Insight Wealth Partners LLC Buys Shares of 32,511 Topgolf Callaway Brands Corp. $CALY

Insight Wealth Partners LLC bought a new position in Topgolf Callaway Brands Corp. (NYSE:CALY) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 32,511 shares of the company’s stock, valued at approximately $611,000.

Several other hedge funds have also recently modified their holdings of the business. Integrated Wealth Concepts LLC bought a new position in shares of Topgolf Callaway Brands during the second quarter valued at $31,000. Nykredit A S purchased a new stake in shares of Topgolf Callaway Brands during the second quarter valued at $43,000. NewEdge Advisors LLC bought a new stake in Topgolf Callaway Brands in the 2nd quarter worth about $113,000. Hsbc Holdings PLC bought a new stake in Topgolf Callaway Brands in the 2nd quarter worth about $256,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in Topgolf Callaway Brands in the 2nd quarter worth about $341,000. Hedge funds and other institutional investors own 84.69% of the company’s stock.

Insider Buying and Selling

In related news, EVP Glenn Hickey sold 28,843 shares of the firm’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 value of $540,517.82. Following the transaction, the executive vice president owned 72,239 shares of the company’s stock, valued at approximately $1,353,758.86. This trade represents a 28.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Oliver Brewer, III sold 67,474 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $18.30, for a total transaction of $1,234,774.20. Following the sale, the chief executive officer owned 201,276 shares of the company’s stock, valued at $3,683,350.80. This trade represents a 25.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 97,717 shares of company stock worth $1,800,492. 2.91% of the stock is currently owned by insiders.

Topgolf Callaway Brands Stock Performance

CALY stock opened at $15.59 on Wednesday. The company has a market capitalization of $2.78 billion, a P/E ratio of 36.24 and a beta of 0.93. The firm has a 50-day moving average price of $17.42. Topgolf Callaway Brands Corp. has a fifty-two week low of $8.39 and a fifty-two week high of $20.28.

Topgolf Callaway Brands (NYSE:CALY) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.39 earnings per share (EPS) for the quarter, beating 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 business had revenue of $612.20 million during the quarter. The business’s quarterly revenue was down 44.9% on a year-over-year basis. On average, sell-side analysts anticipate that Topgolf Callaway Brands Corp. will post 0.75 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on CALY shares. Wall Street Zen upgraded shares of Topgolf Callaway Brands from a “hold” rating to a “buy” rating in a research note on Saturday, May 16th. Zacks Research lowered shares of Topgolf Callaway Brands from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 6th. Weiss Ratings restated a “hold (c-)” rating on shares of Topgolf Callaway Brands in a research report on Friday, August 7th. JPMorgan Chase & Co. raised their target price on shares of Topgolf Callaway Brands to $18.00 and gave the stock a “neutral” rating in a report on Thursday, June 11th. Finally, B. Riley Financial reaffirmed a “buy” rating and issued a $23.00 target price (up from $19.00) on shares of Topgolf Callaway Brands in a research report on Wednesday, August 5th. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $20.17.

Topgolf Callaway Brands 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.