Topgolf Callaway Brands (NYSE:CALY) Price Target Raised to $20.00

Topgolf Callaway Brands (NYSE:CALY) had its price target upped by Truist Financial from $19.00 to $20.00 in a research note published on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Topgolf Callaway Brands in a research note on Friday, August 7th. UBS Group increased their target price on shares of Topgolf Callaway Brands from $15.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. B. Riley Financial restated 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. KeyCorp lifted their price target on shares of Topgolf Callaway Brands from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Finally, Wall Street Zen raised Topgolf Callaway Brands from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Topgolf Callaway Brands has a consensus rating of “Hold” and an average price target of $20.17.

Topgolf Callaway Brands Stock Performance

Shares of Topgolf Callaway Brands stock opened at $15.71 on Tuesday. The company has a fifty day moving average price of $17.62. Topgolf Callaway Brands has a fifty-two week low of $8.39 and a fifty-two week high of $20.28. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of 36.53 and a beta of 0.93.

Topgolf Callaway Brands (NYSE:CALY) last released its earnings results on Tuesday, August 4th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.04. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%.The firm had revenue of $612.20 million for the quarter. The firm’s quarterly revenue was down 44.9% compared to the same quarter last year. As a group, equities research analysts expect that Topgolf Callaway Brands will post 0.75 EPS for the current year.

Insider Activity at Topgolf Callaway Brands

In related news, EVP Glenn Hickey sold 28,843 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $18.74, for a total transaction of $540,517.82. Following the transaction, the executive vice president directly owned 72,239 shares of the company’s stock, valued at approximately $1,353,758.86. The trade was a 28.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Oliver Brewer, III sold 1,400 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $18.00, for a total transaction of $25,200.00. Following the completion of the transaction, the chief executive officer owned 200,983 shares in the company, valued at approximately $3,617,694. This represents a 0.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 97,717 shares of company stock valued at $1,800,492. 2.91% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Topgolf Callaway Brands

A number of hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP acquired a new stake in Topgolf Callaway Brands during the second quarter valued at $268,370,000. Corient Private Wealth LP purchased a new position in Topgolf Callaway Brands in the second quarter valued at about $2,598,000. HighTower Advisors LLC acquired a new position in Topgolf Callaway Brands in the 2nd quarter worth about $348,000. California State Teachers Retirement System acquired a new position in Topgolf Callaway Brands in the 2nd quarter worth about $55,105,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of Topgolf Callaway Brands during the 2nd quarter worth about $256,000. 84.69% of the stock is owned by institutional investors and hedge funds.

Topgolf Callaway Brands Company Profile

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.