American Century Companies Inc. Sells 2,363,723 Shares of Topgolf Callaway Brands Corp. $MODG

American Century Companies Inc. cut its stake in Topgolf Callaway Brands Corp. (NYSE:MODG) by 90.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 239,824 shares of the company’s stock after selling 2,363,723 shares during the period. American Century Companies Inc. owned 0.13% of Topgolf Callaway Brands worth $1,580,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of MODG. Dynamic Advisor Solutions LLC bought a new position in shares of Topgolf Callaway Brands during the 1st quarter worth approximately $66,000. Capstone Financial Advisors Inc. bought a new position in shares of Topgolf Callaway Brands during the 1st quarter worth approximately $66,000. Schwarz Dygos Wheeler Investment Advisors LLC bought a new position in shares of Topgolf Callaway Brands during the 1st quarter worth approximately $73,000. Covestor Ltd boosted its holdings in shares of Topgolf Callaway Brands by 26.9% during the 1st quarter. Covestor Ltd now owns 11,785 shares of the company’s stock worth $78,000 after buying an additional 2,499 shares in the last quarter. Finally, FORA Capital LLC bought a new position in shares of Topgolf Callaway Brands during the 4th quarter worth approximately $81,000. 84.69% of the stock is currently owned by institutional investors.

Topgolf Callaway Brands Trading Down 1.4%

NYSE MODG opened at $9.42 on Wednesday. Topgolf Callaway Brands Corp. has a 12 month low of $5.42 and a 12 month high of $11.41. The firm has a market capitalization of $1.73 billion, a P/E ratio of -1.16 and a beta of 1.25. The business has a fifty day simple moving average of $9.18 and a 200 day simple moving average of $7.57. The company has a current ratio of 1.85, a quick ratio of 1.25 and a debt-to-equity ratio of 0.48.

Topgolf Callaway Brands (NYSE:MODG) last announced its earnings results on Wednesday, August 6th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.21. Topgolf Callaway Brands had a positive return on equity of 0.37% and a negative net margin of 36.08%.The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same period last year, the firm posted $0.42 EPS. The business’s revenue was down 4.1% compared to the same quarter last year. On average, analysts predict that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

Insider Activity

In other Topgolf Callaway Brands news, Director Adebayo O. Ogunlesi bought 38,782 shares of the firm’s stock in a transaction dated Tuesday, June 10th. The stock was purchased at an average cost of $7.59 per share, with a total value of $294,355.38. Following the transaction, the director directly owned 845,284 shares in the company, valued at $6,415,705.56. This trade represents a 4.81% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Artie Starrs sold 106,734 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $8.64, for a total value of $922,181.76. Following the transaction, the chief executive officer owned 105,823 shares of the company’s stock, valued at $914,310.72. The trade was a 50.21% decrease in their position. The disclosure for this sale can be found here. Insiders acquired a total of 784,399 shares of company stock valued at $5,139,674 in the last ninety days. 2.49% of the stock is currently owned by insiders.

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.