Raymond James Financial Inc. Buys New Shares in Topgolf Callaway Brands Corp. (NYSE:MODG)

Raymond James Financial Inc. purchased a new position in Topgolf Callaway Brands Corp. (NYSE:MODG) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 48,291 shares of the company’s stock, valued at approximately $380,000.

Several other institutional investors have also recently made changes to their positions in MODG. Asset Planning Inc bought a new position in shares of Topgolf Callaway Brands during the 4th quarter valued at approximately $33,000. KBC Group NV lifted its holdings in Topgolf Callaway Brands by 81.8% during the fourth quarter. KBC Group NV now owns 8,330 shares of the company’s stock valued at $65,000 after purchasing an additional 3,749 shares in the last quarter. Xponance Inc. bought a new position in shares of Topgolf Callaway Brands in the fourth quarter worth approximately $87,000. Cibc World Markets Corp purchased a new stake in shares of Topgolf Callaway Brands in the fourth quarter worth $104,000. Finally, PNC Financial Services Group Inc. lifted its stake 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 valued at $108,000 after buying an additional 8,672 shares in the last quarter. Institutional investors own 84.69% of the company’s stock.

Topgolf Callaway Brands Stock Performance

NYSE:MODG opened at $7.35 on Friday. The company has a market cap of $1.35 billion, a price-to-earnings ratio of -91.86 and a beta of 1.25. Topgolf Callaway Brands Corp. has a 1 year low of $5.42 and a 1 year high of $16.89. The stock’s 50 day simple moving average is $6.44 and its two-hundred day simple moving average is $7.61. 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, topping the consensus estimate of ($0.40) by $0.07. Topgolf Callaway Brands had a negative net margin of 0.29% and a positive return on equity of 1.20%. The company had revenue of $924.40 million for the quarter, compared to analysts’ expectations of $1.13 billion. As a group, equities analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MODG has been the subject of a number of analyst reports. JPMorgan Chase & Co. cut their price target on Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating for the company in a research note on Thursday, January 23rd. Truist Financial cut their target price on Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Finally, Roth Mkm reissued a “buy” rating and issued a $11.00 price target (down from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Topgolf Callaway Brands has a consensus rating of “Hold” and an average price target of $11.00.

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.