Victory Capital Management Inc. Lowers Stake in Topgolf Callaway Brands Corp. (NYSE:MODG)

Victory Capital Management Inc. cut its stake in Topgolf Callaway Brands Corp. (NYSE:MODG) by 10.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 45,457 shares of the company’s stock after selling 5,496 shares during the period. Victory Capital Management Inc.’s holdings in Topgolf Callaway Brands were worth $695,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. FineMark National Bank & Trust boosted its holdings in shares of Topgolf Callaway Brands by 6.1% in the 2nd quarter. FineMark National Bank & Trust now owns 523,876 shares of the company’s stock worth $8,015,000 after purchasing an additional 29,901 shares in the last quarter. Hodges Capital Management Inc. boosted 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 buying an additional 86,913 shares in the last quarter. Simon Quick Advisors LLC bought a new position in Topgolf Callaway Brands during the second quarter valued at approximately $161,000. Rhumbline Advisers grew its position in Topgolf Callaway Brands by 0.4% during the second quarter. Rhumbline Advisers now owns 462,111 shares of the company’s stock valued at $7,070,000 after acquiring an additional 1,962 shares during the last quarter. Finally, Crossmark Global Holdings Inc. lifted its holdings in shares of Topgolf Callaway Brands by 28.2% in the 2nd quarter. Crossmark Global Holdings Inc. now owns 15,458 shares of the company’s stock worth $236,000 after acquiring an additional 3,396 shares during the last quarter. Institutional investors own 84.69% of the company’s stock.

Topgolf Callaway Brands Stock Performance

Shares of MODG stock opened at $10.70 on Friday. The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of 28.92, a PEG ratio of 6.08 and a beta of 1.74. The stock has a fifty day moving average of $12.40 and a 200 day moving average of $14.32. Topgolf Callaway Brands Corp. has a 52 week low of $9.05 and a 52 week high of $16.89. The company has a quick ratio of 1.15, a current ratio of 1.93 and a debt-to-equity ratio of 0.37.

Topgolf Callaway Brands (NYSE:MODG) last posted its earnings results on Wednesday, August 7th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.28 by $0.14. Topgolf Callaway Brands had a net margin of 0.50% and a return on equity of 2.07%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.19 billion. During the same period last year, the company posted $0.39 EPS. The company’s quarterly revenue was down 1.9% compared to the same quarter last year. As a group, research analysts expect that Topgolf Callaway Brands Corp. will post 0.18 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently commented on MODG. TD Cowen reduced their target price on shares of Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating on the stock in a report on Tuesday, September 17th. KeyCorp cut Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 8th. Raymond James lowered Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a research note on Friday, August 23rd. Roth Mkm restated a “buy” rating and set a $17.00 price target on shares of Topgolf Callaway Brands in a research report on Thursday, September 5th. Finally, Morgan Stanley lowered their price objective on Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $16.00.

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.