TD Cowen Lowers Topgolf Callaway Brands (NYSE:MODG) Price Target to $10.00

Topgolf Callaway Brands (NYSE:MODG) had its price objective dropped by research analysts at TD Cowen from $13.00 to $10.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. TD Cowen’s price target points to a potential downside of 5.70% from the company’s previous close.

A number of other research analysts have also issued reports on MODG. Morgan Stanley decreased their target price on shares of Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating on the stock in a research report on Thursday, August 8th. KeyCorp lowered shares of Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a research report on Thursday, August 8th. Bank of America reduced their price target on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, September 12th. Raymond James lowered shares of Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a research report on Friday, August 23rd. Finally, Roth Mkm reissued a “buy” rating and issued a $17.00 price objective on shares of Topgolf Callaway Brands in a research note on Thursday, September 5th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Topgolf Callaway Brands has a consensus rating of “Hold” and an average target price of $16.00.

Topgolf Callaway Brands Trading Up 3.3 %

Shares of NYSE:MODG opened at $10.61 on Tuesday. The company’s 50-day moving average price is $12.56 and its two-hundred day moving average price is $14.36. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.15. Topgolf Callaway Brands has a one year low of $9.05 and a one year high of $16.89. The stock has a market capitalization of $1.95 billion, a PE ratio of 28.66, a price-to-earnings-growth ratio of 6.08 and a beta of 1.74.

Topgolf Callaway Brands (NYSE:MODG) last issued its earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.14. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.19 billion. Topgolf Callaway Brands had a net margin of 0.50% and a return on equity of 2.07%. Topgolf Callaway Brands’s quarterly revenue was down 1.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.39 EPS. On average, equities analysts forecast that Topgolf Callaway Brands will post 0.18 EPS for the current fiscal year.

Institutional Investors Weigh In On Topgolf Callaway Brands

A number of large investors have recently bought and sold shares of the stock. Louisiana State Employees Retirement System grew its holdings in shares of Topgolf Callaway Brands by 1.0% during the second quarter. Louisiana State Employees Retirement System now owns 71,100 shares of the company’s stock valued at $1,088,000 after buying an additional 700 shares during the last quarter. Creative Planning boosted its holdings in Topgolf Callaway Brands by 6.8% during the second quarter. Creative Planning now owns 22,201 shares of the company’s stock worth $340,000 after purchasing an additional 1,415 shares during the last quarter. Texas Permanent School Fund Corp boosted its holdings in Topgolf Callaway Brands by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 124,043 shares of the company’s stock worth $2,006,000 after purchasing an additional 1,633 shares during the last quarter. SG Americas Securities LLC boosted its holdings in Topgolf Callaway Brands by 5.2% during the second quarter. SG Americas Securities LLC now owns 36,961 shares of the company’s stock worth $566,000 after purchasing an additional 1,819 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Topgolf Callaway Brands by 2.5% during the second quarter. The Manufacturers Life Insurance Company now owns 78,434 shares of the company’s stock worth $1,200,000 after purchasing an additional 1,888 shares during the last quarter. 84.69% of the stock is currently owned by institutional investors and hedge funds.

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.