Raymond James Financial Inc. Takes Position in Topgolf Callaway Brands Corp. (NYSE:MODG)

Raymond James Financial Inc. purchased a new stake in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 48,291 shares of the company's stock, valued at approximately $380,000.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its stake in Topgolf Callaway Brands by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 15,860,996 shares of the company's stock worth $124,667,000 after buying an additional 224,578 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Topgolf Callaway Brands by 14.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,286,719 shares of the company's stock valued at $17,974,000 after acquiring an additional 291,052 shares during the last quarter. Alliancebernstein L.P. raised its position in Topgolf Callaway Brands by 97.6% during the fourth quarter. Alliancebernstein L.P. now owns 2,152,565 shares of the company's stock valued at $16,919,000 after purchasing an additional 1,063,033 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in Topgolf Callaway Brands by 14.7% during the fourth quarter. Harbor Capital Advisors Inc. now owns 1,886,496 shares of the company's stock worth $14,828,000 after purchasing an additional 241,755 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Topgolf Callaway Brands by 41.9% in the 4th quarter. Invesco Ltd. now owns 1,591,742 shares of the company's stock valued at $12,511,000 after purchasing an additional 469,728 shares in the last quarter. 84.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on MODG shares. Truist Financial lowered their price target on Topgolf Callaway Brands from $12.00 to $7.00 and set a "buy" rating for the company in a report on Monday, April 14th. Roth Mkm reissued a "buy" rating and issued a $11.00 target price (down previously from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Topgolf Callaway Brands from $11.00 to $9.00 and set a "neutral" rating on the stock in a report on Thursday, January 23rd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $11.00.

Topgolf Callaway Brands Trading Down 17.1%

NYSE MODG traded down $1.35 during trading hours on Tuesday, reaching $6.55. The company's stock had a trading volume of 7,332,280 shares, compared to its average volume of 2,708,133. Topgolf Callaway Brands Corp. has a 52 week low of $5.42 and a 52 week high of $16.89. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.14. The stock has a market cap of $1.20 billion, a P/E ratio of -81.86 and a beta of 1.25. The firm has a fifty day simple moving average of $6.47 and a 200-day simple moving average of $7.57.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The company reported $0.11 EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.15. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period in the previous year, the firm earned $0.08 earnings per share. The firm's quarterly revenue was down 4.5% on a year-over-year basis. Equities analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current fiscal year.

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.