Insider Buying: Topgolf Callaway Brands Corp. (NYSE:MODG) CEO Acquires 20,000 Shares of Stock

Topgolf Callaway Brands Corp. (NYSE:MODG) CEO Oliver G. Brewer III bought 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 14th. The stock was purchased at an average cost of $6.40 per share, for a total transaction of $128,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,009,297 shares in the company, valued at approximately $6,459,500.80. This trade represents a 2.02% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Topgolf Callaway Brands Stock Performance

Topgolf Callaway Brands stock opened at $7.01 on Friday. Topgolf Callaway Brands Corp. has a 12-month low of $5.42 and a 12-month high of $16.89. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.14. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of -87.65 and a beta of 1.25. The firm’s fifty day moving average price is $6.52 and its 200 day moving average price is $7.51.

Topgolf Callaway Brands (NYSE:MODG) last announced its earnings results on Monday, May 12th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.15. The business had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.08 billion. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. The company’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.08 earnings per share. On average, research analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on MODG. Roth Mkm restated a “buy” rating and set a $11.00 price target (down from $16.00) on shares of Topgolf Callaway Brands in a research note on Tuesday, February 25th. Truist Financial dropped their target price on shares of Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, April 14th. JPMorgan Chase & Co. reduced their price target on shares of Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating on the stock in a research report on Thursday, January 23rd. Finally, B. Riley began coverage on shares of Topgolf Callaway Brands in a research note on Friday. They set a “neutral” rating and a $7.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $10.50.

Institutional Investors Weigh In On Topgolf Callaway Brands

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Alliancebernstein L.P. boosted its stake in shares of Topgolf Callaway Brands by 97.6% during the 4th quarter. Alliancebernstein L.P. now owns 2,152,565 shares of the company’s stock valued at $16,919,000 after buying an additional 1,063,033 shares during the last quarter. Long Focus Capital Management LLC increased its stake in shares of Topgolf Callaway Brands by 44.8% in the first quarter. Long Focus Capital Management LLC now owns 2,950,844 shares of the company’s stock worth $19,446,000 after buying an additional 912,844 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in Topgolf Callaway Brands by 57.8% in the fourth quarter. Ameriprise Financial Inc. now owns 2,086,700 shares of the company’s stock valued at $16,401,000 after acquiring an additional 764,322 shares in the last quarter. ExodusPoint Capital Management LP bought a new position in Topgolf Callaway Brands during the 4th quarter valued at $4,769,000. Finally, Claar Advisors LLC acquired a new position in Topgolf Callaway Brands during the 4th quarter worth $4,716,000. 84.69% of the stock is currently owned by hedge funds and other institutional investors.

About Topgolf Callaway Brands

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.