Vanguard Group Inc. Purchases 1,845,864 Shares of Topgolf Callaway Brands Corp. (NYSE:MODG)

Vanguard Group Inc. boosted its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 13.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,403,379 shares of the company’s stock after acquiring an additional 1,845,864 shares during the period. Vanguard Group Inc. owned approximately 8.39% of Topgolf Callaway Brands worth $220,884,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. lifted its holdings in shares of Topgolf Callaway Brands by 151.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 7,241 shares of the company’s stock valued at $100,000 after purchasing an additional 4,362 shares in the last quarter. Qube Research & Technologies Ltd acquired a new position in shares of Topgolf Callaway Brands in the third quarter valued at approximately $3,376,000. Lazard Asset Management LLC boosted its holdings in shares of Topgolf Callaway Brands by 1,173.8% in the third quarter. Lazard Asset Management LLC now owns 296,638 shares of the company’s stock valued at $4,105,000 after buying an additional 273,350 shares during the period. Quadrature Capital Ltd acquired a new stake in shares of Topgolf Callaway Brands during the third quarter worth $189,000. Finally, Kennedy Capital Management LLC lifted its position in Topgolf Callaway Brands by 8.2% in the 3rd quarter. Kennedy Capital Management LLC now owns 1,346,554 shares of the company’s stock valued at $18,636,000 after acquiring an additional 102,325 shares in the last quarter. 84.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MODG has been the topic of several recent research reports. Truist Financial lifted their price target on Topgolf Callaway Brands from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, April 29th. B. Riley boosted their target price on Topgolf Callaway Brands from $18.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Tigress Financial reaffirmed a “buy” rating and set a $38.00 price target on shares of Topgolf Callaway Brands in a research note on Friday, April 12th. Finally, TD Cowen lifted their price objective on shares of Topgolf Callaway Brands from $10.00 to $13.00 and gave the company a “hold” rating in a report on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $19.33.

Topgolf Callaway Brands Stock Performance

Shares of MODG opened at $15.00 on Tuesday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.82 and a quick ratio of 1.02. The firm has a 50-day moving average of $15.45 and a 200-day moving average of $14.88. The company has a market cap of $2.75 billion, a PE ratio of 40.54, a price-to-earnings-growth ratio of 2.53 and a beta of 1.77. Topgolf Callaway Brands Corp. has a one year low of $9.84 and a one year high of $20.75.

Topgolf Callaway Brands (NYSE:MODG) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.08. Topgolf Callaway Brands had a return on equity of 1.93% and a net margin of 1.80%. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the previous year, the business earned $0.17 earnings per share. The business’s revenue was down 2.0% compared to the same quarter last year. As a group, equities analysts forecast that Topgolf Callaway Brands Corp. will post 0.34 earnings per share for the current year.

Insider Activity at Topgolf Callaway Brands

In other news, Director Erik J. Anderson sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $15.37, for a total value of $115,275.00. Following the transaction, the director now owns 760,459 shares of the company’s stock, valued at $11,688,254.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Erik J. Anderson sold 10,000 shares of Topgolf Callaway Brands stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $15.19, for a total value of $151,900.00. Following the completion of the sale, the director now directly owns 767,959 shares in the company, valued at $11,665,297.21. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Erik J. Anderson sold 7,500 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $15.37, for a total value of $115,275.00. Following the sale, the director now directly owns 760,459 shares in the company, valued at approximately $11,688,254.83. The disclosure for this sale can be found here. 2.49% of the stock is owned by company insiders.

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.