Insider Selling: Topgolf Callaway Brands (NYSE:CALY) CEO Sells 1,400 Shares

Key Points

• CEO Oliver Brewer III sold 1,400 Topgolf Callaway shares at an average price of $18, generating $25,200; he retained 200,983 shares after the transaction.
• CALY shares fell 3.0% to $17.07, while the company reported quarterly EPS of $0.39, beating estimates by $0.04, despite revenue declining 44.9% year over year to $612.2 million.
• Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $20.00; B. Riley and KeyCorp raised their targets to $23 and $22, respectively.

Topgolf Callaway Brands Corp. (NYSE:CALY - Get Free Report) CEO Oliver Brewer III sold 1,400 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $18.00, for a total value of $25,200.00. Following the transaction, the chief executive officer directly owned 200,983 shares in the company, valued at $3,617,694. The trade was a 0.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Topgolf Callaway Brands Trading Down 3.0%

Shares of Topgolf Callaway Brands stock traded down $0.52 during trading on Monday, hitting $17.07. 1,702,178 shares of the stock traded hands, compared to its average volume of 2,747,758. The firm's fifty day moving average is $17.86. The stock has a market cap of $3.05 billion, a price-to-earnings ratio of 39.70 and a beta of 0.93. Topgolf Callaway Brands Corp. has a 52-week low of $8.00 and a 52-week high of $20.28.

Topgolf Callaway Brands (NYSE:CALY - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $612.20 million during the quarter. The firm's revenue was down 44.9% compared to the same quarter last year. On average, equities research analysts anticipate that Topgolf Callaway Brands Corp. will post 0.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Zacks Research lowered Topgolf Callaway Brands from a "strong-buy" rating to a "hold" rating in a research note on Thursday. B. Riley Financial reaffirmed a "buy" rating and issued a $23.00 price objective (up from $19.00) on shares of Topgolf Callaway Brands in a research report on Wednesday, August 5th. KeyCorp boosted their price objective on shares of Topgolf Callaway Brands from $19.00 to $22.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 5th. JPMorgan Chase & Co. increased 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. Finally, Truist Financial raised their target price on shares of Topgolf Callaway Brands to $19.00 and gave the company a "buy" rating in a research note on Monday, June 15th. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Topgolf Callaway Brands has an average rating of "Hold" and an average price target of $20.00.

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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