Topgolf Callaway Brands Corp. (NYSE:MODG) Shares Sold by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System trimmed its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 4.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 49,283 shares of the company’s stock after selling 2,354 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Topgolf Callaway Brands were worth $754,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. International Assets Investment Management LLC grew its position in Topgolf Callaway Brands by 1,251.3% in the 4th quarter. International Assets Investment Management LLC now owns 23,216 shares of the company’s stock valued at $333,000 after acquiring an additional 21,498 shares in the last quarter. New York State Common Retirement Fund grew its position in Topgolf Callaway Brands by 0.9% in the 4th quarter. New York State Common Retirement Fund now owns 166,700 shares of the company’s stock valued at $2,390,000 after acquiring an additional 1,406 shares in the last quarter. Yousif Capital Management LLC grew its position in Topgolf Callaway Brands by 5.5% in the 4th quarter. Yousif Capital Management LLC now owns 70,504 shares of the company’s stock valued at $1,011,000 after acquiring an additional 3,656 shares in the last quarter. Truist Financial Corp acquired a new position in Topgolf Callaway Brands in the 4th quarter valued at about $254,000. Finally, Victory Capital Management Inc. grew its position in Topgolf Callaway Brands by 0.8% in the 4th quarter. Victory Capital Management Inc. now owns 363,699 shares of the company’s stock valued at $5,215,000 after acquiring an additional 2,834 shares in the last quarter. 84.69% of the stock is owned by institutional investors and hedge funds.

Topgolf Callaway Brands Price Performance

MODG stock opened at $10.06 on Monday. The business has a 50 day moving average price of $13.81 and a 200 day moving average price of $14.76. The stock has a market cap of $1.85 billion, a price-to-earnings ratio of 27.19, a PEG ratio of 6.62 and a beta of 1.77. Topgolf Callaway Brands Corp. has a fifty-two week low of $9.84 and a fifty-two week high of $17.64. The company has a quick ratio of 1.15, a current ratio of 1.93 and a debt-to-equity ratio of 0.37.

Topgolf Callaway Brands (NYSE:MODG) last posted its earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.14. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations 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 quarter in the previous year, the business earned $0.39 earnings per share. Equities research analysts anticipate that Topgolf Callaway Brands Corp. will post 0.18 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MODG has been the subject of several research reports. TD Cowen lifted their target price on Topgolf Callaway Brands from $10.00 to $13.00 and gave the company a “hold” rating in a research report on Monday, May 13th. The Goldman Sachs Group lowered their price objective on Topgolf Callaway Brands from $15.00 to $14.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Truist Financial lowered their price objective 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. Jefferies Financial Group downgraded Topgolf Callaway Brands from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $40.00 to $12.00 in a research report on Thursday. Finally, Bank of America downgraded Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $18.00 to $13.00 in a research report on Thursday, August 8th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Topgolf Callaway Brands has an average rating of “Hold” and a consensus target price of $16.31.

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.