VIRGINIA RETIREMENT SYSTEMS ET Al Makes New $3.70 Million Investment in Topgolf Callaway Brands Corp. $CALY

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Topgolf Callaway Brands Corp. (NYSE:CALY) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 196,800 shares of the company’s stock, valued at approximately $3,698,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Nykredit A S purchased a new stake in shares of Topgolf Callaway Brands during the second quarter worth about $43,000. Hsbc Holdings PLC purchased a new position in Topgolf Callaway Brands during the 2nd quarter valued at about $256,000. Northwestern Mutual Wealth Management Co. bought a new position in Topgolf Callaway Brands during the 2nd quarter valued at approximately $341,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Topgolf Callaway Brands during the 2nd quarter valued at approximately $6,239,000. Finally, California State Teachers Retirement System purchased a new stake in Topgolf Callaway Brands in the 2nd quarter worth approximately $55,105,000. 84.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CALY shares. KeyCorp boosted their target price on Topgolf Callaway Brands from $19.00 to $22.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Zacks Research cut shares of Topgolf Callaway Brands from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. JPMorgan Chase & Co. upped their price objective on shares of Topgolf Callaway Brands to $18.00 and gave the stock a “neutral” rating in a report on Thursday, June 11th. B. Riley Financial reaffirmed a “buy” rating and set a $23.00 target price (up from $19.00) on shares of Topgolf Callaway Brands in a research note on Wednesday, August 5th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Topgolf Callaway Brands in a research note on Friday, August 7th. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Topgolf Callaway Brands has a consensus rating of “Hold” and an average price target of $20.17.

Insider Transactions at Topgolf Callaway Brands

In other news, CEO Oliver G. Brewer III sold 1,400 shares of Topgolf Callaway Brands stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $18.00, for a total transaction of $25,200.00. Following the completion of the transaction, the chief executive officer directly owned 200,983 shares in the company, valued at approximately $3,617,694. This trade represents a 0.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Glenn F. Hickey sold 28,843 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $18.74, for a total value of $540,517.82. Following the completion of the sale, the executive vice president directly owned 72,239 shares in the company, valued at approximately $1,353,758.86. This represents a 28.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 97,717 shares of company stock worth $1,800,492. Corporate insiders own 2.91% of the company’s stock.

Topgolf Callaway Brands Price Performance

Shares of Topgolf Callaway Brands stock opened at $15.36 on Thursday. Topgolf Callaway Brands Corp. has a 12 month low of $8.39 and a 12 month high of $20.28. The stock has a market capitalization of $2.74 billion, a price-to-earnings ratio of 35.72 and a beta of 0.93. The firm’s fifty day moving average price is $17.35.

Topgolf Callaway Brands (NYSE:CALY) last released its earnings results on Tuesday, August 4th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.04. The firm had revenue of $612.20 million for the quarter. Topgolf Callaway Brands had a net margin of 3.37% and a return on equity of 5.86%. The firm’s revenue was down 44.9% on a year-over-year basis. As a group, equities analysts expect that Topgolf Callaway Brands Corp. will post 0.75 EPS for the current year.

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.