Topgolf Callaway Brands Corp. (NYSE:CALY) Receives Consensus Recommendation of “Hold” from Brokerages

Topgolf Callaway Brands Corp. (NYSE:CALY) has earned a consensus recommendation of “Hold” from the eight analysts that are presently covering the stock, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $20.00.

Several analysts have weighed in on CALY shares. KeyCorp boosted their price objective on Topgolf Callaway Brands from $19.00 to $22.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. The Goldman Sachs Group raised their target price on shares of Topgolf Callaway Brands from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Wednesday, August 5th. Zacks Research cut shares of Topgolf Callaway Brands from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. Wall Street Zen raised shares of Topgolf Callaway Brands from a “hold” rating to a “buy” rating in a research note on Saturday, May 16th. Finally, B. Riley Financial restated a “buy” rating and issued a $23.00 price objective (up from $19.00) on shares of Topgolf Callaway Brands in a report on Wednesday, August 5th.

Insiders Place Their Bets

In other news, CEO Oliver G. Brewer III sold 1,400 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $18.00, for a total value of $25,200.00. Following the transaction, the chief executive officer directly owned 200,983 shares in the company, valued at $3,617,694. This trade represents a 0.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Glenn F. Hickey sold 28,843 shares of Topgolf Callaway Brands stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $18.74, for a total value of $540,517.82. Following the sale, the executive vice president directly 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 97,717 shares of company stock valued at $1,800,492 in the last ninety days. Company insiders own 2.91% of the company’s stock.

Hedge Funds Weigh In On Topgolf Callaway Brands

Hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP bought a new position in Topgolf Callaway Brands during the second quarter worth about $268,370,000. California State Teachers Retirement System bought a new stake in shares of Topgolf Callaway Brands in the 2nd quarter valued at about $55,105,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Topgolf Callaway Brands in the 2nd quarter valued at about $6,239,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Topgolf Callaway Brands in the 2nd quarter valued at approximately $341,000. Finally, Hsbc Holdings PLC acquired a new stake in shares of Topgolf Callaway Brands in the 2nd quarter valued at approximately $256,000. Institutional investors and hedge funds own 84.69% of the company’s stock.

Topgolf Callaway Brands Price Performance

NYSE CALY opened at $15.78 on Tuesday. The firm has a market cap of $2.82 billion, a PE ratio of 36.69 and a beta of 0.93. Topgolf Callaway Brands has a 52 week low of $8.39 and a 52 week high of $20.28. The company has a fifty day moving average price of $17.97.

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

Topgolf Callaway Brands Company 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.