Topgolf Callaway Brands (NYSE:MODG) Releases FY 2024 Earnings Guidance

Topgolf Callaway Brands (NYSE:MODG) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 0.110-0.210 for the period, compared to the consensus estimate of 0.330. The company issued revenue guidance of $4.2 billion-$4.3 billion, compared to the consensus revenue estimate of $4.5 billion. Topgolf Callaway Brands also updated its FY24 guidance to $0.11-0.21 EPS.

Topgolf Callaway Brands Stock Down 12.7 %

Topgolf Callaway Brands stock traded down $1.78 during trading on Wednesday, reaching $12.22. 5,873,374 shares of the company’s stock were exchanged, compared to its average volume of 2,235,029. The company’s 50-day moving average is $15.24 and its two-hundred day moving average is $15.07. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.02 and a current ratio of 1.82. Topgolf Callaway Brands has a 52-week low of $9.84 and a 52-week high of $18.80. The firm has a market cap of $2.24 billion, a price-to-earnings ratio of 37.22, a PEG ratio of 2.55 and a beta of 1.77.

Topgolf Callaway Brands (NYSE:MODG) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.08. Topgolf Callaway Brands had a net margin of 1.80% and a return on equity of 1.93%. The firm had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same period in the prior year, the company earned $0.17 EPS. The firm’s revenue was down 2.0% on a year-over-year basis. On average, analysts predict that Topgolf Callaway Brands will post 0.34 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently weighed in on MODG shares. TD Cowen upped their price target on shares of Topgolf Callaway Brands from $10.00 to $13.00 and gave the stock a hold rating in a research report on Monday, May 13th. Truist Financial upped their price objective on shares of Topgolf Callaway Brands from $18.00 to $20.00 and gave the company a buy rating in a research report on Monday, April 29th. B. Riley upped their price objective on shares of Topgolf Callaway Brands from $18.00 to $21.00 and gave the company a buy rating in a research report on Thursday, May 2nd. Finally, Tigress Financial reissued a buy rating and issued a $38.00 price objective on shares of Topgolf Callaway Brands in a research report on Friday, April 12th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $19.33.

Insider Activity

In other news, Director Erik J. Anderson sold 10,000 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $15.19, for a total value of $151,900.00. Following the sale, the director now owns 767,959 shares in the company, valued at approximately $11,665,297.21. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Erik J. Anderson sold 7,500 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $15.37, for a total transaction of $115,275.00. Following the sale, the director now owns 760,459 shares in the company, valued at $11,688,254.83. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Erik J. Anderson sold 10,000 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $15.19, for a total transaction of $151,900.00. Following the sale, the director now owns 767,959 shares in the company, valued at approximately $11,665,297.21. The disclosure for this sale can be found here. Company insiders own 2.49% of the company’s stock.

About Topgolf Callaway Brands

Topgolf Callaway Brands Corp. designs, manufactures, and sells golf equipment, golf and lifestyle apparel, and other accessories in the United States, Europe, Asia, and Internationally. The Topgolf segment operates Topgolf venues equipped with technology-enabled hitting bays, bars, dining areas, and event spaces, as well as Toptracer ball-flight tracking technology; and World Golf Tour digital golf game.