Wealthfront Advisers LLC Raises Holdings in Topgolf Callaway Brands Corp. (NYSE:MODG)

Wealthfront Advisers LLC lifted its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 589.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 85,807 shares of the company's stock after purchasing an additional 73,362 shares during the quarter. Wealthfront Advisers LLC's holdings in Topgolf Callaway Brands were worth $674,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its position in Topgolf Callaway Brands by 8.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,995,667 shares of the company's stock valued at $21,912,000 after purchasing an additional 148,451 shares during the last quarter. Thompson Investment Management Inc. raised its holdings in Topgolf Callaway Brands by 11.1% in the fourth quarter. Thompson Investment Management Inc. now owns 362,299 shares of the company's stock worth $2,848,000 after purchasing an additional 36,201 shares in the last quarter. PDT Partners LLC bought a new position in Topgolf Callaway Brands in the third quarter worth $1,934,000. Empowered Funds LLC purchased a new stake in shares of Topgolf Callaway Brands in the third quarter worth $3,396,000. Finally, Requisite Capital Management LLC purchased a new stake in shares of Topgolf Callaway Brands in the fourth quarter worth $2,426,000. Hedge funds and other institutional investors own 84.69% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on MODG shares. Truist Financial dropped their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a "buy" rating on the stock in a research report on Tuesday, January 7th. Roth Mkm restated a "buy" rating and set a $11.00 price target (down from $16.00) on shares of Topgolf Callaway Brands in a research note on Tuesday, February 25th. Jefferies Financial Group raised Topgolf Callaway Brands from a "hold" rating to a "buy" rating and lifted their price objective for the company from $11.00 to $13.00 in a research report on Thursday, January 2nd. Finally, JPMorgan Chase & Co. lowered their price objective on Topgolf Callaway Brands from $11.00 to $9.00 and set a "neutral" rating on the stock in a research report on Thursday, January 23rd. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $13.91.

Remove Ads

Topgolf Callaway Brands Price Performance

Shares of MODG traded up $0.13 during mid-day trading on Thursday, hitting $6.61. 2,287,309 shares of the stock were exchanged, compared to its average volume of 2,540,691. The company has a market cap of $1.21 billion, a PE ratio of -82.55 and a beta of 1.70. 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 firm has a 50-day moving average of $7.31 and a two-hundred day moving average of $8.62. Topgolf Callaway Brands Corp. has a 52-week low of $5.59 and a 52-week high of $16.89.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last released its earnings results on Monday, February 24th. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.07. The firm had revenue of $924.40 million for the quarter, compared to the consensus estimate of $1.13 billion. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. On average, equities analysts predict that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Topgolf Callaway Brands Profile

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.