UBS Group Cuts Topgolf Callaway Brands (NYSE:CALY) Price Target to $17.00

Topgolf Callaway Brands (NYSE:CALY) had its price target cut by UBS Group from $19.00 to $17.00 in a report released on Monday,Benzinga reports. They currently have a neutral rating on the stock.

CALY has been the topic of a number of other research reports. JPMorgan Chase & Co. increased their price objective on Topgolf Callaway Brands to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, June 11th. Weiss Ratings restated a “hold (c-)” rating on shares of Topgolf Callaway Brands in a research report on Friday, August 7th. The Goldman Sachs Group upped their target price on Topgolf Callaway Brands from $17.00 to $19.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 5th. Zacks Research cut Topgolf Callaway Brands from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. Finally, KeyCorp lifted their price target on Topgolf Callaway Brands from $19.00 to $22.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $19.83.

Topgolf Callaway Brands Stock Down 1.7%

Topgolf Callaway Brands stock opened at $14.83 on Monday. Topgolf Callaway Brands has a 1-year low of $8.39 and a 1-year high of $20.28. The company has a market cap of $2.65 billion, a price-to-earnings ratio of 34.48 and a beta of 0.93. The business’s 50 day moving average price is $17.05.

Topgolf Callaway Brands (NYSE:CALY) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.35 by $0.04. The firm had revenue of $612.20 million during the quarter. Topgolf Callaway Brands had a net margin of 3.37% and a return on equity of 5.86%. Topgolf Callaway Brands’s revenue for the quarter was down 44.9% on a year-over-year basis. As a group, research analysts anticipate that Topgolf Callaway Brands will post 0.75 earnings per share for the current year.

Insider Activity

In other Topgolf Callaway Brands news, CEO Oliver G. Brewer III sold 67,474 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $18.30, for a total value of $1,234,774.20. Following the completion of the sale, the chief executive officer owned 201,276 shares of the company’s stock, valued at $3,683,350.80. This represents a 25.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Glenn F. Hickey sold 28,843 shares of the 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 transaction, the executive vice president owned 72,239 shares in the company, valued at $1,353,758.86. The trade was a 28.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 97,717 shares of company stock worth $1,800,492 over the last quarter. Corporate insiders own 2.91% of the company’s stock.

Institutional Investors Weigh In On Topgolf Callaway Brands

Hedge funds have recently made changes to their positions in the business. Engineers Gate Manager LP bought a new position in shares of Topgolf Callaway Brands during the 2nd quarter valued at $5,243,000. Insight Wealth Partners LLC bought a new stake in Topgolf Callaway Brands in the second quarter worth $611,000. Integrated Wealth Concepts LLC bought a new stake in Topgolf Callaway Brands in the second quarter worth $31,000. NewEdge Advisors LLC purchased a new stake in Topgolf Callaway Brands during the second quarter valued at about $113,000. Finally, Squarepoint Ops LLC purchased a new stake in Topgolf Callaway Brands during the second quarter valued at about $3,854,000. 84.69% of the stock is currently owned by institutional investors.

Topgolf Callaway Brands Company Profile

Topgolf Callaway Brands Corp. is a golf-focused company that combines golf equipment, apparel and footwear businesses with technology-enabled golf entertainment. Its portfolio has included Callaway golf clubs, golf balls and accessories; Odyssey putters and equipment; TravisMathew apparel and footwear; and Jack Wolfskin outdoor apparel and equipment.

The company has also operated Topgolf, a network of technologically enhanced golf entertainment venues where customers can play interactive games, receive instruction, dine and attend social or corporate events.