Topgolf Callaway Brands Corp. (NYSE:MODG) Shares Sold by New World Advisors LLC

New World Advisors LLC cut its stake in Topgolf Callaway Brands Corp. (NYSE:MODG) by 10.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,625 shares of the company’s stock after selling 2,600 shares during the period. New World Advisors LLC’s holdings in Topgolf Callaway Brands were worth $331,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Hodges Capital Management Inc. grew its holdings in Topgolf Callaway Brands by 5.6% during the second quarter. Hodges Capital Management Inc. now owns 1,637,289 shares of the company’s stock worth $25,051,000 after acquiring an additional 86,913 shares during the period. Simon Quick Advisors LLC acquired a new position in Topgolf Callaway Brands during the second quarter worth about $161,000. Rhumbline Advisers grew its holdings in Topgolf Callaway Brands by 0.4% during the second quarter. Rhumbline Advisers now owns 462,111 shares of the company’s stock worth $7,070,000 after acquiring an additional 1,962 shares during the period. Crossmark Global Holdings Inc. grew its holdings in Topgolf Callaway Brands by 28.2% during the second quarter. Crossmark Global Holdings Inc. now owns 15,458 shares of the company’s stock worth $236,000 after acquiring an additional 3,396 shares during the period. Finally, Innealta Capital LLC acquired a new position in Topgolf Callaway Brands during the second quarter worth about $291,000. 84.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MODG has been the subject of a number of recent analyst reports. Truist Financial decreased their price target on Topgolf Callaway Brands from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Roth Mkm reiterated a “buy” rating and issued a $17.00 price target (down previously from $20.00) on shares of Topgolf Callaway Brands in a research report on Thursday, August 8th. Jefferies Financial Group lowered Topgolf Callaway Brands from a “buy” rating to a “hold” rating and decreased their price target for the company from $40.00 to $12.00 in a research report on Thursday, August 29th. Morgan Stanley decreased their price objective on Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Thursday, August 8th. Finally, Bank of America lowered Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $18.00 to $13.00 in a research report on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $16.31.

Topgolf Callaway Brands Stock Up 4.0 %

Shares of Topgolf Callaway Brands stock traded up $0.41 during trading on Wednesday, hitting $10.73. 976,787 shares of the stock traded hands, compared to its average volume of 2,387,547. The company has a fifty day moving average price of $13.60 and a two-hundred day moving average price of $14.69. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.15 and a current ratio of 1.93. Topgolf Callaway Brands Corp. has a twelve month low of $9.84 and a twelve month high of $17.40. The stock has a market cap of $1.97 billion, a P/E ratio of 28.54, a PEG ratio of 6.62 and a beta of 1.77.

Topgolf Callaway Brands (NYSE:MODG) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.14. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.19 billion. Topgolf Callaway Brands had a return on equity of 2.07% and a net margin of 0.50%. The firm’s revenue was down 1.9% compared to the same quarter last year. During the same period last year, the business earned $0.39 EPS. Equities research analysts predict that Topgolf Callaway Brands Corp. will post 0.18 EPS for the current fiscal year.

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.