Assenagon Asset Management S.A. Decreases Holdings in Topgolf Callaway Brands Corp. (NYSE:MODG)

Assenagon Asset Management S.A. trimmed its stake in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 93.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,756 shares of the company's stock after selling 612,614 shares during the period. Assenagon Asset Management S.A.'s holdings in Topgolf Callaway Brands were worth $708,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Topgolf Callaway Brands by 11.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,445 shares of the company's stock valued at $421,000 after buying an additional 3,151 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Topgolf Callaway Brands by 8.9% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 66,266 shares of the company's stock valued at $917,000 after buying an additional 5,429 shares during the last quarter. Wealthfront Advisers LLC acquired a new stake in shares of Topgolf Callaway Brands in the third quarter valued at about $150,000. Capula Management Ltd acquired a new stake in Topgolf Callaway Brands during the third quarter worth about $758,000. Finally, NBC Securities Inc. acquired a new stake in Topgolf Callaway Brands during the third quarter worth about $385,000. 84.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MODG has been the subject of several recent analyst reports. TD Cowen raised their price objective on shares of Topgolf Callaway Brands from $10.00 to $13.00 and gave the stock a "hold" rating in a research report on Monday, May 13th. Truist Financial lifted their price target on shares of Topgolf Callaway Brands from $18.00 to $20.00 and gave the company a "buy" rating in a research report on Monday, April 29th. KeyCorp dropped their price target on shares of Topgolf Callaway Brands from $20.00 to $18.00 and set an "overweight" rating for the company in a research report on Wednesday, February 14th. B. Riley lifted their price objective on shares of Topgolf Callaway Brands from $18.00 to $21.00 and gave the company a "buy" rating in a report on Thursday, May 2nd. Finally, Tigress Financial restated a "buy" rating and issued a $38.00 price objective on shares of Topgolf Callaway Brands in a report on Friday, April 12th. One 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. Based on data from MarketBeat, Topgolf Callaway Brands has a consensus rating of "Hold" and an average target price of $19.33.

Insiders Place Their Bets

In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 7,500 shares of the company's stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $15.37, for a total transaction of $115,275.00. Following the completion of the transaction, the director now owns 760,459 shares in the company, valued at approximately $11,688,254.83. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Erik J. Anderson sold 7,500 shares of the company's stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $15.37, for a total transaction of $115,275.00. Following the transaction, the director now directly owns 760,459 shares of the company's stock, valued at approximately $11,688,254.83. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Erik J. Anderson sold 10,000 shares of the company's stock in a transaction on Friday, May 10th. The stock was sold at an average price of $15.19, for a total transaction of $151,900.00. Following the transaction, the director now directly owns 767,959 shares in the company, valued at $11,665,297.21. The disclosure for this sale can be found here. 2.49% of the stock is owned by insiders.

Topgolf Callaway Brands Stock Down 0.5 %

Shares of Topgolf Callaway Brands stock traded down $0.08 during trading hours on Wednesday, hitting $14.83. The company had a trading volume of 1,388,790 shares, compared to its average volume of 2,417,477. The company's 50-day moving average is $15.69 and its two-hundred day moving average is $14.25. Topgolf Callaway Brands Corp. has a twelve month low of $9.84 and a twelve month high of $20.75. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.82 and a quick ratio of 1.02. The company has a market cap of $2.72 billion, a P/E ratio of 40.08, a price-to-earnings-growth ratio of 2.48 and a beta of 1.84.

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

Topgolf Callaway Brands Profile

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.

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