UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Makes New $6.24 Million Investment in Topgolf Callaway Brands Corp. $CALY

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Topgolf Callaway Brands Corp. (NYSE:CALY) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 332,017 shares of the company’s stock, valued at approximately $6,239,000.

Separately, Hsbc Holdings PLC acquired a new stake in Topgolf Callaway Brands during the second quarter worth about $256,000. Institutional investors and hedge funds own 84.69% of the company’s stock.

Insiders Place Their Bets

In related news, 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 directly owned 201,276 shares in the company, valued at $3,683,350.80. The trade was a 25.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Glenn F. Hickey sold 28,843 shares of the company’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $18.74, for a total transaction of $540,517.82. Following the completion of the sale, the executive vice president directly owned 72,239 shares of the company’s stock, valued at $1,353,758.86. The trade was a 28.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 97,717 shares of company stock valued at $1,800,492 in the last quarter. 2.91% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CALY has been the subject of a number of research reports. Zacks Research downgraded Topgolf Callaway Brands from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 6th. JPMorgan Chase & Co. increased their price target on Topgolf Callaway Brands to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, June 11th. Truist Financial raised their price target on Topgolf Callaway Brands from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, September 1st. B. Riley Financial restated a “buy” rating and set a $23.00 price objective (up from $19.00) on shares of Topgolf Callaway Brands in a research note on Wednesday, August 5th. Finally, The Goldman Sachs Group increased their target price on Topgolf Callaway Brands from $17.00 to $19.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. Three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $20.17.

Topgolf Callaway Brands Stock Performance

CALY opened at $15.59 on Wednesday. The company’s 50 day simple moving average is $17.42. The company has a market capitalization of $2.78 billion, a PE ratio of 36.24 and a beta of 0.93. Topgolf Callaway Brands Corp. has a twelve month low of $8.39 and a twelve month high of $20.28.

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. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%.The business had revenue of $612.20 million during the quarter. Topgolf Callaway Brands’s revenue for the quarter was down 44.9% on a year-over-year basis. On average, equities analysts forecast that Topgolf Callaway Brands Corp. will post 0.75 earnings per share for the current fiscal year.

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.