Geode Capital Management LLC Acquires 22,003 Shares of Topgolf Callaway Brands Corp. (NYSE:MODG)

Geode Capital Management LLC increased its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 0.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,255,232 shares of the company’s stock after buying an additional 22,003 shares during the period. Geode Capital Management LLC owned 1.77% of Topgolf Callaway Brands worth $35,749,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. Leonard Green & Partners L.P. bought a new stake in shares of Topgolf Callaway Brands during the 2nd quarter valued at $97,173,000. Dimensional Fund Advisors LP grew its stake in shares of Topgolf Callaway Brands by 21.8% during the second quarter. Dimensional Fund Advisors LP now owns 8,646,731 shares of the company’s stock worth $132,296,000 after purchasing an additional 1,549,222 shares during the period. American Century Companies Inc. grew its stake in shares of Topgolf Callaway Brands by 60.8% during the second 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. Granite Investment Partners LLC bought a new stake in Topgolf Callaway Brands in the second quarter valued at about $13,757,000. Finally, Harbor Capital Advisors Inc. lifted its stake in Topgolf Callaway Brands by 115.5% in the third quarter. Harbor Capital Advisors Inc. now owns 1,644,741 shares of the company’s stock valued at $18,059,000 after buying an additional 881,535 shares during the period. 84.69% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MODG. Truist Financial decreased their target price on Topgolf Callaway Brands from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Roth Mkm reaffirmed a “buy” rating and issued a $16.00 target price (down previously from $17.00) on shares of Topgolf Callaway Brands in a research note on Thursday, November 14th. The Goldman Sachs Group cut their target price on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Jefferies Financial Group lowered shares of Topgolf Callaway Brands from a “buy” rating to a “hold” rating and decreased their price target for the company from $40.00 to $12.00 in a report on Thursday, August 29th. Finally, TD Cowen dropped their price objective 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. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $14.92.

Topgolf Callaway Brands Stock Performance

Shares of Topgolf Callaway Brands stock opened at $7.80 on Thursday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.14. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of -97.49, a price-to-earnings-growth ratio of 5.62 and a beta of 1.70. The stock’s 50-day moving average is $8.85 and its 200-day moving average is $11.36. Topgolf Callaway Brands Corp. has a one year low of $7.22 and a one year high of $16.89.

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.