Covestor Ltd Increases Holdings in Topgolf Callaway Brands Corp. (NYSE:MODG)

Covestor Ltd raised its stake in Topgolf Callaway Brands Corp. (NYSE:MODG) by 147.2% in the 4th quarter, Holdings Channel reports. The institutional investor owned 9,286 shares of the company’s stock after buying an additional 5,530 shares during the period. Covestor Ltd’s holdings in Topgolf Callaway Brands were worth $73,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Asset Planning Inc acquired a new position in shares of Topgolf Callaway Brands during the 4th quarter valued at about $33,000. KBC Group NV raised its stake in Topgolf Callaway Brands by 81.8% during the fourth quarter. KBC Group NV now owns 8,330 shares of the company’s stock worth $65,000 after purchasing an additional 3,749 shares during the period. Xponance Inc. acquired a new position in Topgolf Callaway Brands in the 4th quarter valued at about $87,000. Cibc World Markets Corp purchased a new stake in shares of Topgolf Callaway Brands in the 4th quarter valued at approximately $104,000. Finally, PNC Financial Services Group Inc. raised its position in shares of Topgolf Callaway Brands by 170.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 13,757 shares of the company’s stock valued at $108,000 after buying an additional 8,672 shares during the period. 84.69% of the stock is owned by institutional investors and hedge funds.

Topgolf Callaway Brands Stock Performance

Shares of Topgolf Callaway Brands stock opened at $6.24 on Monday. The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of -77.98 and a beta of 1.47. 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 business has a 50-day moving average of $6.63 and a 200 day moving average of $8.10. Topgolf Callaway Brands Corp. has a 12 month low of $5.42 and a 12 month high of $16.89.

Topgolf Callaway Brands (NYSE:MODG) last posted its quarterly earnings data on Monday, February 24th. The company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.07. Topgolf Callaway Brands had a negative net margin of 0.29% and a positive return on equity of 1.20%. The business had revenue of $924.40 million during the quarter, compared to analyst estimates of $1.13 billion. As a group, sell-side analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on MODG shares. Truist Financial lowered their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Jefferies Financial Group upgraded Topgolf Callaway Brands from a “hold” rating to a “buy” rating and increased their price target for the stock from $11.00 to $13.00 in a report on Thursday, January 2nd. Roth Mkm restated a “buy” rating and issued a $11.00 price objective (down from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating on the stock in a research report on Thursday, January 23rd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $11.50.

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.