Principal Financial Group Inc. Has $7.33 Million Stock Position in Topgolf Callaway Brands Corp. (NYSE:MODG)

Principal Financial Group Inc. cut its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 4.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 667,223 shares of the company’s stock after selling 30,068 shares during the period. Principal Financial Group Inc. owned 0.36% of Topgolf Callaway Brands worth $7,326,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Topgolf Callaway Brands by 0.5% in the first quarter. Vanguard Group Inc. now owns 15,484,400 shares of the company’s stock valued at $250,383,000 after buying an additional 81,021 shares during the period. Dimensional Fund Advisors LP increased its holdings in Topgolf Callaway Brands by 21.8% in the second quarter. Dimensional Fund Advisors LP now owns 8,646,731 shares of the company’s stock valued at $132,296,000 after purchasing an additional 1,549,222 shares during the last quarter. Leonard Green & Partners L.P. acquired a new position in Topgolf Callaway Brands in the second quarter valued at about $97,173,000. American Century Companies Inc. boosted its holdings in Topgolf Callaway Brands by 60.8% during the second quarter. American Century Companies Inc. now owns 3,178,681 shares of the company’s stock worth $48,634,000 after buying an additional 1,202,347 shares during the last quarter. Finally, Bwcp LP grew its position in shares of Topgolf Callaway Brands by 20.3% during the 2nd quarter. Bwcp LP now owns 1,853,048 shares of the company’s stock worth $28,352,000 after buying an additional 312,836 shares during the period. Institutional investors own 84.69% of the company’s stock.

Wall Street Analysts Forecast Growth

MODG has been the topic of a number of analyst reports. Roth Mkm reiterated a “buy” rating and issued a $16.00 price target (down from $17.00) on shares of Topgolf Callaway Brands in a research report on Thursday, November 14th. Truist Financial decreased their price target on shares of Topgolf Callaway Brands from $16.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. B. Riley downgraded Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $18.00 to $12.00 in a research note on Thursday, October 17th. Raymond James downgraded Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a report on Friday, August 23rd. Finally, Jefferies Financial Group cut Topgolf Callaway Brands from a “buy” rating to a “hold” rating and cut their price objective for the company from $40.00 to $12.00 in a report on Thursday, August 29th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $14.92.

Topgolf Callaway Brands Price Performance

Shares of MODG opened at $8.51 on Wednesday. The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. Topgolf Callaway Brands Corp. has a twelve month low of $7.95 and a twelve month high of $16.89. The stock has a market capitalization of $1.56 billion, a P/E ratio of -106.31, a P/E/G ratio of 5.89 and a beta of 1.75. The company has a 50 day moving average of $10.01 and a 200-day moving average of $12.66.

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.