Topgolf Callaway Brands Corp. $MODG Shares Acquired by Vanguard Group Inc.

Vanguard Group Inc. grew its holdings in Topgolf Callaway Brands Corp. (NYSE:MODG) by 1.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 14,713,227 shares of the company’s stock after acquiring an additional 271,394 shares during the quarter. Vanguard Group Inc. owned 8.00% of Topgolf Callaway Brands worth $139,776,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Marshall Wace LLP lifted its position in Topgolf Callaway Brands by 10,113.7% during the 2nd quarter. Marshall Wace LLP now owns 4,691,786 shares of the company’s stock worth $37,769,000 after acquiring an additional 4,645,850 shares during the period. Hill Path Capital LP purchased a new stake in Topgolf Callaway Brands in the second quarter valued at approximately $37,722,000. Alliancebernstein L.P. increased its holdings in Topgolf Callaway Brands by 7.5% in the 2nd quarter. Alliancebernstein L.P. now owns 2,814,292 shares of the company’s stock worth $22,655,000 after buying an additional 195,684 shares during the period. Balyasny Asset Management L.P. lifted its stake in Topgolf Callaway Brands by 36.7% during the 2nd quarter. Balyasny Asset Management L.P. now owns 2,528,734 shares of the company’s stock valued at $20,356,000 after acquiring an additional 678,822 shares during the period. Finally, American Century Companies Inc. boosted its holdings in shares of Topgolf Callaway Brands by 448.3% in the 2nd quarter. American Century Companies Inc. now owns 1,314,939 shares of the company’s stock valued at $10,585,000 after acquiring an additional 1,075,115 shares during the last quarter. Institutional investors and hedge funds own 84.69% of the company’s stock.

Topgolf Callaway Brands Stock Down 0.1%

MODG opened at $14.59 on Wednesday. The company has a market cap of $2.68 billion, a PE ratio of -1.78 and a beta of 0.92. Topgolf Callaway Brands Corp. has a twelve month low of $5.42 and a twelve month high of $15.02. The company has a 50-day moving average price of $14.00 and a 200 day moving average price of $11.49. The company has a quick ratio of 1.30, a current ratio of 1.87 and a debt-to-equity ratio of 0.60.

Topgolf Callaway Brands announced that its Board of Directors has approved a stock buyback program on Monday, January 5th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the company to purchase up to 9.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Roth Mkm reissued a “buy” rating and set a $14.00 target price on shares of Topgolf Callaway Brands in a report on Wednesday, November 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Topgolf Callaway Brands in a research report on Monday, December 29th. Zacks Research cut shares of Topgolf Callaway Brands from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. Compass Point boosted their target price on shares of Topgolf Callaway Brands from $14.50 to $17.50 and gave the company a “buy” rating in a research note on Monday, January 5th. Finally, KeyCorp set a $17.00 price target on shares of Topgolf Callaway Brands and gave the company an “overweight” rating in a research report on Friday, January 16th. Four research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $12.94.

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.