Topgolf Callaway Brands Corp. (NYSE:MODG) CEO Sells $922,181.76 in Stock

Key Points

• Topgolf Callaway Brands CEO Artie Starrs sold 106,734 shares of the company's stock for a total of $922,181.76, reducing his ownership by 50.21%.
• The company reported $0.24 EPS for the quarter, significantly beating analysts' expectations and achieving revenue of $1.11 billion, although down 4.1% year-over-year.
• The stock has a market cap of $1.61 billion and analysts have given it a consensus rating of "Hold" with an average price target of $10.00.

Topgolf Callaway Brands Corp. (NYSE:MODG - Get Free Report) CEO Artie Starrs sold 106,734 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $8.64, for a total transaction of $922,181.76. Following the transaction, the chief executive officer directly owned 105,823 shares in the company, valued at approximately $914,310.72. The trade was a 50.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

Topgolf Callaway Brands Trading Up 0.1%

MODG traded up $0.01 on Friday, reaching $9.89. 2,530,744 shares of the company's stock were exchanged, compared to its average volume of 3,227,065. The company's 50 day moving average is $8.80 and its 200-day moving average is $7.40. Topgolf Callaway Brands Corp. has a twelve month low of $5.42 and a twelve month high of $11.94. The company has a market cap of $1.82 billion, a price-to-earnings ratio of -1.22 and a beta of 1.26. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.25 and a current ratio of 1.85.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.03 by $0.21. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.08 billion. Topgolf Callaway Brands had a positive return on equity of 0.37% and a negative net margin of 36.08%. The company's revenue for the quarter was down 4.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.42 EPS. Equities analysts predict that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Hedge Funds Weigh In On Topgolf Callaway Brands

A number of hedge funds have recently added to or reduced their stakes in MODG. Public Employees Retirement System of Ohio boosted its holdings in shares of Topgolf Callaway Brands by 24.6% in the second quarter. Public Employees Retirement System of Ohio now owns 6,275 shares of the company's stock worth $51,000 after acquiring an additional 1,240 shares during the period. Boyar Asset Management Inc. increased its stake in shares of Topgolf Callaway Brands by 1.7% in the 1st quarter. Boyar Asset Management Inc. now owns 109,984 shares of the company's stock worth $725,000 after purchasing an additional 1,857 shares in the last quarter. Jump Financial LLC boosted its holdings in Topgolf Callaway Brands by 3.1% in the 1st quarter. Jump Financial LLC now owns 75,685 shares of the company's stock worth $499,000 after buying an additional 2,265 shares during the period. MetLife Investment Management LLC boosted its holdings in shares of Topgolf Callaway Brands by 2.9% during the 4th quarter. MetLife Investment Management LLC now owns 82,820 shares of the company's stock valued at $651,000 after purchasing an additional 2,303 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Topgolf Callaway Brands by 7.2% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 36,326 shares of the company's stock valued at $292,000 after acquiring an additional 2,453 shares during the last quarter. Institutional investors own 84.69% of the company's stock.

Analyst Upgrades and Downgrades

MODG has been the subject of a number of analyst reports. JPMorgan Chase & Co. lowered their price target on Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Tuesday, May 27th. Morgan Stanley initiated coverage on Topgolf Callaway Brands in a research report on Friday, July 18th. They issued an "equal weight" rating and a $9.50 target price for the company. Wall Street Zen raised Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. B. Riley reiterated a "neutral" rating and set a $9.50 target price (up from $7.00) on shares of Topgolf Callaway Brands in a research report on Monday, August 11th. Finally, Cfra restated a "hold" rating and set a $9.00 price target on shares of Topgolf Callaway Brands in a research note on Friday, July 11th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $10.00.

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.