CIBC Private Wealth Group LLC Trims Holdings in Topgolf Callaway Brands Corp. (NYSE:MODG)

CIBC Private Wealth Group LLC reduced its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 10.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 42,683 shares of the company’s stock after selling 5,230 shares during the period. CIBC Private Wealth Group LLC’s holdings in Topgolf Callaway Brands were worth $369,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Requisite Capital Management LLC acquired a new stake in shares of Topgolf Callaway Brands during the fourth quarter worth $2,426,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Topgolf Callaway Brands by 14.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,286,719 shares of the company’s stock worth $17,974,000 after acquiring an additional 291,052 shares during the period. Harbor Capital Advisors Inc. lifted its position in Topgolf Callaway Brands by 14.7% in the fourth quarter. Harbor Capital Advisors Inc. now owns 1,886,496 shares of the company’s stock valued at $14,828,000 after purchasing an additional 241,755 shares during the period. Vanguard Group Inc. boosted its holdings in Topgolf Callaway Brands by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 15,860,996 shares of the company’s stock valued at $124,667,000 after purchasing an additional 224,578 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of Topgolf Callaway Brands during the 4th quarter worth approximately $1,614,000. 84.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Truist Financial reduced their price target on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Roth Mkm reiterated a “buy” rating and issued a $11.00 price target (down from $16.00) on shares of Topgolf Callaway Brands in a research report on Tuesday, February 25th. Jefferies Financial Group raised Topgolf Callaway Brands from a “hold” rating to a “buy” rating and boosted their price target for the stock from $11.00 to $13.00 in a report on Thursday, January 2nd. Finally, JPMorgan Chase & Co. cut their price target on Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating for the company in a report on Thursday, January 23rd. 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’s stock. Based on data from MarketBeat.com, Topgolf Callaway Brands has a consensus rating of “Hold” and a consensus target price of $13.91.

Topgolf Callaway Brands Stock Performance

NYSE MODG opened at $6.26 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.14. Topgolf Callaway Brands Corp. has a 1-year low of $5.45 and a 1-year high of $16.89. The firm has a market capitalization of $1.15 billion, a P/E ratio of -78.18 and a beta of 1.47. The business’s 50-day simple moving average is $6.92 and its 200-day simple moving average is $8.33.

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

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.