Intech Investment Management LLC Acquires 397,352 Shares of Topgolf Callaway Brands Corp. $MODG

Intech Investment Management LLC increased its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 523.9% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 473,200 shares of the company’s stock after acquiring an additional 397,352 shares during the period. Intech Investment Management LLC owned about 0.26% of Topgolf Callaway Brands worth $4,495,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of MODG. AQR Capital Management LLC raised its holdings in shares of Topgolf Callaway Brands by 113.1% in the 1st quarter. AQR Capital Management LLC now owns 48,224 shares of the company’s stock worth $307,000 after buying an additional 25,599 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Topgolf Callaway Brands by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 84,280 shares of the company’s stock worth $555,000 after acquiring an additional 3,564 shares in the last quarter. Empowered Funds LLC lifted its holdings in shares of Topgolf Callaway Brands by 36.5% during the first quarter. Empowered Funds LLC now owns 443,748 shares of the company’s stock valued at $2,924,000 after acquiring an additional 118,642 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Topgolf Callaway Brands by 5.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 460,109 shares of the company’s stock valued at $3,032,000 after acquiring an additional 22,211 shares during the period. Finally, Focus Partners Wealth acquired a new stake in shares of Topgolf Callaway Brands in the 1st quarter valued at $109,000. 84.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Truist Financial upped their price objective on shares of Topgolf Callaway Brands from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. UBS Group restated a “neutral” rating and set a $11.00 price target on shares of Topgolf Callaway Brands in a research report on Monday, November 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Topgolf Callaway Brands in a research report on Monday, December 29th. KeyCorp set a $17.00 target price on Topgolf Callaway Brands and gave the stock an “overweight” rating in a report on Friday, January 16th. Finally, Morgan Stanley set a $15.00 target price on Topgolf Callaway Brands in a research note on Thursday, January 15th. Four research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Topgolf Callaway Brands currently has an average rating of “Hold” and a consensus price target of $12.94.

Topgolf Callaway Brands Price Performance

The firm has a market capitalization of $2.68 billion, a price-to-earnings ratio of -1.78 and a beta of 0.92. Topgolf Callaway Brands Corp. has a one year low of $5.42 and a one year high of $15.02. The company has a quick ratio of 1.30, a current ratio of 1.87 and a debt-to-equity ratio of 0.60. The firm’s 50-day moving average price is $13.89 and its two-hundred day moving average price is $11.41.

Topgolf Callaway Brands announced that its board has initiated a stock buyback program on Monday, January 5th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 9.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

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.