Topgolf Callaway Brands (NYSE:MODG) Hits New 12-Month High – What’s Next?

Topgolf Callaway Brands Corp. (NYSE:MODG)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $13.34 and last traded at $13.2060, with a volume of 181272 shares traded. The stock had previously closed at $12.87.

Analyst Ratings Changes

Several brokerages have weighed in on MODG. JPMorgan Chase & Co. upped their target price on shares of Topgolf Callaway Brands from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 12th. Truist Financial boosted their price target on Topgolf Callaway Brands from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Roth Capital restated a “buy” rating and issued a $14.00 price target on shares of Topgolf Callaway Brands in a report on Wednesday, November 19th. B. Riley reaffirmed a “neutral” rating and set a $11.00 price objective (up from $9.50) on shares of Topgolf Callaway Brands in a report on Monday, November 10th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Topgolf Callaway Brands in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $11.67.

Topgolf Callaway Brands Trading Up 1.6%

The business’s fifty day moving average price is $11.14 and its 200 day moving average price is $9.91. The company has a quick ratio of 1.30, a current ratio of 1.87 and a debt-to-equity ratio of 0.60. The firm has a market capitalization of $2.40 billion, a PE ratio of -1.60 and a beta of 0.92.

Topgolf Callaway Brands (NYSE:MODG) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.16. The business had revenue of $465.30 million for the quarter, compared to the consensus estimate of $903.96 million. Topgolf Callaway Brands had a negative net margin of 37.06% and a negative return on equity of 0.13%. The company’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.02 earnings per share. As a group, analysts expect that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

Topgolf Callaway Brands declared that its board has authorized a stock buyback program on Monday, January 5th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 9.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MODG. Signaturefd LLC boosted its position in shares of Topgolf Callaway Brands by 1,669.0% in 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. Johnson Financial Group Inc. raised its stake in Topgolf Callaway Brands by 5,092.9% during the third quarter. Johnson Financial Group Inc. now owns 3,635 shares of the company’s stock worth $35,000 after purchasing an additional 3,565 shares during the period. GAMMA Investing LLC purchased a new position in Topgolf Callaway Brands during the second quarter worth approximately $36,000. Smartleaf Asset Management LLC boosted its holdings in shares of Topgolf Callaway Brands by 42.3% in the 3rd quarter. Smartleaf Asset Management LLC now owns 3,893 shares of the company’s stock valued at $37,000 after purchasing an additional 1,157 shares during the last quarter. Finally, CWM LLC boosted its holdings in shares of Topgolf Callaway Brands by 124.0% in 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. Institutional investors and hedge funds own 84.69% of the company’s stock.

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.