Topgolf Callaway Brands (NYSE:CALY) EVP Glenn Hickey Sells 28,843 Shares

Key Points

• Executive sale: EVP Glenn Hickey sold 28,843 Topgolf Callaway shares for approximately $540,518, reducing his position by 28.53% to 72,239 shares.
• Quarterly results: The company reported quarterly EPS of $0.39, beating expectations of $0.35, while revenue reached $612.2 million but declined 44.9% year over year.
• Market view: CALY shares fell 3.0% to $17.07, while analysts maintained an overall “Hold” rating with an average price target of $20.00.

Topgolf Callaway Brands Corp. (NYSE:CALY - Get Free Report) EVP Glenn Hickey sold 28,843 shares of the firm's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $18.74, for a total value of $540,517.82. Following the transaction, the executive vice president owned 72,239 shares of the company's stock, valued at $1,353,758.86. This trade represents a 28.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Topgolf Callaway Brands Stock Down 3.0%

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

Topgolf Callaway Brands (NYSE:CALY - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.35 by $0.04. The business had revenue of $612.20 million for the quarter. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%.The firm's revenue was down 44.9% on a year-over-year basis. As a group, equities research analysts expect that Topgolf Callaway Brands Corp. will post 0.75 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Truist Financial boosted their target price on shares of Topgolf Callaway Brands to $19.00 and gave the company a "buy" rating in a research report on Monday, June 15th. B. Riley Financial reissued a "buy" rating and set a $23.00 target price (up from $19.00) on shares of Topgolf Callaway Brands in a report on Wednesday, August 5th. Wall Street Zen upgraded Topgolf Callaway Brands from a "hold" rating to a "buy" rating in a report on Saturday, May 16th. Zacks Research cut shares of Topgolf Callaway Brands from a "strong-buy" rating to a "hold" rating in a research report on Thursday. Finally, The Goldman Sachs Group lifted their price objective on Topgolf Callaway Brands from $17.00 to $19.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 5th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price 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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