Wellington Management Group LLP Makes New $268.37 Million Investment in Topgolf Callaway Brands Corp. $CALY

Key Points

• Wellington Management Group acquired 14.28 million shares of Topgolf Callaway Brands, valued at approximately $268.4 million, giving it an 8% ownership stake.
• Company insiders sold 97,717 shares worth about $1.8 million over the past quarter, including sales by EVP Glenn F. Hickey and CEO Oliver G. Brewer III.
• Topgolf Callaway beat quarterly earnings expectations with EPS of $0.39 versus $0.35 forecast, although revenue fell 44.9% year over year. Analysts maintain a consensus “Hold” rating with a $20 average price target, compared with the stock’s $15.66 opening price.

Wellington Management Group LLP acquired a new stake in Topgolf Callaway Brands Corp. (NYSE:CALY - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 14,282,573 shares of the company's stock, valued at approximately $268,370,000. Wellington Management Group LLP owned 8.00% of Topgolf Callaway Brands as of its most recent SEC filing.

Insider Activity at Topgolf Callaway Brands

In related news, EVP Glenn F. 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 of the company's stock, valued at approximately $1,353,758.86. This represents a 28.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Oliver G. Brewer III sold 1,400 shares of Topgolf Callaway Brands stock in a transaction on Friday, August 7th. The stock was sold at an average price of $18.00, for a total transaction of $25,200.00. Following the sale, the chief executive officer directly owned 200,983 shares in the company, valued at approximately $3,617,694. This trade represents a 0.69% decrease in their position. 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. 2.91% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. The Goldman Sachs Group boosted their target price on shares of Topgolf Callaway Brands from $17.00 to $19.00 and gave the company a "neutral" rating in a research note on Wednesday, August 5th. B. Riley Financial restated a "buy" rating and set a $23.00 price target (up from $19.00) on shares of Topgolf Callaway Brands in a research report on Wednesday, August 5th. UBS Group lifted their price objective on shares of Topgolf Callaway Brands from $15.00 to $19.00 and gave the company a "neutral" rating in a report on Friday, June 26th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Topgolf Callaway Brands in a research report on Friday, August 7th. Finally, JPMorgan Chase & Co. increased their target price on shares of Topgolf Callaway Brands to $18.00 and gave the stock a "neutral" rating in a research note on Thursday, June 11th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, Topgolf Callaway Brands currently has an average rating of "Hold" and a consensus target price of $20.00.

Topgolf Callaway Brands Trading Down 0.2%

CALY stock opened at $15.66 on Monday. Topgolf Callaway Brands Corp. has a 12-month low of $8.39 and a 12-month high of $20.28. The firm has a market cap of $2.80 billion, a PE ratio of 36.42 and a beta of 0.93. The business has a 50-day moving average price of $17.81.

Topgolf Callaway Brands (NYSE:CALY - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $0.39 EPS for the quarter, beating analysts' consensus estimates of $0.35 by $0.04. The business had revenue of $612.20 million during the quarter. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%.Topgolf Callaway Brands's quarterly revenue was down 44.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Topgolf Callaway Brands Corp. will post 0.75 earnings per share for the current fiscal year.

Topgolf Callaway Brands Profile

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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