TD Cowen Trims Topgolf Callaway Brands (NYSE:MODG) Target Price to $10.00

Topgolf Callaway Brands (NYSE:MODG) had its price target cut by TD Cowen from $13.00 to $10.00 in a research report report published on Tuesday, Benzinga reports. They currently have a hold rating on the stock.

Several other brokerages also recently weighed in on MODG. Bank of America lowered their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a neutral rating for the company in a research report on Thursday, September 12th. Raymond James downgraded Topgolf Callaway Brands from an outperform rating to an underperform rating in a research report on Friday, August 23rd. KeyCorp downgraded Topgolf Callaway Brands from an overweight rating to a sector weight rating in a report on Thursday, August 8th. Truist Financial decreased their target price on Topgolf Callaway Brands from $20.00 to $16.00 and set a buy rating for the company in a report on Thursday, August 8th. Finally, Jefferies Financial Group downgraded Topgolf Callaway Brands from a buy rating to a hold rating and decreased their target price for the company from $40.00 to $12.00 in a report on Thursday, August 29th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $16.00.

Topgolf Callaway Brands Stock Performance

NYSE:MODG opened at $10.88 on Tuesday. The business has a 50 day moving average of $12.56 and a 200 day moving average of $14.36. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of 29.41, a PEG ratio of 6.08 and a beta of 1.74. Topgolf Callaway Brands has a 1-year low of $9.05 and a 1-year high of $16.89. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.15.

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. The company had revenue of $1.16 billion during 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%. Topgolf Callaway Brands’s quarterly revenue was down 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.39 EPS. On average, sell-side analysts predict that Topgolf Callaway Brands will post 0.18 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Topgolf Callaway Brands

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MODG. International Assets Investment Management LLC grew its stake in Topgolf Callaway Brands by 1,251.3% in the fourth quarter. International Assets Investment Management LLC now owns 23,216 shares of the company’s stock worth $333,000 after purchasing an additional 21,498 shares during the period. Truist Financial Corp purchased a new stake in shares of Topgolf Callaway Brands in the fourth quarter worth $254,000. Charles Schwab Investment Management Inc. grew its stake in shares of Topgolf Callaway Brands by 11.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,577,637 shares of the company’s stock worth $22,623,000 after acquiring an additional 159,912 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of Topgolf Callaway Brands by 67.1% in the fourth quarter. BNP Paribas Financial Markets now owns 253,634 shares of the company’s stock worth $3,637,000 after acquiring an additional 101,839 shares during the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Topgolf Callaway Brands by 37.9% in the fourth quarter. Principal Financial Group Inc. now owns 740,736 shares of the company’s stock worth $10,622,000 after acquiring an additional 203,481 shares during the last quarter. 84.69% of the stock is owned by hedge funds and other institutional investors.

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.