Topgolf Callaway Brands (NYSE:MODG) Updates FY24 Earnings Guidance

Topgolf Callaway Brands (NYSE:MODG) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.31-0.39 for the period, compared to the consensus estimate of $0.29. The company issued revenue guidance of $4.435-4.475 billion, compared to the consensus revenue estimate of $4.52 billion.

Topgolf Callaway Brands Trading Down 1.6 %

NYSE:MODG traded down $0.26 during midday trading on Wednesday, hitting $16.36. The stock had a trading volume of 2,370,889 shares, compared to its average volume of 2,439,914. The stock has a 50-day moving average of $15.43 and a 200 day moving average of $14.05. Topgolf Callaway Brands has a one year low of $9.84 and a one year high of $21.86. The company has a market capitalization of $3.00 billion, a price-to-earnings ratio of 36.13, a PEG ratio of 1.67 and a beta of 1.84. The company has a quick ratio of 0.88, a current ratio of 1.72 and a debt-to-equity ratio of 0.39.

Topgolf Callaway Brands (NYSE:MODG) last announced its quarterly earnings results on Tuesday, February 13th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.04. Topgolf Callaway Brands had a return on equity of 2.39% and a net margin of 2.22%. The firm had revenue of $897.10 million during the quarter, compared to analyst estimates of $867.25 million. During the same quarter in the previous year, the business earned ($0.27) EPS. Topgolf Callaway Brands’s revenue for the quarter was up 5.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Topgolf Callaway Brands will post 0.29 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on MODG. KeyCorp cut their price target on Topgolf Callaway Brands from $20.00 to $18.00 and set an overweight rating on the stock in a research report on Wednesday, February 14th. Truist Financial upped their target price on shares of Topgolf Callaway Brands from $18.00 to $20.00 and gave the stock a buy rating in a research report on Monday, April 29th. Tigress Financial reissued a buy rating and issued a $38.00 price objective on shares of Topgolf Callaway Brands in a research note on Friday, April 12th. Finally, B. Riley upped their target price on shares of Topgolf Callaway Brands from $18.00 to $21.00 and gave the company a buy rating in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Topgolf Callaway Brands has a consensus rating of Moderate Buy and a consensus price target of $19.91.

Insider Buying and Selling

In related news, Director Erik J. Anderson sold 2,028 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $14.79, for a total value of $29,994.12. Following the completion of the transaction, the director now directly owns 2,242 shares of the company’s stock, valued at $33,159.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Erik J. Anderson sold 5,000 shares of the stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $14.55, for a total transaction of $72,750.00. Following the completion of the sale, the director now directly owns 777,959 shares in the company, valued at $11,319,303.45. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Erik J. Anderson sold 2,028 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $14.79, for a total value of $29,994.12. Following the completion of the sale, the director now owns 2,242 shares of the company’s stock, valued at $33,159.18. The disclosure for this sale can be found here. 2.49% of the stock is currently owned by company insiders.

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.