Raymond James Lowers Topgolf Callaway Brands (NYSE:MODG) Price Target to $14.00

Topgolf Callaway Brands (NYSE:MODG) had its target price reduced by investment analysts at Raymond James from $17.50 to $14.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Raymond James’ price target suggests a potential upside of 24.89% from the stock’s previous close.

A number of other research firms have also recently commented on MODG. TD Cowen boosted their target price on shares of Topgolf Callaway Brands from $10.00 to $13.00 and gave the stock a “hold” rating in a research note on Monday, May 13th. Bank of America cut Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $18.00 to $13.00 in a research report on Thursday. Roth Mkm restated a “buy” rating and issued a $17.00 price objective (down previously from $20.00) on shares of Topgolf Callaway Brands in a report on Thursday. B. Riley upped their target price on shares of Topgolf Callaway Brands from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Finally, KeyCorp downgraded shares of Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $17.77.

Topgolf Callaway Brands Stock Performance

MODG stock traded down $0.76 during midday trading on Thursday, hitting $11.21. 3,707,980 shares of the stock traded hands, compared to its average volume of 2,288,942. Topgolf Callaway Brands has a 1-year low of $9.84 and a 1-year high of $17.64. 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 firm has a market cap of $2.06 billion, a P/E ratio of 30.32, a PEG ratio of 2.55 and a beta of 1.77. The stock’s fifty day simple moving average is $15.03 and its 200-day simple moving average is $15.01.

Topgolf Callaway Brands (NYSE:MODG) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.14. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.19 billion. Topgolf Callaway Brands had a return on equity of 1.93% and a net margin of 1.80%. Topgolf Callaway Brands’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.39 earnings per share. On average, analysts expect that Topgolf Callaway Brands will post 0.34 earnings per share for the current year.

Insider Activity at Topgolf Callaway Brands

In other news, Director Erik J. Anderson sold 7,500 shares of Topgolf Callaway Brands stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $15.37, for a total value of $115,275.00. Following the completion of the sale, the director now directly owns 760,459 shares of the company’s stock, valued at $11,688,254.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.49% of the stock is owned by insiders.

Hedge Funds Weigh In On Topgolf Callaway Brands

Several hedge funds have recently added to or reduced their stakes in MODG. Vanguard Group Inc. lifted its stake in Topgolf Callaway Brands by 13.6% in the fourth quarter. Vanguard Group Inc. now owns 15,403,379 shares of the company’s stock valued at $220,884,000 after buying an additional 1,845,864 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Topgolf Callaway Brands by 21.8% in the second quarter. Dimensional Fund Advisors LP now owns 8,646,731 shares of the company’s stock valued at $132,296,000 after buying an additional 1,549,222 shares during the last quarter. American Century Companies Inc. increased its stake in Topgolf Callaway Brands by 60.8% in the 2nd quarter. American Century Companies Inc. now owns 3,178,681 shares of the company’s stock valued at $48,634,000 after buying an additional 1,202,347 shares during the period. Norges Bank purchased a new position in Topgolf Callaway Brands in the fourth quarter worth $10,467,000. Finally, Harbor Capital Advisors Inc. increased its holdings in Topgolf Callaway Brands by 281.7% in the second quarter. Harbor Capital Advisors Inc. now owns 763,206 shares of the company’s stock valued at $11,677,000 after buying an additional 563,279 shares in the last quarter. 84.69% of the stock is currently owned by hedge funds and other institutional investors.

Topgolf Callaway Brands Company 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.