Cibc World Markets Corp Takes $104,000 Position in Topgolf Callaway Brands Corp. (NYSE:MODG)

Cibc World Markets Corp bought a new position in Topgolf Callaway Brands Corp. (NYSE:MODG) during the 4th quarter, HoldingsChannel reports. The fund bought 13,274 shares of the company’s stock, valued at approximately $104,000.

Other hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC grew its stake in shares of Topgolf Callaway Brands by 0.7% in the third quarter. Geode Capital Management LLC now owns 3,255,232 shares of the company’s stock worth $35,749,000 after purchasing an additional 22,003 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Topgolf Callaway Brands by 14.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,286,719 shares of the company’s stock valued at $17,974,000 after acquiring an additional 291,052 shares in the last quarter. Harbor Capital Advisors Inc. boosted its stake in shares of Topgolf Callaway Brands by 14.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 1,886,496 shares of the company’s stock valued at $14,828,000 after purchasing an additional 241,755 shares in the last quarter. LGT Capital Partners LTD. grew its holdings in shares of Topgolf Callaway Brands by 25.1% during the 4th quarter. LGT Capital Partners LTD. now owns 750,789 shares of the company’s stock worth $5,901,000 after acquiring an additional 150,789 shares during the period. Finally, Principal Financial Group Inc. grew its stake in Topgolf Callaway Brands by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 686,480 shares of the company’s stock worth $5,396,000 after purchasing an additional 19,257 shares during the period. 84.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MODG shares. Truist Financial reduced their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. JPMorgan Chase & Co. dropped 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 note on Thursday, January 23rd. Roth Mkm reissued a “buy” rating and set a $11.00 price objective (down from $16.00) on shares of Topgolf Callaway Brands in a research report on Tuesday, February 25th. Finally, Jefferies Financial Group raised shares of Topgolf Callaway Brands from a “hold” rating to a “buy” rating and lifted their target price for the stock from $11.00 to $13.00 in a report on Thursday, January 2nd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Topgolf Callaway Brands currently has a consensus rating of “Hold” and a consensus price target of $13.91.

Topgolf Callaway Brands Stock Performance

Shares of MODG stock opened at $6.91 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. The company has a 50 day moving average price of $7.13 and a 200-day moving average price of $8.48. Topgolf Callaway Brands Corp. has a 52 week low of $5.59 and a 52 week high of $16.89. The firm has a market capitalization of $1.27 billion, a PE ratio of -86.33 and a beta of 1.70.

Topgolf Callaway Brands (NYSE:MODG) last posted its earnings results on Monday, February 24th. The company reported ($0.33) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.07. The business had revenue of $924.40 million during the quarter, compared to the consensus estimate of $1.13 billion. Topgolf Callaway Brands had a negative net margin of 0.29% and a positive return on equity of 1.20%. As a group, equities research analysts expect that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Topgolf Callaway Brands Company Profile

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.