Jefferies Financial Group Downgrades Topgolf Callaway Brands (NYSE:MODG) to Hold

Topgolf Callaway Brands (NYSE:MODG) was downgraded by equities researchers at Jefferies Financial Group from a “buy” rating to a “hold” rating in a research report issued on Thursday, MarketBeat reports. They currently have a $12.00 target price on the stock, down from their previous target price of $40.00. Jefferies Financial Group’s price target indicates a potential upside of 19.28% from the company’s previous close.

Several other analysts have also weighed in on the stock. Bank of America lowered shares of Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and lowered their target price for the company from $18.00 to $13.00 in a research note on Thursday, August 8th. The Goldman Sachs Group dropped their price objective on shares of Topgolf Callaway Brands from $15.00 to $14.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Morgan Stanley decreased their target price on Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Thursday, August 8th. Raymond James cut Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a research report on Friday, August 23rd. Finally, B. Riley boosted their price objective on Topgolf Callaway Brands from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Two analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $16.31.

Topgolf Callaway Brands Stock Performance

Shares of Topgolf Callaway Brands stock opened at $10.06 on Thursday. 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 1 year low of $9.84 and a 1 year high of $17.64. The firm’s 50-day simple moving average is $13.81 and its 200-day simple moving average is $14.75. The firm has a market cap of $1.85 billion, a PE ratio of 27.19, a price-to-earnings-growth ratio of 2.55 and a beta of 1.77.

Topgolf Callaway Brands (NYSE:MODG) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.14. Topgolf Callaway Brands had a return on equity of 1.93% and a net margin of 1.80%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter in the prior year, the firm posted $0.39 earnings per share. Topgolf Callaway Brands’s revenue for the quarter was down 1.9% compared to the same quarter last year. Equities analysts forecast that Topgolf Callaway Brands will post 0.34 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Topgolf Callaway Brands

A number of institutional investors and hedge funds have recently bought and sold shares of MODG. Fifth Third Bancorp lifted its stake in shares of Topgolf Callaway Brands by 327.6% in the 2nd 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 bought a new position in Topgolf Callaway Brands during the 4th quarter valued at $44,000. JFS Wealth Advisors LLC raised its stake in shares of Topgolf Callaway Brands by 6,063.5% in the 4th quarter. JFS Wealth Advisors LLC now owns 4,561 shares of the company’s stock worth $65,000 after buying an additional 4,487 shares in the last quarter. Dnca Finance acquired a new stake in shares of Topgolf Callaway Brands in the second quarter valued at $134,000. Finally, Caas Capital Management LP bought a new position in Topgolf Callaway Brands during the fourth quarter valued at about $148,000. Institutional investors own 84.69% 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.