New World Advisors LLC Boosts Stake in Topgolf Callaway Brands Corp. (NYSE:MODG)

New World Advisors LLC lifted its stake in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 24.2% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 34,925 shares of the company’s stock after purchasing an additional 6,800 shares during the quarter. New World Advisors LLC’s holdings in Topgolf Callaway Brands were worth $230,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Topgolf Callaway Brands by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 15,860,996 shares of the company’s stock worth $124,667,000 after acquiring an additional 224,578 shares during the period. Shapiro Capital Management LLC raised its stake in shares of Topgolf Callaway Brands by 3.6% in the fourth quarter. Shapiro Capital Management LLC now owns 10,520,632 shares of the company’s stock worth $82,692,000 after purchasing an additional 366,192 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Topgolf Callaway Brands by 14.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,286,719 shares of the company’s stock worth $17,974,000 after purchasing an additional 291,052 shares during the period. Alliancebernstein L.P. boosted its position in Topgolf Callaway Brands by 97.6% in the fourth 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. Finally, Ameriprise Financial Inc. increased its holdings in Topgolf Callaway Brands by 57.8% in the 4th quarter. Ameriprise Financial Inc. now owns 2,086,700 shares of the company’s stock worth $16,401,000 after buying an additional 764,322 shares during the period. 84.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Glenn F. Hickey purchased 10,000 shares of Topgolf Callaway Brands stock in a transaction that occurred on Monday, May 19th. The stock was purchased at an average price of $6.86 per share, for a total transaction of $68,600.00. Following the transaction, the executive vice president now directly owns 10,000 shares in the company, valued at approximately $68,600. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Adebayo O. Ogunlesi purchased 384,731 shares of the firm’s stock in a transaction that occurred on Friday, June 6th. The stock was bought at an average cost of $6.48 per share, for a total transaction of $2,493,056.88. Following the completion of the purchase, the director now directly owns 768,432 shares in the company, valued at $4,979,439.36. This represents a 100.27% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 905,284 shares of company stock worth $5,922,500 over the last three months. 2.40% of the stock is currently owned by corporate insiders.

Topgolf Callaway Brands Stock Down 2.7%

MODG stock opened at $7.89 on Thursday. Topgolf Callaway Brands Corp. has a one year low of $5.42 and a one year high of $16.89. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.41 and a current ratio of 2.12. The firm’s fifty day moving average is $6.98 and its 200 day moving average is $7.18. The firm has a market cap of $1.45 billion, a PE ratio of -1.00 and a beta of 1.21.

Topgolf Callaway Brands (NYSE:MODG) last announced its quarterly earnings results on Monday, May 12th. The company reported $0.11 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.15. The firm had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.08 billion. Topgolf Callaway Brands had a positive return on equity of 1.51% and a negative net margin of 34.68%. Topgolf Callaway Brands’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.08 EPS. On average, research analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Analysts Set New Price Targets

Several analysts have commented on MODG shares. Wall Street Zen cut shares of Topgolf Callaway Brands from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. B. Riley assumed coverage on shares of Topgolf Callaway Brands in a report on Friday, May 16th. They set a “neutral” rating and a $7.00 target price for the company. JPMorgan Chase & Co. decreased their target price on shares of Topgolf Callaway Brands from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Tuesday, May 27th. Finally, Truist Financial cut their price target on Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $10.30.

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.