Topgolf Callaway Brands Corp. $MODG Position Reduced by Vanguard Group Inc.

Vanguard Group Inc. cut its position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 8.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,505,742 shares of the company’s stock after selling 1,355,254 shares during the quarter. Vanguard Group Inc. owned 7.89% of Topgolf Callaway Brands worth $95,593,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in MODG. Sterling Capital Management LLC lifted its position 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 worth $36,000 after purchasing an additional 4,050 shares in the last quarter. Dynamic Advisor Solutions LLC purchased a new stake in shares of Topgolf Callaway Brands in the first quarter worth approximately $66,000. Capstone Financial Advisors Inc. purchased a new stake in shares of Topgolf Callaway Brands in the first quarter worth approximately $66,000. Schwarz Dygos Wheeler Investment Advisors LLC purchased a new stake in shares of Topgolf Callaway Brands in the first quarter worth approximately $73,000. Finally, FORA Capital LLC purchased a new stake in shares of Topgolf Callaway Brands in the fourth quarter worth approximately $81,000. 84.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Adebayo O. Ogunlesi purchased 384,731 shares of the company’s stock in a transaction dated Friday, June 6th. The shares were bought at an average price of $6.48 per share, with a total value of $2,493,056.88. Following the completion of the transaction, the director directly owned 768,432 shares in the company, valued at $4,979,439.36. This trade represents a 100.27% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Artie Starrs sold 106,734 shares of Topgolf Callaway Brands stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $8.64, for a total transaction of $922,181.76. Following the completion of the transaction, the chief executive officer directly owned 105,823 shares in the company, valued at approximately $914,310.72. This represents a 50.21% decrease in their position. The disclosure for this sale can be found here. Insiders have bought a total of 845,284 shares of company stock valued at $5,533,600 over the last 90 days. 2.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Cfra reissued a “hold” rating and issued a $9.00 price target on shares of Topgolf Callaway Brands in a research report on Friday, July 11th. B. Riley reissued a “neutral” rating and issued a $9.50 price target (up from $7.00) on shares of Topgolf Callaway Brands in a research report on Monday, August 11th. Morgan Stanley assumed coverage on shares of Topgolf Callaway Brands in a research report on Friday, July 18th. They issued an “equal weight” rating and a $9.50 price target for the company. JPMorgan Chase & Co. reduced their price target on shares of Topgolf Callaway Brands from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Tuesday, May 27th. Finally, Wall Street Zen raised shares of Topgolf Callaway Brands from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Three analysts have rated the stock with a Buy rating and seven have given a Hold 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 $10.00.

Topgolf Callaway Brands Price Performance

Shares of MODG opened at $9.7540 on Friday. The firm has a market cap of $1.79 billion, a PE ratio of -1.20 and a beta of 1.26. The firm’s 50 day moving average price is $8.99 and its 200 day moving average price is $7.47. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.25 and a current ratio of 1.85. Topgolf Callaway Brands Corp. has a twelve month low of $5.42 and a twelve month high of $11.61.

Topgolf Callaway Brands (NYSE:MODG) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.21. Topgolf Callaway Brands had a negative net margin of 36.08% and a positive return on equity of 0.37%. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the firm earned $0.42 earnings per share. The company’s revenue for the quarter was down 4.1% on a year-over-year basis. As a group, research analysts expect that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

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.