Topgolf Callaway Brands (NYSE:MODG) Given New $20.00 Price Target at Truist Financial

Topgolf Callaway Brands (NYSE:MODG) had its price objective lifted by Truist Financial from $18.00 to $20.00 in a research report released on Monday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts also recently issued reports on the stock. Raymond James boosted their price objective on shares of Topgolf Callaway Brands from $14.00 to $16.00 and gave the stock an outperform rating in a research note on Thursday, January 4th. Tigress Financial reiterated a buy rating and set a $38.00 target price on shares of Topgolf Callaway Brands in a report on Friday, April 12th. Finally, KeyCorp decreased their price target on Topgolf Callaway Brands from $20.00 to $18.00 and set an overweight rating for the company in a report on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Topgolf Callaway Brands currently has a consensus rating of Moderate Buy and an average target price of $20.82.

Topgolf Callaway Brands Trading Up 3.6 %

Shares of MODG stock opened at $16.42 on Monday. Topgolf Callaway Brands has a 1-year low of $9.84 and a 1-year high of $22.79. The firm’s 50-day simple moving average is $15.21 and its 200-day simple moving average is $13.93. The firm has a market cap of $3.01 billion, a P/E ratio of 35.70, a PEG ratio of 1.69 and a beta of 1.87. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.72 and a quick ratio of 0.88.

Topgolf Callaway Brands (NYSE:MODG) last announced its quarterly earnings results on Tuesday, February 13th. The company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.04. The company had revenue of $897.10 million for the quarter, compared to analyst estimates of $867.25 million. Topgolf Callaway Brands had a net margin of 2.22% and a return on equity of 2.39%. Topgolf Callaway Brands’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter last year, the business earned ($0.27) EPS. As a group, equities analysts forecast that Topgolf Callaway Brands will post 0.29 EPS for the current year.

Insider Activity

In other news, Director Erik J. Anderson sold 2,028 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $14.79, for a total value of $29,994.12. Following the sale, the director now owns 2,242 shares in the company, valued at approximately $33,159.18. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 2,028 shares of Topgolf Callaway Brands stock in a transaction on Friday, February 16th. The shares were sold at an average price of $14.79, for a total value of $29,994.12. Following the completion of the transaction, the director now owns 2,242 shares of the company’s stock, valued at $33,159.18. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Erik J. Anderson sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $14.55, for a total transaction of $72,750.00. Following the completion of the transaction, the director now owns 777,959 shares in the company, valued at $11,319,303.45. The disclosure for this sale can be found here. Company insiders own 11.97% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MODG. Cambridge Investment Research Advisors Inc. boosted its stake in Topgolf Callaway Brands by 2.7% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 38,792 shares of the company’s stock valued at $537,000 after purchasing an additional 1,010 shares during the period. New York State Common Retirement Fund increased its position in Topgolf Callaway Brands by 0.9% in the 4th quarter. New York State Common Retirement Fund now owns 166,700 shares of the company’s stock valued at $2,390,000 after acquiring an additional 1,406 shares during the period. Wolff Wiese Magana LLC raised its stake in Topgolf Callaway Brands by 87.8% during the 3rd quarter. Wolff Wiese Magana LLC now owns 3,317 shares of the company’s stock valued at $46,000 after acquiring an additional 1,551 shares in the last quarter. Benjamin Edwards Inc. grew its stake in shares of Topgolf Callaway Brands by 16.5% in the fourth quarter. Benjamin Edwards Inc. now owns 10,983 shares of the company’s stock worth $157,000 after purchasing an additional 1,555 shares in the last quarter. Finally, Covestor Ltd increased its holdings in shares of Topgolf Callaway Brands by 10.1% during the third quarter. Covestor Ltd now owns 17,677 shares of the company’s stock valued at $245,000 after purchasing an additional 1,622 shares during the period. Institutional investors and hedge funds own 84.69% of the company’s stock.

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.