JPMorgan Chase & Co. Lowers Topgolf Callaway Brands (NYSE:MODG) Price Target to $11.00

Topgolf Callaway Brands (NYSE:MODG - Free Report) had its target price decreased by JPMorgan Chase & Co. from $13.00 to $11.00 in a report issued on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

A number of other brokerages also recently commented on MODG. Truist Financial reduced their price objective on shares of Topgolf Callaway Brands from $20.00 to $16.00 and set a "buy" rating for the company in a research report on Thursday, August 8th. The Goldman Sachs Group reduced their price objective on shares of Topgolf Callaway Brands from $15.00 to $14.00 and set a "neutral" rating for the company in a research report on Friday, August 9th. Roth Mkm restated a "buy" rating and issued a $17.00 price objective on shares of Topgolf Callaway Brands in a research report on Thursday, September 5th. Morgan Stanley reduced their price objective on shares of Topgolf Callaway Brands from $11.00 to $10.00 and set an "underweight" rating for the company in a research report on Thursday, August 8th. Finally, B. Riley downgraded shares of Topgolf Callaway Brands from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $18.00 to $12.00 in a research report on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $15.17.

Topgolf Callaway Brands Stock Performance

Shares of NYSE MODG traded down $0.87 during midday trading on Wednesday, reaching $8.57. 6,785,456 shares of the company were exchanged, compared to its average volume of 2,512,903. The company has a current ratio of 1.93, a quick ratio of 1.15 and a debt-to-equity ratio of 0.37. Topgolf Callaway Brands has a 1 year low of $8.54 and a 1 year high of $16.89. The stock has a fifty day simple moving average of $10.19 and a 200 day simple moving average of $12.93. The stock has a market cap of $1.58 billion, a P/E ratio of -107.11, a PEG ratio of 6.06 and a beta of 1.75.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.18) by $0.20. Topgolf Callaway Brands had a positive return on equity of 1.21% and a negative net margin of 0.29%. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $981.29 million. On average, research analysts forecast that Topgolf Callaway Brands will post 0.18 earnings per share for the current fiscal year.

Institutional Trading of Topgolf Callaway Brands

Several hedge funds and other institutional investors have recently bought and sold shares of MODG. Leonard Green & Partners L.P. purchased a new stake in Topgolf Callaway Brands in the 2nd quarter worth approximately $97,173,000. Dimensional Fund Advisors LP grew its stake in Topgolf Callaway Brands by 21.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,646,731 shares of the company's stock worth $132,296,000 after acquiring an additional 1,549,222 shares during the period. American Century Companies Inc. grew its stake in shares of Topgolf Callaway Brands by 60.8% during the 2nd quarter. American Century Companies Inc. now owns 3,178,681 shares of the company's stock valued at $48,634,000 after buying an additional 1,202,347 shares during the period. Granite Investment Partners LLC purchased a new stake in shares of Topgolf Callaway Brands during the 2nd quarter valued at $13,757,000. Finally, Harbor Capital Advisors Inc. increased its holdings in shares of Topgolf Callaway Brands by 115.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,644,741 shares of the company's stock worth $18,059,000 after buying an additional 881,535 shares during the last quarter. 84.69% of the stock is owned by hedge funds and other institutional investors.

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.