Topgolf Callaway Brands (NYSE:CALY) Issues Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Topgolf Callaway Brands (NYSE:CALY) announced its earnings results on Tuesday. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.04, Zacks reports. The firm had revenue of $612.20 million during the quarter. Topgolf Callaway Brands had a net margin of 1.05% and a return on equity of 4.44%. The firm’s revenue was down 44.9% on a year-over-year basis.

Topgolf Callaway Brands Price Performance

Shares of NYSE CALY opened at $19.54 on Wednesday. The company has a market cap of $3.51 billion, a PE ratio of 139.55 and a beta of 0.93. The firm has a 50-day moving average of $17.72. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.28 and a quick ratio of 1.44. Topgolf Callaway Brands has a fifty-two week low of $8.00 and a fifty-two week high of $20.28.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Zacks Research upgraded Topgolf Callaway Brands from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 7th. Weiss Ratings upgraded Topgolf Callaway Brands from a “sell (d-)” rating to a “hold (c-)” rating in a report on Tuesday, May 12th. Wall Street Zen raised Topgolf Callaway Brands from a “hold” rating to a “buy” rating in a research report on Saturday, May 16th. JPMorgan Chase & Co. boosted their target price on Topgolf Callaway Brands to $18.00 and gave the company a “neutral” rating in a research note on Thursday, June 11th. Finally, The Goldman Sachs Group initiated coverage on Topgolf Callaway Brands in a research report on Thursday, June 11th. They set a “neutral” rating and a $17.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.25.

About Topgolf Callaway Brands

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.