Vanguard Group Inc. Grows Position in Topgolf Callaway Brands Corp. $MODG

Vanguard Group Inc. grew its holdings in Topgolf Callaway Brands Corp. (NYSE:MODG) by 1.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,713,227 shares of the company’s stock after buying an additional 271,394 shares during the period. Vanguard Group Inc. owned 0.08% of Topgolf Callaway Brands worth $139,776,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MODG. Marshall Wace LLP grew its stake in Topgolf Callaway Brands by 10,113.7% during the 2nd quarter. Marshall Wace LLP now owns 4,691,786 shares of the company’s stock valued at $37,769,000 after acquiring an additional 4,645,850 shares in the last quarter. Hill Path Capital LP acquired a new position in shares of Topgolf Callaway Brands during the 2nd quarter worth approximately $37,722,000. Alliancebernstein L.P. grew its position in shares of Topgolf Callaway Brands by 7.5% in the second quarter. Alliancebernstein L.P. now owns 2,814,292 shares of the company’s stock valued at $22,655,000 after purchasing an additional 195,684 shares in the last quarter. Balyasny Asset Management L.P. lifted its position in Topgolf Callaway Brands by 36.7% during the second quarter. Balyasny Asset Management L.P. now owns 2,528,734 shares of the company’s stock worth $20,356,000 after buying an additional 678,822 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in Topgolf Callaway Brands by 448.3% during the second quarter. American Century Companies Inc. now owns 1,314,939 shares of the company’s stock worth $10,585,000 after buying an additional 1,075,115 shares during the last quarter. 84.69% of the stock is currently owned by institutional investors and hedge funds.

Topgolf Callaway Brands Price Performance

Topgolf Callaway Brands stock opened at $14.59 on Wednesday. The company’s 50 day simple moving average is $14.00 and its 200-day simple moving average is $11.49. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.30 and a current ratio of 1.87. Topgolf Callaway Brands Corp. has a 1 year low of $5.42 and a 1 year high of $15.02. The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of -1.78 and a beta of 0.92.

Topgolf Callaway Brands announced that its Board of Directors has authorized a share buyback plan on Monday, January 5th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to purchase up to 9.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

Several analysts have issued reports on MODG shares. Truist Financial upped their target price on Topgolf Callaway Brands from $10.00 to $12.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. JPMorgan Chase & Co. boosted their price target on shares of Topgolf Callaway Brands from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Wednesday, November 12th. Morgan Stanley set a $15.00 price objective on shares of Topgolf Callaway Brands in a research report on Thursday, January 15th. Zacks Research lowered shares of Topgolf Callaway Brands from a “strong-buy” rating to a “hold” rating in a report on Monday, January 12th. Finally, B. Riley Financial restated a “neutral” rating and set a $11.00 price target (up from $9.50) on shares of Topgolf Callaway Brands in a report on Monday, November 10th. Four analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $12.94.

About Topgolf Callaway Brands

Topgolf Callaway Brands plc (NYSE: MODG) is a leading global sports and entertainment company formed through the merger of Callaway Golf Company and Topgolf Entertainment Group in July 2022. The company combines Callaway’s heritage in golf equipment design and manufacturing with Topgolf’s innovative, technology-driven entertainment venues. Topgolf Callaway Brands serves a diverse audience of golf enthusiasts, casual players and social visitors, offering experiences that span both competitive sport and leisure activities.

Under the Callaway Golf brand, the company develops and markets a broad portfolio of premium golf clubs, balls, accessories and apparel.