Topgolf Callaway Brands (NYSE:MODG) Price Target Cut to $10.00 by Analysts at Morgan Stanley

Topgolf Callaway Brands (NYSE:MODG) had its target price lowered by Morgan Stanley from $11.00 to $10.00 in a research report report published on Thursday morning, Benzinga reports. Morgan Stanley currently has an underweight rating on the stock.

A number of other analysts also recently issued reports on the stock. Roth Mkm reaffirmed a buy rating and set a $17.00 price objective (down from $20.00) on shares of Topgolf Callaway Brands in a report on Thursday. Truist Financial reduced their price objective on Topgolf Callaway Brands from $20.00 to $16.00 and set a buy rating on the stock in a research report on Thursday. B. Riley boosted their target price on Topgolf Callaway Brands from $18.00 to $21.00 and gave the stock a buy rating in a research report on Thursday, May 2nd. Tigress Financial reiterated a buy rating and set a $38.00 price target on shares of Topgolf Callaway Brands in a research report on Friday, April 12th. Finally, TD Cowen boosted their price objective on shares of Topgolf Callaway Brands from $10.00 to $13.00 and gave the stock a hold rating in a report on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $17.77.

Topgolf Callaway Brands Stock Performance

MODG stock traded down $0.75 during midday trading on Thursday, reaching $11.22. 3,706,291 shares of the company’s stock traded hands, compared to its average volume of 2,288,942. The firm has a market capitalization of $2.06 billion, a PE ratio of 30.27, a price-to-earnings-growth ratio of 2.55 and a beta of 1.77. The company has a 50-day moving average price of $15.12 and a two-hundred day moving average price of $15.03. Topgolf Callaway Brands has a 52 week low of $9.84 and a 52 week high of $17.64. 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 (NYSE:MODG) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.14. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.19 billion. Topgolf Callaway Brands had a net margin of 1.80% and a return on equity of 1.93%. The company’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.39 earnings per share. As a group, equities analysts anticipate that Topgolf Callaway Brands will post 0.34 EPS for the current year.

Insider Buying and Selling at Topgolf Callaway Brands

In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 7,500 shares of the firm’s 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 completion of the sale, the director now directly owns 760,459 shares in the company, valued at approximately $11,688,254.83. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.49% of the stock is owned by company insiders.

Institutional Investors Weigh In On Topgolf Callaway Brands

Hedge funds have recently added to or reduced their stakes in the stock. Fifth Third Bancorp raised its position in Topgolf Callaway Brands by 327.6% in the second quarter. Fifth Third Bancorp now owns 2,527 shares of the company’s stock worth $39,000 after acquiring an additional 1,936 shares during the period. GAMMA Investing LLC purchased a new position in Topgolf Callaway Brands during the fourth quarter valued at $44,000. JFS Wealth Advisors LLC grew its holdings in Topgolf Callaway Brands by 6,063.5% during the fourth quarter. JFS Wealth Advisors LLC now owns 4,561 shares of the company’s stock valued at $65,000 after purchasing an additional 4,487 shares during the period. Dnca Finance purchased a new stake in Topgolf Callaway Brands in the second quarter worth about $134,000. Finally, Caas Capital Management LP bought a new position in shares of Topgolf Callaway Brands in the fourth quarter worth about $148,000. 84.69% of the stock is currently owned by hedge funds and other institutional investors.

Topgolf Callaway Brands Company Profile

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.