Topgolf Callaway Brands (NYSE:MODG) Downgraded to “Neutral” at Bank of America

Topgolf Callaway Brands (NYSE:MODG) was downgraded by investment analysts at Bank of America from a “buy” rating to a “neutral” rating in a note issued to investors on Thursday, MarketBeat Ratings reports. They currently have a $13.00 target price on the stock, down from their prior target price of $18.00. Bank of America‘s target price would suggest a potential upside of 15.97% from the company’s current price.

MODG has been the subject of a number of other research reports. Truist Financial boosted 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 note on Monday, April 29th. TD Cowen increased their price objective on Topgolf Callaway Brands from $10.00 to $13.00 and gave the company a “hold” rating in a report on Monday, May 13th. Tigress Financial reissued a “buy” rating and set a $38.00 target price on shares of Topgolf Callaway Brands in a research report on Friday, April 12th. B. Riley upped their price target on Topgolf Callaway Brands from $18.00 to $21.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Finally, KeyCorp cut shares of Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $17.77.

Topgolf Callaway Brands Stock Down 6.3 %

Shares of Topgolf Callaway Brands stock traded down $0.76 during trading hours on Thursday, reaching $11.21. 3,707,980 shares of the company were exchanged, compared to its average volume of 2,288,942. The firm has a market cap of $2.06 billion, a PE ratio of 30.32, a PEG ratio of 2.55 and a beta of 1.77. The stock’s fifty day moving average is $15.03 and its 200 day moving average is $15.01. Topgolf Callaway Brands has a 1 year low of $9.84 and a 1 year high of $17.64. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.02 and a current ratio of 1.82.

Topgolf Callaway Brands (NYSE:MODG) last released its earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.14. Topgolf Callaway Brands had a net margin of 1.80% and a return on equity of 1.93%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period in the prior year, the firm earned $0.39 earnings per share. The business’s quarterly revenue was down 1.9% compared to the same quarter last year. As a group, equities research analysts forecast that Topgolf Callaway Brands will post 0.34 earnings per share for the current year.

Insider Buying and Selling at Topgolf Callaway Brands

In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $15.37, for a total transaction of $115,275.00. Following the completion of the sale, the director now directly owns 760,459 shares of the company’s stock, valued at approximately $11,688,254.83. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.49% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Topgolf Callaway Brands

Several institutional investors have recently bought and sold shares of MODG. Vanguard Group Inc. increased its stake in shares of Topgolf Callaway Brands by 13.6% during the fourth quarter. Vanguard Group Inc. now owns 15,403,379 shares of the company’s stock worth $220,884,000 after acquiring an additional 1,845,864 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Topgolf Callaway Brands by 21.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,646,731 shares of the company’s stock valued at $132,296,000 after buying an additional 1,549,222 shares during the period. American Century Companies Inc. boosted its stake in shares of Topgolf Callaway Brands by 60.8% in the second quarter. American Century Companies Inc. now owns 3,178,681 shares of the company’s stock valued at $48,634,000 after buying an additional 1,202,347 shares in the last quarter. Norges Bank purchased a new position in Topgolf Callaway Brands in the fourth quarter worth $10,467,000. Finally, Harbor Capital Advisors Inc. raised its position in Topgolf Callaway Brands by 281.7% in the second quarter. Harbor Capital Advisors Inc. now owns 763,206 shares of the company’s stock worth $11,677,000 after acquiring an additional 563,279 shares in the last quarter. 84.69% of the stock is owned by institutional investors and hedge funds.

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.