Wellington Management Group LLP Takes $268.37 Million Position in Topgolf Callaway Brands Corp. $CALY

Wellington Management Group LLP purchased a new stake in Topgolf Callaway Brands Corp. (NYSE:CALY) in the 2nd quarter, HoldingsChannel.com reports. The fund purchased 14,282,573 shares of the company’s stock, valued at approximately $268,370,000. Wellington Management Group LLP owned 0.08% of Topgolf Callaway Brands at the end of the most recent reporting period.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. KeyCorp boosted their price objective on Topgolf Callaway Brands from $19.00 to $22.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Wall Street Zen raised Topgolf Callaway Brands from a “hold” rating to a “buy” rating in a research note on Saturday, May 16th. JPMorgan Chase & Co. lifted their price target on Topgolf Callaway Brands to $18.00 and gave the stock a “neutral” rating in a report on Thursday, June 11th. Truist Financial boosted their price target on shares of Topgolf Callaway Brands to $19.00 and gave the company a “buy” rating in a research report on Monday, June 15th. Finally, The Goldman Sachs Group upped their price objective on shares of Topgolf Callaway Brands from $17.00 to $19.00 and gave the company a “neutral” rating in a report on Wednesday, August 5th. Three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Topgolf Callaway Brands currently has an average rating of “Hold” and a consensus target price of $20.00.

Topgolf Callaway Brands Stock Down 0.2%

CALY opened at $15.66 on Monday. The firm has a market capitalization of $2.80 billion, a PE ratio of 36.42 and a beta of 0.93. Topgolf Callaway Brands Corp. has a one year low of $8.39 and a one year high of $20.28. The firm has a 50 day simple moving average of $17.81.

Topgolf Callaway Brands (NYSE:CALY) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.04. The firm had revenue of $612.20 million during the quarter. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%.Topgolf Callaway Brands’s revenue for the quarter was down 44.9% on a year-over-year basis. As a group, equities analysts predict that Topgolf Callaway Brands Corp. will post 0.75 earnings per share for the current year.

Insider Activity

In other Topgolf Callaway Brands news, EVP Glenn F. Hickey sold 28,843 shares of the 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 completion of the transaction, the executive vice president owned 72,239 shares of the company’s stock, valued at $1,353,758.86. This trade represents a 28.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Oliver G. Brewer III sold 67,474 shares of Topgolf Callaway Brands stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $18.30, for a total transaction of $1,234,774.20. Following the sale, the chief executive officer owned 201,276 shares of the company’s stock, valued at approximately $3,683,350.80. This represents a 25.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 97,717 shares of company stock valued at $1,800,492. 2.91% of the stock is currently owned by insiders.

Topgolf Callaway Brands 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.