Insight Wealth Partners LLC Makes New $611,000 Investment in Topgolf Callaway Brands Corp. $CALY

Insight Wealth Partners LLC acquired a new stake in shares of Topgolf Callaway Brands Corp. (NYSE:CALY) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 32,511 shares of the company’s stock, valued at approximately $611,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CALY. Integrated Wealth Concepts LLC bought a new position in shares of Topgolf Callaway Brands in the 2nd quarter worth approximately $31,000. Nykredit A S bought a new stake in shares of Topgolf Callaway Brands during the second quarter valued at approximately $43,000. NewEdge Advisors LLC bought a new stake in shares of Topgolf Callaway Brands during the second quarter valued at approximately $113,000. Hsbc Holdings PLC purchased a new stake in Topgolf Callaway Brands in the second quarter worth $256,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in Topgolf Callaway Brands in the second quarter worth $341,000. Hedge funds and other institutional investors own 84.69% of the company’s stock.

Wall Street Analysts Forecast Growth

CALY has been the subject of several recent research reports. Wall Street Zen raised Topgolf Callaway Brands from a “hold” rating to a “buy” rating in a research report on Saturday, May 16th. B. Riley Financial reaffirmed a “buy” rating and issued a $23.00 target price (up from $19.00) on shares of Topgolf Callaway Brands in a research report on Wednesday, August 5th. UBS Group increased their price target on shares of 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 price target on shares of Topgolf Callaway Brands from $19.00 to $22.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Topgolf Callaway Brands to $18.00 and gave the stock a “neutral” rating in a research note on Thursday, June 11th. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $20.17.

Topgolf Callaway Brands Stock Down 2.0%

Shares of NYSE:CALY opened at $15.59 on Wednesday. The company’s fifty day moving average is $17.42. Topgolf Callaway Brands Corp. has a 12-month low of $8.39 and a 12-month high of $20.28. The stock has a market capitalization of $2.78 billion, a PE ratio of 36.24 and a beta of 0.93.

Topgolf Callaway Brands (NYSE:CALY) last released its earnings results on Tuesday, August 4th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.04. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%.The firm had revenue of $612.20 million for the quarter. Topgolf Callaway Brands’s quarterly revenue was down 44.9% compared to the same quarter last year. Sell-side analysts predict that Topgolf Callaway Brands Corp. will post 0.75 EPS for the current fiscal year.

Insider Activity

In related news, CEO Oliver Brewer, III sold 1,400 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $18.00, for a total transaction of $25,200.00. Following the sale, the chief executive officer directly owned 200,983 shares of the company’s stock, valued at approximately $3,617,694. This represents a 0.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Glenn Hickey sold 28,843 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $18.74, for a total transaction of $540,517.82. Following the sale, the executive vice president owned 72,239 shares of the company’s stock, valued at approximately $1,353,758.86. This represents a 28.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 97,717 shares of company stock worth $1,800,492 over the last three months. 2.91% of the stock is currently owned by insiders.

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.