The Manufacturers Life Insurance Company Sells 8,210 Shares of Topgolf Callaway Brands Corp. (NYSE:MODG)

The Manufacturers Life Insurance Company decreased its position in Topgolf Callaway Brands Corp. (NYSE:MODG) by 10.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 69,048 shares of the company’s stock after selling 8,210 shares during the period. The Manufacturers Life Insurance Company’s holdings in Topgolf Callaway Brands were worth $543,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Asset Planning Inc purchased a new stake in shares of Topgolf Callaway Brands in the fourth quarter valued at approximately $33,000. Sterling Capital Management LLC boosted its holdings in shares of Topgolf Callaway Brands by 821.5% in the fourth quarter. Sterling Capital Management LLC now owns 4,543 shares of the company’s stock valued at $36,000 after purchasing an additional 4,050 shares during the period. KBC Group NV boosted its holdings in shares of Topgolf Callaway Brands by 81.8% in the fourth quarter. KBC Group NV now owns 8,330 shares of the company’s stock valued at $65,000 after purchasing an additional 3,749 shares during the period. Covestor Ltd boosted its holdings in shares of Topgolf Callaway Brands by 147.2% in the fourth quarter. Covestor Ltd now owns 9,286 shares of the company’s stock valued at $73,000 after purchasing an additional 5,530 shares during the period. Finally, Stifel Financial Corp purchased a new stake in shares of Topgolf Callaway Brands in the fourth quarter valued at approximately $83,000. Hedge funds and other institutional investors own 84.69% of the company’s stock.

Topgolf Callaway Brands Stock Performance

Shares of MODG stock opened at $7.01 on Friday. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of -87.65 and a beta of 1.25. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.14. The business has a fifty day moving average of $6.52 and a 200 day moving average of $7.51. Topgolf Callaway Brands Corp. has a 1 year low of $5.42 and a 1 year high of $16.89.

Topgolf Callaway Brands (NYSE:MODG) last issued its earnings results on Monday, May 12th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.15. The company had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.08 billion. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. The firm’s quarterly revenue was down 4.5% on a year-over-year basis. During the same quarter last year, the business posted $0.08 EPS. As a group, research analysts expect that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Oliver G. Brewer III purchased 20,000 shares of the business’s stock in a transaction on Wednesday, May 14th. The shares were bought at an average cost of $6.40 per share, with a total value of $128,000.00. Following the transaction, the chief executive officer now owns 1,009,297 shares of the company’s stock, valued at approximately $6,459,500.80. This trade represents a 2.02% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Russell L. Fleischer purchased 30,000 shares of the business’s stock in a transaction on Wednesday, May 14th. The shares were bought at an average cost of $6.41 per share, for a total transaction of $192,300.00. Following the completion of the transaction, the director now directly owns 116,187 shares in the company, valued at $744,758.67. This trade represents a 34.81% increase in their position. The disclosure for this purchase can be found here. 2.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have weighed in on MODG. Truist Financial lowered their target price on Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating for the company in a report on Monday, April 14th. B. Riley initiated coverage on Topgolf Callaway Brands in a research report on Friday. They set a “neutral” rating and a $7.00 price target on the stock. Roth Mkm reaffirmed a “buy” rating and set a $11.00 price target (down from $16.00) on shares of Topgolf Callaway Brands in a research report on Tuesday, February 25th. Finally, JPMorgan Chase & Co. reduced their price target on Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating on the stock in a research report on Thursday, January 23rd. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $10.50.

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.