Truist Financial Corp Has $703,000 Position in Topgolf Callaway Brands Corp. (NYSE:MODG)

Truist Financial Corp increased its position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 63.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 45,972 shares of the company’s stock after purchasing an additional 17,931 shares during the period. Truist Financial Corp’s holdings in Topgolf Callaway Brands were worth $703,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Fifth Third Bancorp increased its stake in Topgolf Callaway Brands by 327.6% during the 2nd quarter. Fifth Third Bancorp now owns 2,527 shares of the company’s stock worth $39,000 after acquiring an additional 1,936 shares during the period. Dnca Finance bought a new position in Topgolf Callaway Brands during the 2nd quarter worth $134,000. Koss Olinger Consulting LLC bought a new position in Topgolf Callaway Brands during the 2nd quarter worth $160,000. Simon Quick Advisors LLC bought a new position in Topgolf Callaway Brands during the 2nd quarter worth $161,000. Finally, QRG Capital Management Inc. bought a new position in Topgolf Callaway Brands during the 1st quarter worth $178,000. 84.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on MODG shares. Jefferies Financial Group lowered Topgolf Callaway Brands from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $40.00 to $12.00 in a research note on Thursday, August 29th. Truist Financial decreased their price target on 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. TD Cowen decreased their price target on Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating on the stock in a research note on Tuesday, September 17th. Raymond James lowered Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a research note on Friday, August 23rd. Finally, Roth Mkm reiterated a “buy” rating and issued a $17.00 price target on shares of Topgolf Callaway Brands in a research note on Thursday, September 5th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Topgolf Callaway Brands currently has an average rating of “Hold” and an average price target of $16.00.

Topgolf Callaway Brands Trading Down 2.0 %

Shares of MODG stock opened at $10.43 on Wednesday. The firm has a market capitalization of $1.91 billion, a P/E ratio of 28.19, a P/E/G ratio of 6.42 and a beta of 1.75. Topgolf Callaway Brands Corp. has a twelve month low of $9.05 and a twelve month high of $16.89. The stock’s fifty day simple moving average is $10.66 and its 200 day simple moving average is $13.78. 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 announced 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. The firm 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 business’s quarterly revenue was down 1.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.39 EPS. As a group, sell-side analysts predict that Topgolf Callaway Brands Corp. will post 0.18 EPS for the current fiscal year.

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.