Topgolf Callaway Brands (NYSE:CALY) Upgraded at Zacks Research

Topgolf Callaway Brands (NYSE:CALY) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday, Zacks reports.

Several other analysts have also issued reports on CALY. Truist Financial boosted their target price on shares of Topgolf Callaway Brands from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, September 1st. Weiss Ratings raised Topgolf Callaway Brands from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, October 8th. B. Riley Financial reaffirmed a “buy” rating and issued a $23.00 price objective (up from $19.00) on shares of Topgolf Callaway Brands in a research note on Wednesday, August 5th. The Goldman Sachs Group lifted their price objective on Topgolf Callaway Brands from $17.00 to $19.00 and gave the company a “neutral” rating in a research report on Wednesday, August 5th. Finally, UBS Group reduced their target price on shares of Topgolf Callaway Brands from $19.00 to $17.00 and set a “neutral” rating for the company in a report on Monday, September 14th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Topgolf Callaway Brands has a consensus rating of “Moderate Buy” and an average price target of $19.83.

Topgolf Callaway Brands Stock Performance

Shares of NYSE:CALY opened at $15.15 on Wednesday. The stock has a market capitalization of $2.71 billion, a price-to-earnings ratio of 35.24 and a beta of 0.96. The stock’s 50-day simple moving average is $14.73 and its two-hundred day simple moving average is $15.65. Topgolf Callaway Brands has a 52-week low of $8.71 and a 52-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. As a group, equities analysts forecast that Topgolf Callaway Brands will post 0.75 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Glenn F. Hickey sold 28,843 shares of Topgolf Callaway Brands 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 sale, the executive vice president owned 72,239 shares in the company, valued at $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 is available at the SEC website. Also, CEO Oliver G. Brewer III sold 67,474 shares of the business’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $18.30, for a total transaction of $1,234,774.20. Following the completion of the transaction, the chief executive officer directly owned 201,276 shares in the company, valued at $3,683,350.80. This trade represents a 25.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 97,717 shares of company stock worth $1,800,492 over the last 90 days. Company insiders own 2.91% of the company’s stock.

Hedge Funds Weigh In On Topgolf Callaway Brands

Institutional investors have recently bought and sold shares of the stock. Oregon Public Employees Retirement Fund lifted its position in shares of Topgolf Callaway Brands by 12.2% in the third quarter. Oregon Public Employees Retirement Fund now owns 34,821 shares of the company’s stock worth $491,000 after buying an additional 3,800 shares in the last quarter. ProShare Advisors LLC boosted its stake in Topgolf Callaway Brands by 8.9% during the third quarter. ProShare Advisors LLC now owns 21,865 shares of the company’s stock valued at $308,000 after buying an additional 1,778 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al grew its holdings in Topgolf Callaway Brands by 3.2% during the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 203,100 shares of the company’s stock valued at $2,862,000 after buying an additional 6,300 shares in the last quarter. Choreo LLC purchased a new position in Topgolf Callaway Brands during the 3rd quarter valued at approximately $145,000. Finally, Inspire Investing LLC increased its position in Topgolf Callaway Brands by 24.1% in the third quarter. Inspire Investing LLC now owns 44,705 shares of the company’s stock worth $630,000 after purchasing an additional 8,689 shares during the last quarter. 84.69% of the stock is owned by hedge funds and other institutional investors.

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.