Topgolf Callaway Brands (NYSE:CALY) Issues Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Topgolf Callaway Brands (NYSE:CALY) posted its earnings results on Tuesday. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.04, Zacks reports. Topgolf Callaway Brands had a net margin of 3.37% and a return on equity of 5.82%. The firm had revenue of $612.20 million during the quarter. The company’s revenue was down 44.9% on a year-over-year basis.

Topgolf Callaway Brands Price Performance

Shares of CALY stock traded down $1.81 during trading hours on Thursday, reaching $17.30. 2,749,410 shares of the stock were exchanged, compared to its average volume of 2,759,449. The stock has a fifty day moving average price of $17.79. The stock has a market cap of $3.11 billion, a price-to-earnings ratio of 40.23 and a beta of 0.93. Topgolf Callaway Brands has a 12-month low of $8.00 and a 12-month high of $20.28. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.28 and a quick ratio of 1.44.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CALY shares. UBS Group increased their target price on Topgolf Callaway Brands from $15.00 to $19.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. KeyCorp lifted their target price on Topgolf Callaway Brands from $19.00 to $22.00 and gave the company an “overweight” rating in a research report on Wednesday. Weiss Ratings upgraded shares of Topgolf Callaway Brands from a “sell (d-)” rating to a “hold (c-)” rating in a research note on Tuesday, May 12th. Zacks Research raised shares of Topgolf Callaway Brands from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 7th. Finally, Wall Street Zen upgraded shares of Topgolf Callaway Brands from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.00.

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.