Wealth Alliance Decreases Position in Topgolf Callaway Brands Corp. (NYSE:MODG)

Wealth Alliance decreased its stake in Topgolf Callaway Brands Corp. (NYSE:MODG) by 15.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 11,246 shares of the company’s stock after selling 2,000 shares during the quarter. Wealth Alliance’s holdings in Topgolf Callaway Brands were worth $172,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Topgolf Callaway Brands by 0.5% during the first quarter. Vanguard Group Inc. now owns 15,484,400 shares of the company’s stock valued at $250,383,000 after acquiring an additional 81,021 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Topgolf Callaway Brands by 21.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 8,646,731 shares of the company’s stock valued at $132,296,000 after purchasing an additional 1,549,222 shares during the last quarter. American Century Companies Inc. raised its position in Topgolf Callaway Brands by 60.8% in the 2nd quarter. American Century Companies Inc. now owns 3,178,681 shares of the company’s stock worth $48,634,000 after purchasing an additional 1,202,347 shares during the period. Hodges Capital Management Inc. lifted its stake in Topgolf Callaway Brands by 5.6% in the second quarter. Hodges Capital Management Inc. now owns 1,637,289 shares of the company’s stock worth $25,051,000 after purchasing an additional 86,913 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Topgolf Callaway Brands by 11.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,577,637 shares of the company’s stock valued at $22,623,000 after buying an additional 159,912 shares during the period. Institutional investors own 84.69% of the company’s stock.

Topgolf Callaway Brands Stock Performance

Shares of NYSE:MODG opened at $10.71 on Friday. The company has a quick ratio of 1.15, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of 28.95, a price-to-earnings-growth ratio of 6.08 and a beta of 1.74. The firm has a 50 day moving average of $12.48 and a 200 day moving average of $14.34. Topgolf Callaway Brands Corp. has a 52 week low of $9.05 and a 52 week high of $16.89.

Topgolf Callaway Brands (NYSE:MODG) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.42 earnings per share 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 the consensus estimate of $1.19 billion. Topgolf Callaway Brands had a return on equity of 2.07% and a net margin of 0.50%. The firm’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.39 earnings per share. On average, sell-side analysts predict that Topgolf Callaway Brands Corp. will post 0.18 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on MODG shares. Bank of America reduced their price target on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, September 12th. KeyCorp downgraded Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a research report on Thursday, August 8th. Jefferies Financial Group cut shares of Topgolf Callaway Brands from a “buy” rating to a “hold” rating and cut their price target for the stock from $40.00 to $12.00 in a report on Thursday, August 29th. Raymond James lowered shares of Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a report on Friday, August 23rd. Finally, Truist Financial dropped their target price on shares of Topgolf Callaway Brands from $20.00 to $16.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $16.00.

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.