Empowered Funds LLC Purchases New Stake in Topgolf Callaway Brands Corp. (NYSE:MODG)

Empowered Funds LLC acquired a new position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) in the 3rd quarter, HoldingsChannel.com reports. The firm acquired 309,249 shares of the company’s stock, valued at approximately $3,396,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Fifth Third Bancorp lifted its position in shares of Topgolf Callaway Brands by 327.6% during the second quarter. Fifth Third Bancorp now owns 2,527 shares of the company’s stock worth $39,000 after purchasing an additional 1,936 shares during the last quarter. Dnca Finance bought a new stake in shares of Topgolf Callaway Brands in the 2nd quarter valued at approximately $134,000. Koss Olinger Consulting LLC acquired a new stake in shares of Topgolf Callaway Brands during the 2nd quarter valued at approximately $160,000. Simon Quick Advisors LLC bought a new position in Topgolf Callaway Brands during the second quarter worth $161,000. Finally, QRG Capital Management Inc. bought a new position in Topgolf Callaway Brands during the first quarter worth $178,000. Institutional investors own 84.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. The Goldman Sachs Group dropped their target price on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. JPMorgan Chase & Co. dropped their price objective on shares of Topgolf Callaway Brands from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 13th. Truist Financial decreased their target price on Topgolf Callaway Brands from $16.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. KeyCorp downgraded Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 8th. Finally, B. Riley downgraded Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $18.00 to $12.00 in a research note on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $14.92.

Topgolf Callaway Brands Trading Down 4.4 %

NYSE:MODG opened at $8.17 on Tuesday. Topgolf Callaway Brands Corp. has a 1 year low of $8.16 and a 1 year high of $16.89. The business has a fifty day moving average of $10.02 and a 200-day moving average of $12.72. 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 stock has a market cap of $1.50 billion, a price-to-earnings ratio of -102.05, a PEG ratio of 5.39 and a beta of 1.75.

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.