Topgolf Callaway Brands (NYSE:MODG) Shares Gap Up After Analyst Upgrade

Shares of Topgolf Callaway Brands Corp. (NYSE:MODG) gapped up before the market opened on Thursday after Bank of America raised their price target on the stock from $13.00 to $14.00. The stock had previously closed at $10.76, but opened at $11.39. Bank of America currently has a neutral rating on the stock. Topgolf Callaway Brands shares last traded at $10.90, with a volume of 1,211,321 shares trading hands.

MODG has been the topic of a number of other reports. Jefferies Financial Group cut Topgolf Callaway Brands from a “buy” rating to a “hold” rating and dropped their price target for the stock from $40.00 to $12.00 in a research report on Thursday, August 29th. TD Cowen boosted their price target on shares of Topgolf Callaway Brands from $10.00 to $13.00 and gave the company a “hold” rating in a report on Monday, May 13th. Roth Mkm reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Topgolf Callaway Brands in a report on Thursday. Morgan Stanley reduced their target price on shares of Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Thursday, August 8th. Finally, The Goldman Sachs Group dropped their price target on shares of Topgolf Callaway Brands from $15.00 to $14.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $16.38.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MODG. Leonard Green & Partners L.P. bought a new position in shares of Topgolf Callaway Brands during the 2nd quarter valued at about $97,173,000. Vanguard Group Inc. boosted its holdings in Topgolf Callaway Brands by 13.6% during the fourth quarter. Vanguard Group Inc. now owns 15,403,379 shares of the company’s stock worth $220,884,000 after buying an additional 1,845,864 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Topgolf Callaway Brands by 21.8% during the second quarter. Dimensional Fund Advisors LP now owns 8,646,731 shares of the company’s stock worth $132,296,000 after buying an additional 1,549,222 shares in the last quarter. American Century Companies Inc. grew its position in Topgolf Callaway Brands by 60.8% in the second quarter. American Century Companies Inc. now owns 3,178,681 shares of the company’s stock worth $48,634,000 after buying an additional 1,202,347 shares during the last quarter. Finally, Granite Investment Partners LLC bought a new position in shares of Topgolf Callaway Brands in the second quarter valued at $13,757,000. 84.69% of the stock is owned by institutional investors and hedge funds.

Topgolf Callaway Brands Price Performance

The company has a current ratio of 1.93, a quick ratio of 1.15 and a debt-to-equity ratio of 0.37. The company has a market cap of $1.87 billion, a price-to-earnings ratio of 27.57, a P/E/G ratio of 6.62 and a beta of 1.74. The business has a 50-day moving average price of $13.31 and a 200 day moving average price of $14.60.

Topgolf Callaway Brands (NYSE:MODG) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.14. Topgolf Callaway Brands had a return on equity of 2.07% and a net margin of 0.50%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same quarter last year, the company posted $0.39 EPS. Topgolf Callaway Brands’s revenue for the quarter was down 1.9% on a year-over-year basis. As a group, research analysts expect that Topgolf Callaway Brands Corp. will post 0.18 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.