Topgolf Callaway Brands (NYSE:MODG) Reaches New 1-Year Low on Analyst Downgrade

Topgolf Callaway Brands Corp. (NYSE:MODG)’s share price hit a new 52-week low on Wednesday after The Goldman Sachs Group lowered their price target on the stock from $14.00 to $12.00. The Goldman Sachs Group currently has a neutral rating on the stock. Topgolf Callaway Brands traded as low as $9.00 and last traded at $9.05, with a volume of 2823777 shares traded. The stock had previously closed at $9.44.

Several other research analysts have also recently weighed in on MODG. Bank of America dropped their price target on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, September 12th. Roth Mkm reiterated a “buy” rating and set a $17.00 price target on shares of Topgolf Callaway Brands in a research note on Thursday, September 5th. Jefferies Financial Group cut shares of Topgolf Callaway Brands from a “buy” rating to a “hold” rating and dropped their price target for the stock from $40.00 to $12.00 in a research note on Thursday, August 29th. Morgan Stanley dropped their price target on shares of Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating on the stock in a research note on Thursday, August 8th. Finally, Raymond James downgraded shares of Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a research report on Friday, August 23rd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Topgolf Callaway Brands presently has an average rating of “Hold” and an average price target of $14.92.

Institutional Trading of Topgolf Callaway Brands

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Topgolf Callaway Brands by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 15,484,400 shares of the company’s stock valued at $250,383,000 after acquiring an additional 81,021 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings 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 valued at $132,296,000 after acquiring an additional 1,549,222 shares during the last quarter. Leonard Green & Partners L.P. bought a new stake in Topgolf Callaway Brands in the 2nd quarter valued at $97,173,000. American Century Companies Inc. increased its holdings in Topgolf Callaway Brands by 60.8% in the 2nd quarter. American Century Companies Inc. now owns 3,178,681 shares of the company’s stock valued at $48,634,000 after acquiring an additional 1,202,347 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Topgolf Callaway Brands by 8.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,995,667 shares of the company’s stock valued at $21,912,000 after acquiring an additional 148,451 shares during the last quarter. 84.69% of the stock is currently owned by institutional investors.

Topgolf Callaway Brands Stock Performance

The business’s fifty day simple moving average is $10.14 and its 200-day simple moving average is $12.90. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.15 and a current ratio of 1.93. The company has a market capitalization of $1.54 billion, a P/E ratio of -107.24, a P/E/G ratio of 6.06 and a beta of 1.75.

Topgolf Callaway Brands Company 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.