Truist Financial Issues Pessimistic Forecast for Topgolf Callaway Brands (NYSE:MODG) Stock Price

Topgolf Callaway Brands (NYSE:MODG - Free Report) had its target price decreased by Truist Financial from $14.00 to $12.00 in a research note published on Tuesday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other analysts also recently weighed in on MODG. TD Cowen reduced their target price on shares of Topgolf Callaway Brands from $13.00 to $10.00 and set a "hold" rating on the stock in a report on Tuesday, September 17th. Bank of America decreased their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a "neutral" rating on the stock in a research report on Thursday, September 12th. B. Riley cut Topgolf Callaway Brands from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $18.00 to $12.00 in a report on Thursday, October 17th. The Goldman Sachs Group decreased their price target on Topgolf Callaway Brands from $14.00 to $12.00 and set a "neutral" rating on the stock in a report on Thursday, November 14th. Finally, Jefferies Financial Group raised shares of Topgolf Callaway Brands from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $11.00 to $13.00 in a research note on Thursday, January 2nd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $14.83.

Topgolf Callaway Brands Price Performance

NYSE:MODG traded down $0.13 during trading hours on Tuesday, reaching $8.92. The stock had a trading volume of 2,012,230 shares, compared to its average volume of 4,731,808. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93. The stock has a market capitalization of $1.64 billion, a PE ratio of -111.49, a PEG ratio of 5.62 and a beta of 1.70. Topgolf Callaway Brands has a 52 week low of $7.22 and a 52 week high of $16.89. The company has a 50 day moving average price of $8.54 and a two-hundred day moving average price of $10.95.

Institutional Trading of Topgolf Callaway Brands

A number of large investors have recently modified their holdings of MODG. Creative Planning increased its holdings in shares of Topgolf Callaway Brands by 6.8% in the 2nd quarter. Creative Planning now owns 22,201 shares of the company's stock valued at $340,000 after acquiring an additional 1,415 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Topgolf Callaway Brands by 2.5% in the second quarter. The Manufacturers Life Insurance Company now owns 78,434 shares of the company's stock valued at $1,200,000 after purchasing an additional 1,888 shares during the period. Rhumbline Advisers raised its stake in shares of Topgolf Callaway Brands by 0.4% in the second quarter. Rhumbline Advisers now owns 462,111 shares of the company's stock worth $7,070,000 after purchasing an additional 1,962 shares during the last quarter. Park Avenue Securities LLC lifted its holdings in shares of Topgolf Callaway Brands by 13.5% during the third quarter. Park Avenue Securities LLC now owns 16,679 shares of the company's stock worth $183,000 after purchasing an additional 1,985 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Topgolf Callaway Brands by 1.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 355,256 shares of the company's stock valued at $3,901,000 after buying an additional 3,841 shares during the last quarter. Hedge funds and other 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.