VIRGINIA RETIREMENT SYSTEMS ET Al Boosts Holdings in Topgolf Callaway Brands Corp. $MODG

VIRGINIA RETIREMENT SYSTEMS ET Al raised its stake in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 92.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 99,700 shares of the company’s stock after buying an additional 48,000 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.05% of Topgolf Callaway Brands worth $947,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of MODG. Signaturefd LLC boosted its position in shares of Topgolf Callaway Brands by 1,669.0% during the second quarter. Signaturefd LLC now owns 3,078 shares of the company’s stock worth $25,000 after acquiring an additional 2,904 shares during the last quarter. GAMMA Investing LLC purchased a new stake in Topgolf Callaway Brands in the 2nd quarter worth $36,000. CWM LLC boosted its holdings in shares of Topgolf Callaway Brands by 124.0% during the 2nd quarter. CWM LLC now owns 4,679 shares of the company’s stock valued at $38,000 after purchasing an additional 2,590 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in shares of Topgolf Callaway Brands by 24.6% during the second quarter. Public Employees Retirement System of Ohio now owns 6,275 shares of the company’s stock valued at $51,000 after purchasing an additional 1,240 shares in the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in shares of Topgolf Callaway Brands in the second quarter worth about $53,000. Institutional investors own 84.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. UBS Group reissued a “neutral” rating and set a $11.00 price target on shares of Topgolf Callaway Brands in a research note on Monday, November 24th. Roth Capital reissued a “buy” rating and issued a $14.00 target price on shares of Topgolf Callaway Brands in a report on Wednesday, November 19th. B. Riley restated a “neutral” rating and issued a $11.00 price target (up previously from $9.50) on shares of Topgolf Callaway Brands in a research report on Monday, November 10th. Truist Financial increased their price objective on shares of Topgolf Callaway Brands from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Topgolf Callaway Brands from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 12th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.94.

Topgolf Callaway Brands Trading Up 0.5%

Shares of MODG opened at $11.73 on Friday. The company’s fifty day simple moving average is $11.08 and its 200-day simple moving average is $9.86. The company has a market cap of $2.16 billion, a P/E ratio of -1.43 and a beta of 0.92. The company has a current ratio of 1.87, a quick ratio of 1.30 and a debt-to-equity ratio of 0.60. Topgolf Callaway Brands Corp. has a twelve month low of $5.42 and a twelve month high of $12.99.

Topgolf Callaway Brands (NYSE:MODG) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.16. Topgolf Callaway Brands had a negative net margin of 37.06% and a negative return on equity of 0.13%. The firm had revenue of $465.30 million during the quarter, compared to analysts’ expectations of $903.96 million. During the same period in the previous year, the company earned $0.02 EPS. The firm’s revenue for the quarter was down 7.8% compared to the same quarter last year. As a group, analysts expect that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Topgolf Callaway Brands Company Profile

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.