Topgolf Callaway Brands (NYSE:CALY) Stock Price Expected to Rise, Truist Financial Analyst Says

Topgolf Callaway Brands (NYSE:CALY) had its price objective raised by stock analysts at Truist Financial from $19.00 to $20.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price would indicate a potential upside of 28.41% from the company’s previous close.

CALY has been the topic of a number of other reports. Wall Street Zen raised shares of Topgolf Callaway Brands from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. UBS Group upped their price target on shares of Topgolf Callaway Brands from $15.00 to $19.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Zacks Research downgraded Topgolf Callaway Brands from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. KeyCorp boosted their target price on Topgolf Callaway Brands from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Finally, The Goldman Sachs Group upped their target price on Topgolf Callaway Brands from $17.00 to $19.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 5th. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $20.17.

Topgolf Callaway Brands Stock Down 0.9%

Shares of Topgolf Callaway Brands stock traded down $0.14 on Tuesday, reaching $15.57. 422,196 shares of the company traded hands, compared to its average volume of 2,630,678. The business has a 50 day moving average of $17.77. Topgolf Callaway Brands has a 52 week low of $8.39 and a 52 week high of $20.28. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of 36.21 and a beta of 0.93.

Topgolf Callaway Brands (NYSE:CALY) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.39 earnings per share (EPS) for the quarter, beating 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 for the quarter. The business’s quarterly revenue was down 44.9% on a year-over-year basis. Equities research analysts predict that Topgolf Callaway Brands will post 0.75 EPS for the current year.

Insiders Place Their Bets

In other Topgolf Callaway Brands news, CEO Oliver G. Brewer III sold 1,400 shares of the firm’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $18.00, for a total transaction of $25,200.00. Following the sale, the chief executive officer owned 200,983 shares in the company, valued at $3,617,694. This trade represents a 0.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Glenn F. Hickey sold 28,843 shares of Topgolf Callaway Brands stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $18.74, for a total value of $540,517.82. Following the sale, the executive vice president directly owned 72,239 shares of the company’s stock, valued at approximately $1,353,758.86. This trade represents a 28.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 97,717 shares of company stock valued at $1,800,492 over the last ninety days. 2.91% of the stock is currently owned by insiders.

Institutional Trading of Topgolf Callaway Brands

Hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP purchased a new stake in Topgolf Callaway Brands in the second quarter worth approximately $268,370,000. Hsbc Holdings PLC purchased a new position in shares of Topgolf Callaway Brands during the second quarter worth approximately $256,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Topgolf Callaway Brands in the 2nd quarter worth approximately $6,239,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Topgolf Callaway Brands in the 2nd quarter worth approximately $341,000. Finally, Nykredit A S purchased a new stake in shares of Topgolf Callaway Brands in the 2nd quarter valued at $43,000. Institutional investors own 84.69% of the company’s stock.

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.