Polen Capital Management LLC Cuts Stake in Topgolf Callaway Brands Corp. (NYSE:MODG)

Polen Capital Management LLC cut its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 13.0% during the 4th quarter, HoldingsChannel reports. The fund owned 83,466 shares of the company’s stock after selling 12,506 shares during the quarter. Polen Capital Management LLC’s holdings in Topgolf Callaway Brands were worth $656,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in MODG. Asset Planning Inc bought a new position in Topgolf Callaway Brands during the 4th quarter worth approximately $33,000. KBC Group NV boosted its stake in shares of Topgolf Callaway Brands by 81.8% during the fourth quarter. KBC Group NV now owns 8,330 shares of the company’s stock valued at $65,000 after purchasing an additional 3,749 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Topgolf Callaway Brands by 170.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 13,757 shares of the company’s stock worth $108,000 after purchasing an additional 8,672 shares during the last quarter. Quest Partners LLC purchased a new position in shares of Topgolf Callaway Brands in the third quarter worth $161,000. Finally, Paloma Partners Management Co bought a new stake in Topgolf Callaway Brands during the 3rd quarter valued at $200,000. 84.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MODG has been the topic of a number of analyst reports. Roth Mkm restated a “buy” rating and issued a $11.00 price objective (down previously 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 raised their target price for the stock from $11.00 to $13.00 in a research note on Thursday, January 2nd. JPMorgan Chase & Co. lowered their price target on Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday, January 23rd. Finally, Truist Financial cut 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. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $13.91.

Topgolf Callaway Brands Stock Up 3.7 %

Shares of NYSE:MODG opened at $6.40 on Tuesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93. Topgolf Callaway Brands Corp. has a 52-week low of $5.59 and a 52-week high of $16.89. The firm has a market capitalization of $1.18 billion, a P/E ratio of -79.94 and a beta of 1.70. The stock has a 50 day moving average price of $7.41 and a 200-day moving average price of $8.66.

Topgolf Callaway Brands (NYSE:MODG) last released its earnings results on Monday, February 24th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $1.13 billion. As a group, equities research analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal 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.