Topgolf Callaway Brands Corp. (NYSE:CALY) Receives Average Recommendation of “Hold” from Analysts

Topgolf Callaway Brands Corp. (NYSE:CALY) has been assigned a consensus rating of “Hold” from the eight ratings firms that are covering the firm, Marketbeat.com reports. Five analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $20.00.

CALY has been the subject of a number of recent research reports. Weiss Ratings restated a “hold (c-)” rating on shares of Topgolf Callaway Brands in a research note on Friday, August 7th. Zacks Research lowered shares of Topgolf Callaway Brands from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. Wall Street Zen upgraded shares of Topgolf Callaway Brands from a “hold” rating to a “buy” rating in a research note on Saturday, May 16th. JPMorgan Chase & Co. lifted their target price on shares of Topgolf Callaway Brands to $18.00 and gave the company a “neutral” rating in a research report on Thursday, June 11th. Finally, Truist Financial upped their target price on shares of Topgolf Callaway Brands to $19.00 and gave the company a “buy” rating in a research note on Monday, June 15th.

Topgolf Callaway Brands Trading Up 0.1%

CALY stock opened at $15.70 on Tuesday. Topgolf Callaway Brands has a twelve month low of $8.39 and a twelve month high of $20.28. The firm has a market capitalization of $2.80 billion, a P/E ratio of 36.51 and a beta of 0.93. The business’s 50-day moving average price is $17.77.

Topgolf Callaway Brands (NYSE:CALY) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.35 by $0.04. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%.The firm had revenue of $612.20 million during the quarter. The firm’s revenue for the quarter was down 44.9% on a year-over-year basis. Research analysts predict that Topgolf Callaway Brands will post 0.75 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Oliver G. Brewer III sold 1,400 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $18.00, for a total transaction of $25,200.00. Following the completion of the transaction, the chief executive officer owned 200,983 shares in the company, valued at $3,617,694. This trade represents a 0.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Glenn F. Hickey sold 28,843 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $18.74, for a total value of $540,517.82. Following the completion of the sale, the executive vice president directly owned 72,239 shares in the company, valued at approximately $1,353,758.86. This represents a 28.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 97,717 shares of company stock worth $1,800,492 over the last ninety days. Company insiders own 2.91% of the company’s stock.

Institutional Trading of Topgolf Callaway Brands

Large investors have recently bought and sold shares of the stock. Nykredit A S bought a new position in shares of Topgolf Callaway Brands during the second quarter valued at $43,000. Hsbc Holdings PLC bought a new stake in shares of Topgolf Callaway Brands in the 2nd quarter worth about $256,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Topgolf Callaway Brands during the 2nd quarter worth about $341,000. HighTower Advisors LLC acquired a new stake in shares of Topgolf Callaway Brands during the 2nd quarter worth about $348,000. Finally, Amundi bought a new position in Topgolf Callaway Brands during the 2nd quarter valued at about $769,000. 84.69% of the stock is currently owned by institutional investors.

About Topgolf Callaway Brands

Topgolf Callaway Brands plc (NYSE: MODG) is a leading global sports and entertainment company formed through the merger of Callaway Golf Company and Topgolf Entertainment Group in July 2022. The company combines Callaway’s heritage in golf equipment design and manufacturing with Topgolf’s innovative, technology-driven entertainment venues. Topgolf Callaway Brands serves a diverse audience of golf enthusiasts, casual players and social visitors, offering experiences that span both competitive sport and leisure activities.

Under the Callaway Golf brand, the company develops and markets a broad portfolio of premium golf clubs, balls, accessories and apparel.