Topgolf Callaway Brands (NYSE:CALY) Upgraded at Zacks Research

Topgolf Callaway Brands (NYSE:CALY) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday, Zacks reports.

Several other equities research analysts also recently weighed in on CALY. Weiss Ratings upgraded shares of Topgolf Callaway Brands from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, October 8th. Wall Street Zen lowered Topgolf Callaway Brands from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. The Goldman Sachs Group raised their price objective on Topgolf Callaway Brands from $17.00 to $19.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. B. Riley Financial restated 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. Finally, KeyCorp upped their target price on Topgolf Callaway Brands from $19.00 to $22.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Topgolf Callaway Brands currently has an average rating of “Moderate Buy” and an average target price of $19.83.

Topgolf Callaway Brands Stock Performance

NYSE CALY opened at $15.15 on Wednesday. The company has a market capitalization of $2.71 billion, a price-to-earnings ratio of 35.24 and a beta of 0.96. The company’s 50-day simple moving average is $14.73 and its two-hundred day simple moving average is $15.65. Topgolf Callaway Brands has a one year low of $8.71 and a one year high of $20.28.

Topgolf Callaway Brands (NYSE:CALY) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.04. The company had revenue of $612.20 million during the quarter. Topgolf Callaway Brands had a net margin of 3.37% and a return on equity of 5.86%. Topgolf Callaway Brands’s revenue for the quarter was down 44.9% compared to the same quarter last year. Equities analysts expect that Topgolf Callaway Brands will post 0.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Topgolf Callaway Brands news, CEO Oliver G. Brewer III sold 67,474 shares of Topgolf Callaway Brands stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $18.30, for a total transaction of $1,234,774.20. Following the completion of the sale, the chief executive officer owned 201,276 shares of the company’s stock, valued at approximately $3,683,350.80. The trade was a 25.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Glenn F. Hickey sold 28,843 shares of the business’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $18.74, for a total value of $540,517.82. Following the sale, the executive vice president owned 72,239 shares in the company, valued at approximately $1,353,758.86. The trade was a 28.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 97,717 shares of company stock valued at $1,800,492 in the last 90 days. 2.91% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Wellington Management Group LLP acquired a new stake in shares of Topgolf Callaway Brands during the second quarter worth about $268,370,000. O Keefe Stevens Advisory Inc. boosted its position in Topgolf Callaway Brands by 2.4% in the third quarter. O Keefe Stevens Advisory Inc. now owns 1,217,521 shares of the company’s stock valued at $17,155,000 after buying an additional 28,798 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Topgolf Callaway Brands in the second quarter valued at approximately $6,239,000. Engineers Gate Manager LP acquired a new position in Topgolf Callaway Brands in the 2nd quarter worth approximately $5,243,000. Finally, Squarepoint Ops LLC acquired a new position in Topgolf Callaway Brands in the 2nd quarter worth approximately $3,854,000. 84.69% of the stock is currently 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.