Topgolf Callaway Brands Corp. (NYSE:CALY) Stock Has Consensus Price Target of $19.83 According to Brokerages

Topgolf Callaway Brands Corp. (NYSE:CALY) has earned a consensus rating of “Moderate Buy” from the eight ratings firms that are currently covering the firm, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $19.83.

Several equities analysts recently issued reports on CALY shares. Weiss Ratings upgraded shares of Topgolf Callaway Brands from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, October 8th. UBS Group lowered their target price on Topgolf Callaway Brands from $19.00 to $17.00 and set a “neutral” rating for the company in a research note on Monday, September 14th. Wall Street Zen upgraded Topgolf Callaway Brands from a “hold” rating to a “buy” rating in a research report on Saturday. The Goldman Sachs Group boosted their target price on shares of Topgolf Callaway Brands from $17.00 to $19.00 and gave the company a “neutral” rating in a report on Wednesday, August 5th. Finally, B. Riley Financial reaffirmed a “buy” rating and set a $23.00 target price (up from $19.00) on shares of Topgolf Callaway Brands in a research note on Wednesday, August 5th.

Topgolf Callaway Brands Trading Up 5.4%

Shares of Topgolf Callaway Brands stock opened at $16.78 on Friday. Topgolf Callaway Brands has a 12-month low of $9.24 and a 12-month high of $20.28. The company has a market cap of $3.00 billion, a P/E ratio of 22.08 and a beta of 0.98. The company’s fifty day simple moving average is $14.78 and its two-hundred day simple moving average is $15.67.

Topgolf Callaway Brands (NYSE:CALY) last posted its earnings results on Thursday, November 5th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.01 by $0.11. The firm had revenue of $436.90 million during the quarter. Topgolf Callaway Brands had a net margin of 7.03% and a return on equity of 7.62%. The firm’s revenue for the quarter was down 53.2% on a year-over-year basis. Analysts predict that Topgolf Callaway Brands will post 0.81 EPS for the current fiscal year.

Institutional Trading of Topgolf Callaway Brands

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP purchased a new position in shares of Topgolf Callaway Brands during the 2nd quarter valued at about $268,370,000. O Keefe Stevens Advisory Inc. raised its stake in Topgolf Callaway Brands by 2.4% during the 3rd quarter. O Keefe Stevens Advisory Inc. now owns 1,217,521 shares of the company’s stock worth $17,155,000 after acquiring an additional 28,798 shares during the period. Russell Investments Group Ltd. raised its stake in Topgolf Callaway Brands by 4.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 616,336 shares of the company’s stock worth $8,684,000 after acquiring an additional 27,251 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Topgolf Callaway Brands during the 2nd quarter worth approximately $6,239,000. Finally, Engineers Gate Manager LP purchased a new position in Topgolf Callaway Brands during the second quarter valued at approximately $5,243,000. 84.69% of the stock is owned by hedge funds and other institutional investors.

About Topgolf Callaway Brands

Topgolf Callaway Brands is a golf and active-lifestyle company formed through Callaway Golf Company’s acquisition of Topgolf, which was completed in 2021. The company has combined traditional golf equipment and apparel operations with Topgolf’s technology-enabled entertainment venues.

Its golf portfolio has included Callaway and Odyssey golf clubs, golf balls, wedges, putters and accessories, along with apparel and lifestyle products sold under brands such as TravisMathew and OGIO. Topgolf venues provide golf entertainment, food and beverage service, event hosting and digitally supported play for both experienced golfers and newcomers.

Based in Carlsbad, California, the company has served customers through sporting-goods retailers, specialty golf shops, mass merchants, e-commerce platforms and direct-to-consumer channels.