Topgolf Callaway Brands (NYSE:CALY) Stock Rating Raised to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Topgolf Callaway Brands (NYSE:CALY) from a hold rating to a buy rating in a research report released on Saturday,Wall Street Zen reports.

A number of other brokerages have also recently commented on CALY. The Goldman Sachs Group lifted their target price on Topgolf Callaway Brands from $17.00 to $19.00 and gave the stock a “neutral” rating in a report on Wednesday, August 5th. Truist Financial increased their price target on Topgolf Callaway Brands from $19.00 to $20.00 and gave the company a “buy” rating in a report on Tuesday, September 1st. KeyCorp increased their price target on Topgolf Callaway Brands from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Weiss Ratings raised shares of Topgolf Callaway Brands from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, October 8th. Finally, B. Riley Financial reiterated a “buy” rating and set a $23.00 price objective (up from $19.00) on shares of Topgolf Callaway Brands in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Topgolf Callaway Brands currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.83.

Topgolf Callaway Brands Stock Up 5.4%

Shares of NYSE:CALY opened at $16.78 on Friday. Topgolf Callaway Brands has a 52 week low of $9.24 and a 52 week high of $20.28. The stock has a market capitalization of $3.00 billion, a P/E ratio of 22.08 and a beta of 0.98. The firm has a fifty day simple moving average of $14.78 and a two-hundred day simple moving average of $15.67.

Topgolf Callaway Brands (NYSE:CALY) last announced its quarterly earnings results on Thursday, November 5th. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.11. The firm had revenue of $436.90 million during the quarter. Topgolf Callaway Brands had a net margin of 7.03% and a return on equity of 7.62%. The firm’s revenue for the quarter was down 53.2% on a year-over-year basis. On average, analysts expect that Topgolf Callaway Brands will post 0.81 earnings per share for the current year.

Institutional Investors Weigh In On Topgolf Callaway Brands

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP purchased a new position in shares of Topgolf Callaway Brands during the second quarter worth approximately $268,370,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Topgolf Callaway Brands during the second quarter valued at approximately $6,239,000. Engineers Gate Manager LP purchased a new stake in shares of Topgolf Callaway Brands in the second quarter valued at approximately $5,243,000. Squarepoint Ops LLC purchased a new stake in shares of Topgolf Callaway Brands in the second quarter valued at approximately $3,854,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Topgolf Callaway Brands in the second quarter valued at approximately $3,698,000. Institutional investors own 84.69% of the company’s stock.

About Topgolf Callaway Brands

Topgolf Callaway Brands is a golf and active-lifestyle company formed through Callaway Golf Company’s acquisition of Topgolf, which was completed in 2021. The company has combined traditional golf equipment and apparel operations with Topgolf’s technology-enabled entertainment venues.

Its golf portfolio has included Callaway and Odyssey golf clubs, golf balls, wedges, putters and accessories, along with apparel and lifestyle products sold under brands such as TravisMathew and OGIO. Topgolf venues provide golf entertainment, food and beverage service, event hosting and digitally supported play for both experienced golfers and newcomers.

Based in Carlsbad, California, the company has served customers through sporting-goods retailers, specialty golf shops, mass merchants, e-commerce platforms and direct-to-consumer channels.