Intech Investment Management LLC Acquires 397,352 Shares of Topgolf Callaway Brands Corp. $MODG

Intech Investment Management LLC raised its holdings in Topgolf Callaway Brands Corp. (NYSE:MODG) by 523.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 473,200 shares of the company’s stock after purchasing an additional 397,352 shares during the quarter. Intech Investment Management LLC’s holdings in Topgolf Callaway Brands were worth $4,495,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Smartleaf Asset Management LLC boosted its stake in Topgolf Callaway Brands by 42.3% in the third quarter. Smartleaf Asset Management LLC now owns 3,893 shares of the company’s stock valued at $37,000 after buying an additional 1,157 shares in the last quarter. CWM LLC raised its stake in Topgolf Callaway Brands by 124.0% during the second quarter. CWM LLC now owns 4,679 shares of the company’s stock worth $38,000 after acquiring an additional 2,590 shares in the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Topgolf Callaway Brands by 148.4% in the second quarter. Nisa Investment Advisors LLC now owns 10,563 shares of the company’s stock worth $85,000 after acquiring an additional 6,310 shares during the last quarter. LSV Asset Management acquired a new stake in shares of Topgolf Callaway Brands in the 3rd quarter valued at approximately $94,000. Finally, Focus Partners Wealth bought a new stake in shares of Topgolf Callaway Brands during the 1st quarter valued at approximately $109,000. Institutional investors and hedge funds own 84.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MODG. UBS Group restated a “neutral” rating and issued a $11.00 target price on shares of Topgolf Callaway Brands in a research report on Monday, November 24th. KeyCorp set a $17.00 price target on Topgolf Callaway Brands and gave the company an “overweight” rating in a research note on Friday, January 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Topgolf Callaway Brands in a research report on Monday, December 29th. JPMorgan Chase & Co. upped their target price on Topgolf Callaway Brands from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Wednesday, November 12th. Finally, Truist Financial lifted their price target on Topgolf Callaway Brands from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Four equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Topgolf Callaway Brands has a consensus rating of “Hold” and an average target price of $12.94.

Topgolf Callaway Brands Stock Performance

Topgolf Callaway Brands Corp. has a 52-week low of $5.42 and a 52-week high of $15.02. The company has a market cap of $2.68 billion, a price-to-earnings ratio of -1.78 and a beta of 0.92. 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 company has a 50 day moving average of $13.89 and a 200-day moving average of $11.41.

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

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.