgolf Callaway Brands during the 2nd quarter valued at $55,105,000. Institutional investors own 84.69% of the company's stock.

Topgolf Callaway Brands Stock Performance

Shares of NYSE:CALY opened at $15.36 on Thursday. The stock has a market cap of $2.74 billion, a PE ratio of 35.72 and a beta of 0.93. The stock has a fifty day simple moving average of $17.35. Topgolf Callaway Brands Corp. has a 52 week low of $8.39 and a 52 week high of $20.28.

Topgolf Callaway Brands (NYSE:CALY - Get Free Report) last posted its quarterly earnings results 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 net margin of 3.37% and a return on equity of 5.86%. The business had revenue of $612.20 million during the quarter. Topgolf Callaway Brands's revenue was down 44.9% compared to the same quarter last year. On average, equities research analysts predict that Topgolf Callaway Brands Corp. will post 0.75 EPS for the current fiscal year.

Insider Transactions at Topgolf Callaway Brands

In related news, CEO Oliver Brewer, III sold 1,400 shares of the stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $18.00, for a total transaction of $25,200.00. Following the completion of the sale, the chief executive officer directly owned 200,983 shares in the company, valued at $3,617,694. This represents a 0.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Glenn Hickey sold 28,843 shares of the firm's stock in a transaction that occurred 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 transaction, the executive vice president owned 72,239 shares in the company, valued at approximately $1,353,758.86. The trade was a 28.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 97,717 shares of company stock valued at $1,800,492. 2.91% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on CALY shares. Wall Street Zen upgraded shares of Topgolf Callaway Brands from a "hold" rating to a "buy" rating in a research report on Saturday, May 16th. JPMorgan Chase & Co. raised their price target on Topgolf Callaway Brands to $18.00 and gave the company a "neutral" rating in a research report on Thursday, June 11th. KeyCorp upped their price objective on Topgolf Callaway Brands from $19.00 to $22.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. UBS Group increased their price objective on Topgolf Callaway Brands from $15.00 to $19.00 and gave the company a "neutral" rating in a research report on Friday, June 26th. Finally, Zacks Research cut Topgolf Callaway Brands from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 6th. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, Topgolf Callaway Brands currently has an average rating of "Hold" and a consensus target price of $20.17.

About Topgolf Callaway Brands

Topgolf Callaway Brands plc NYSE: MODG is a leading global sports and entertainment company formed through the merger of Callaway Golf Company and Topgolf Entertainment Group in July 2022. The company combines Callaway’s heritage in golf equipment design and manufacturing with Topgolf’s innovative, technology-driven entertainment venues. Topgolf Callaway Brands serves a diverse audience of golf enthusiasts, casual players and social visitors, offering experiences that span both competitive sport and leisure activities.

Under the Callaway Golf brand, the company develops and markets a broad portfolio of premium golf clubs, balls, accessories and apparel.

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