Cerity Partners LLC Cuts Stake in Topgolf Callaway Brands Corp. (NYSE:MODG)

Cerity Partners LLC decreased its holdings in Topgolf Callaway Brands Corp. (NYSE:MODG) by 33.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,891 shares of the company’s stock after selling 5,551 shares during the period. Cerity Partners LLC’s holdings in Topgolf Callaway Brands were worth $86,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Asset Planning Inc purchased a new stake in Topgolf Callaway Brands during the 4th quarter worth about $33,000. KBC Group NV lifted its position in shares of Topgolf Callaway Brands by 81.8% during the 4th quarter. KBC Group NV now owns 8,330 shares of the company’s stock worth $65,000 after purchasing an additional 3,749 shares during the last quarter. Xponance Inc. acquired a new position in shares of Topgolf Callaway Brands during the fourth quarter worth $87,000. Cibc World Markets Corp acquired a new stake in Topgolf Callaway Brands in the fourth quarter valued at $104,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of Topgolf Callaway Brands by 170.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 13,757 shares of the company’s stock worth $108,000 after acquiring an additional 8,672 shares in the last quarter. Hedge funds and other institutional investors own 84.69% of the company’s stock.

Analyst Ratings Changes

MODG has been the subject of several recent analyst reports. Jefferies Financial Group upgraded Topgolf Callaway Brands from a “hold” rating to a “buy” rating and boosted their target price for the stock from $11.00 to $13.00 in a research note on Thursday, January 2nd. JPMorgan Chase & Co. dropped their target price on shares of Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating on the stock in a research report on Thursday, January 23rd. Roth Mkm reiterated a “buy” rating and set a $11.00 target price (down previously from $16.00) on shares of Topgolf Callaway Brands in a research report on Tuesday, February 25th. 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. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $11.00.

Topgolf Callaway Brands Price Performance

Shares of NYSE:MODG opened at $6.72 on Friday. Topgolf Callaway Brands Corp. has a 12 month low of $5.42 and a 12 month high of $16.89. The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of -83.99 and a beta of 1.47. The business’s 50 day simple moving average is $6.40 and its 200-day simple moving average is $7.86. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.14.

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

Topgolf Callaway Brands 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.