B. Riley Increases Topgolf Callaway Brands (NYSE:MODG) Price Target to $21.00

Topgolf Callaway Brands (NYSE:MODG) had its price objective boosted by analysts at B. Riley from $18.00 to $21.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. B. Riley’s price target would indicate a potential upside of 31.25% from the stock’s current price.

A number of other analysts have also recently weighed in on the company. Raymond James raised their price target on Topgolf Callaway Brands from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Thursday, January 4th. KeyCorp decreased their target price on Topgolf Callaway Brands from $20.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, February 14th. Truist Financial increased their price target on shares of Topgolf Callaway Brands from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, April 29th. Finally, Tigress Financial restated a “buy” rating and set a $38.00 price objective on shares of Topgolf Callaway Brands in a research report on Friday, April 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $19.91.

Topgolf Callaway Brands Stock Down 0.9 %

Shares of MODG traded down $0.14 during midday trading on Thursday, hitting $16.00. The company had a trading volume of 1,160,300 shares, compared to its average volume of 1,492,764. The company’s 50-day simple moving average is $15.34 and its 200-day simple moving average is $14.00. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.88 and a current ratio of 1.72. Topgolf Callaway Brands has a 1 year low of $9.84 and a 1 year high of $22.60. The firm has a market capitalization of $2.94 billion, a P/E ratio of 34.78, a P/E/G ratio of 1.69 and a beta of 1.84.

Topgolf Callaway Brands (NYSE:MODG) last issued its quarterly earnings results on Tuesday, February 13th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.04. Topgolf Callaway Brands had a net margin of 2.22% and a return on equity of 2.39%. The company had revenue of $897.10 million during the quarter, compared to the consensus estimate of $867.25 million. During the same quarter in the previous year, the firm earned ($0.27) earnings per share. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. As a group, sell-side analysts expect that Topgolf Callaway Brands will post 0.29 EPS for the current year.

Insiders Place Their Bets

In related news, Director Erik J. Anderson sold 5,000 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $14.55, for a total value of $72,750.00. Following the transaction, the director now owns 777,959 shares in the company, valued at approximately $11,319,303.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 5,000 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $14.55, for a total transaction of $72,750.00. Following the completion of the sale, the director now directly owns 777,959 shares of the company’s stock, valued at approximately $11,319,303.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Erik J. Anderson sold 2,028 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $14.79, for a total value of $29,994.12. Following the completion of the transaction, the director now directly owns 2,242 shares in the company, valued at approximately $33,159.18. The disclosure for this sale can be found here. 11.97% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Topgolf Callaway Brands

Institutional investors have recently bought and sold shares of the company. Shapiro Capital Management LLC lifted its stake in shares of Topgolf Callaway Brands by 651.6% in the 3rd quarter. Shapiro Capital Management LLC now owns 9,659,158 shares of the company’s stock worth $133,683,000 after acquiring an additional 8,373,946 shares during the period. Vanguard Group Inc. boosted its position in shares of Topgolf Callaway Brands by 13.6% during the 4th quarter. Vanguard Group Inc. now owns 15,403,379 shares of the company’s stock worth $220,884,000 after purchasing an additional 1,845,864 shares in the last quarter. Norges Bank acquired a new position in shares of Topgolf Callaway Brands during the 4th quarter worth $10,467,000. Assenagon Asset Management S.A. purchased a new position in shares of Topgolf Callaway Brands in the 4th quarter valued at about $9,412,000. Finally, First Dallas Securities Inc. lifted its stake in shares of Topgolf Callaway Brands by 1,004.7% in the third quarter. First Dallas Securities Inc. now owns 611,466 shares of the company’s stock valued at $8,463,000 after purchasing an additional 556,116 shares during the period. 84.69% of the stock is owned by institutional investors and hedge funds.

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.