Topgolf Callaway Brands (NYSE:MODG) Price Target Raised to $13.00

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) had its price objective raised by stock analysts at TD Cowen from $10.00 to $13.00 in a research note issued on Monday, Benzinga reports. The firm currently has a "hold" rating on the stock. TD Cowen's target price would suggest a potential downside of 14.98% from the stock's previous close.

A number of other equities research analysts have also recently weighed in on the company. Truist Financial upped their price target on Topgolf Callaway Brands from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Monday, April 29th. Tigress Financial reaffirmed a "buy" rating and set a $38.00 price target on shares of Topgolf Callaway Brands in a research note on Friday, April 12th. B. Riley boosted their price objective on shares of Topgolf Callaway Brands from $18.00 to $21.00 and gave the stock a "buy" rating in a research report on Thursday, May 2nd. Finally, KeyCorp dropped their target price on shares of Topgolf Callaway Brands from $20.00 to $18.00 and set an "overweight" rating for the company in a report on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $19.33.

Topgolf Callaway Brands Price Performance

Shares of MODG traded up $0.21 during mid-day trading on Monday, hitting $15.29. The company's stock had a trading volume of 1,660,550 shares, compared to its average volume of 2,481,640. The firm has a 50-day simple moving average of $15.53 and a 200 day simple moving average of $14.13. Topgolf Callaway Brands has a 1-year low of $9.84 and a 1-year high of $20.75. The firm has a market capitalization of $2.81 billion, a P/E ratio of 41.33, a P/E/G ratio of 2.51 and a beta of 1.84. The company has a current ratio of 1.82, a quick ratio of 1.02 and a debt-to-equity ratio of 0.39.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last posted its quarterly earnings results on Wednesday, May 8th. The company reported $0.09 earnings per share for the quarter, topping analysts' consensus estimates of $0.01 by $0.08. The business had revenue of $1.14 billion for the quarter, compared to analysts' expectations of $1.16 billion. Topgolf Callaway Brands had a net margin of 1.80% and a return on equity of 1.93%. The business's revenue for the quarter was down 2.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.17 EPS. Analysts predict that Topgolf Callaway Brands will post 0.34 EPS for the current fiscal year.

Insiders Place Their Bets

In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 2,028 shares of the firm's stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $14.79, for a total value of $29,994.12. Following the sale, the director now directly owns 2,242 shares of the company's stock, valued at approximately $33,159.18. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Erik J. Anderson sold 2,028 shares of the company's stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $14.79, for a total transaction of $29,994.12. Following the completion of the transaction, the director now owns 2,242 shares of the company's stock, valued at $33,159.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Erik J. Anderson sold 5,000 shares of Topgolf Callaway Brands stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $14.55, for a total transaction of $72,750.00. Following the completion of the transaction, the director now owns 777,959 shares in the company, valued at approximately $11,319,303.45. The disclosure for this sale can be found here. Corporate insiders own 2.49% of the company's stock.

Institutional Investors Weigh In On Topgolf Callaway Brands

Several institutional investors and hedge funds have recently added to or reduced their stakes in MODG. Shapiro Capital Management LLC grew its holdings in shares of Topgolf Callaway Brands by 651.6% during the 3rd quarter. Shapiro Capital Management LLC now owns 9,659,158 shares of the company's stock worth $133,683,000 after purchasing an additional 8,373,946 shares during the period. Vanguard Group Inc. increased its holdings in Topgolf Callaway Brands by 13.6% in the 4th quarter. Vanguard Group Inc. now owns 15,403,379 shares of the company's stock valued at $220,884,000 after purchasing an additional 1,845,864 shares in the last quarter. Norges Bank acquired a new position in shares of Topgolf Callaway Brands during the fourth quarter worth about $10,467,000. Assenagon Asset Management S.A. purchased a new stake in shares of Topgolf Callaway Brands in the fourth quarter worth about $9,412,000. Finally, First Dallas Securities Inc. grew its stake in shares of Topgolf Callaway Brands by 1,004.7% in the third quarter. First Dallas Securities Inc. now owns 611,466 shares of the company's stock valued at $8,463,000 after buying an additional 556,116 shares in the last quarter. 84.69% of the stock is currently owned by institutional investors and hedge funds.

About Topgolf Callaway Brands

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.