Public Sector Pension Investment Board Acquires 63,053 Shares of Topgolf Callaway Brands Corp. $MODG

Public Sector Pension Investment Board increased its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 13.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 545,106 shares of the company’s stock after purchasing an additional 63,053 shares during the period. Public Sector Pension Investment Board owned approximately 0.30% of Topgolf Callaway Brands worth $5,179,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in MODG. Hill Path Capital LP bought a new position in shares of Topgolf Callaway Brands during the 2nd quarter worth approximately $37,722,000. Marshall Wace LLP lifted its position in shares of Topgolf Callaway Brands by 10,113.7% during the 2nd quarter. Marshall Wace LLP now owns 4,691,786 shares of the company’s stock valued at $37,769,000 after acquiring an additional 4,645,850 shares during the period. American Century Companies Inc. boosted its stake in Topgolf Callaway Brands by 448.3% during the second quarter. American Century Companies Inc. now owns 1,314,939 shares of the company’s stock worth $10,585,000 after acquiring an additional 1,075,115 shares in the last quarter. Balyasny Asset Management L.P. grew its holdings in Topgolf Callaway Brands by 36.7% in the second quarter. Balyasny Asset Management L.P. now owns 2,528,734 shares of the company’s stock worth $20,356,000 after purchasing an additional 678,822 shares during the period. Finally, Man Group plc acquired a new stake in Topgolf Callaway Brands in the second quarter worth $2,737,000. 84.69% of the stock is owned by institutional investors and hedge funds.

Topgolf Callaway Brands Stock Performance

Shares of MODG opened at $14.59 on Friday. 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. The stock has a 50 day moving average price of $13.54 and a two-hundred day moving average price of $11.15. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.30 and a current ratio of 1.87.

Topgolf Callaway Brands declared that its board has initiated a share buyback program on Monday, January 5th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 9.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

MODG has been the topic of several research reports. Truist Financial upped their price objective on shares of Topgolf Callaway Brands from $10.00 to $12.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Compass Point upped their price target on Topgolf Callaway Brands from $14.50 to $17.50 and gave the stock a “buy” rating in a research note on Monday, January 5th. Zacks Research cut Topgolf Callaway Brands from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 12th. B. Riley Financial restated a “neutral” rating and set a $11.00 price objective (up previously from $9.50) on shares of Topgolf Callaway Brands in a report on Monday, November 10th. Finally, Roth Mkm reiterated a “buy” rating and issued a $14.00 target price on shares of Topgolf Callaway Brands in a report on Wednesday, November 19th. Four analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Topgolf Callaway Brands currently has a consensus rating of “Hold” and an average price target of $12.94.

Topgolf Callaway Brands Profile

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.