Mitsubishi UFJ Trust & Banking Corp Invests $769,000 in Topgolf Callaway Brands Corp. $MODG

Mitsubishi UFJ Trust & Banking Corp acquired a new position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 80,965 shares of the company’s stock, valued at approximately $769,000.

Several other institutional investors have also recently bought and sold shares of the company. AQR Capital Management LLC lifted its position in Topgolf Callaway Brands by 113.1% during the 1st quarter. AQR Capital Management LLC now owns 48,224 shares of the company’s stock worth $307,000 after acquiring an additional 25,599 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Topgolf Callaway Brands by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 84,280 shares of the company’s stock worth $555,000 after purchasing an additional 3,564 shares during the period. Empowered Funds LLC lifted its position in shares of Topgolf Callaway Brands by 36.5% during the 1st quarter. Empowered Funds LLC now owns 443,748 shares of the company’s stock worth $2,924,000 after purchasing an additional 118,642 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Topgolf Callaway Brands by 5.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 460,109 shares of the company’s stock valued at $3,032,000 after purchasing an additional 22,211 shares during the period. Finally, Focus Partners Wealth bought a new stake in Topgolf Callaway Brands during the 1st quarter valued at approximately $109,000. Institutional investors own 84.69% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on MODG shares. KeyCorp set a $17.00 price target on Topgolf Callaway Brands and gave the stock an “overweight” rating in a report on Friday, January 16th. Morgan Stanley set a $15.00 target price on shares of Topgolf Callaway Brands in a research report on Thursday, January 15th. JPMorgan Chase & Co. upped their target price on shares of Topgolf Callaway Brands from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Wednesday, November 12th. Compass Point increased their price target on shares of Topgolf Callaway Brands from $14.50 to $17.50 and gave the company a “buy” rating in a report on Monday, January 5th. Finally, UBS Group restated a “neutral” rating and set a $11.00 price objective on shares of Topgolf Callaway Brands in a report on Monday, November 24th. Four analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $12.94.

Topgolf Callaway Brands Price Performance

The company has a debt-to-equity ratio of 0.60, a current ratio of 1.87 and a quick ratio of 1.30. The business’s fifty day simple moving average is $12.80 and its two-hundred day simple moving average is $10.65. The firm has a market capitalization of $2.68 billion, a P/E ratio of -1.78 and a beta of 0.92. Topgolf Callaway Brands Corp. has a 52 week low of $5.42 and a 52 week high of $15.02.

Topgolf Callaway Brands (NYSE:MODG) last issued its earnings results on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.16. The company had revenue of $465.30 million during the quarter, compared to the consensus estimate of $903.96 million. Topgolf Callaway Brands had a negative return on equity of 0.13% and a negative net margin of 37.06%.The firm’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.02 EPS. On average, equities research analysts expect that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

Topgolf Callaway Brands announced that its board has initiated a share repurchase program on Monday, January 5th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to reacquire up to 9.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

About Topgolf Callaway Brands

Topgolf Callaway Brands plc (NYSE: MODG) is a leading global sports and entertainment company formed through the merger of Callaway Golf Company and Topgolf Entertainment Group in July 2022. The company combines Callaway’s heritage in golf equipment design and manufacturing with Topgolf’s innovative, technology-driven entertainment venues. Topgolf Callaway Brands serves a diverse audience of golf enthusiasts, casual players and social visitors, offering experiences that span both competitive sport and leisure activities.

Under the Callaway Golf brand, the company develops and markets a broad portfolio of premium golf clubs, balls, accessories and apparel.