Topgolf Callaway Brands (NYSE:CALY) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of Topgolf Callaway Brands (NYSE:CALY) from a hold rating to a strong-buy rating in a report released on Wednesday morning,Zacks reports.

Several other equities research analysts also recently issued reports on the company. B. Riley Financial restated a “buy” rating and set a $23.00 target price (up from $19.00) on shares of Topgolf Callaway Brands in a research report on Wednesday, August 5th. Truist Financial lifted their price target on Topgolf Callaway Brands from $19.00 to $20.00 and gave the company a “buy” rating in a research report on Tuesday, September 1st. The Goldman Sachs Group lifted their price target on Topgolf Callaway Brands from $17.00 to $19.00 and gave the company a “neutral” rating in a research report on Wednesday, August 5th. KeyCorp boosted their price objective 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. Finally, Wall Street Zen cut Topgolf Callaway Brands from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.83.

Topgolf Callaway Brands Stock Up 3.7%

CALY opened at $15.15 on Wednesday. The firm has a 50-day moving average price of $14.73 and a 200-day moving average price of $15.65. Topgolf Callaway Brands has a twelve month low of $8.71 and a twelve month high of $20.28. The company has a market capitalization of $2.71 billion, a price-to-earnings ratio of 35.24 and a beta of 0.96.

Topgolf Callaway Brands (NYSE:CALY) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.04. The company 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 business’s quarterly revenue was down 44.9% on a year-over-year basis. On average, sell-side analysts expect that Topgolf Callaway Brands will post 0.75 earnings per share for the current fiscal year.

Insider Activity at Topgolf Callaway Brands

In related news, CEO Oliver Brewer, III sold 67,474 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $18.30, for a total transaction of $1,234,774.20. Following the sale, the chief executive officer owned 201,276 shares of the company’s stock, valued at approximately $3,683,350.80. This represents a 25.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Glenn Hickey sold 28,843 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $18.74, for a total transaction of $540,517.82. Following the transaction, the executive vice president owned 72,239 shares of the company’s stock, valued at $1,353,758.86. This trade represents a 28.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 97,717 shares of company stock valued at $1,800,492. 2.91% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Topgolf Callaway Brands

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP bought a new stake in shares of Topgolf Callaway Brands during the 2nd quarter valued at about $268,370,000. O Keefe Stevens Advisory Inc. grew its holdings in shares of Topgolf Callaway Brands by 2.4% during the third quarter. O Keefe Stevens Advisory Inc. now owns 1,217,521 shares of the company’s stock worth $17,155,000 after purchasing an additional 28,798 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of Topgolf Callaway Brands in the second quarter worth approximately $6,239,000. Engineers Gate Manager LP bought a new position in shares of Topgolf Callaway Brands in the second quarter worth approximately $5,243,000. Finally, Squarepoint Ops LLC purchased a new stake in Topgolf Callaway Brands in the second quarter valued at approximately $3,854,000. 84.69% of the stock is currently owned by hedge funds and other institutional investors.

Topgolf Callaway Brands Company Profile

Topgolf Callaway Brands is a golf and active-lifestyle company formed through Callaway Golf Company’s acquisition of Topgolf, which was completed in 2021. The company has combined traditional golf equipment and apparel operations with Topgolf’s technology-enabled entertainment venues.

Its golf portfolio has included Callaway and Odyssey golf clubs, golf balls, wedges, putters and accessories, along with apparel and lifestyle products sold under brands such as TravisMathew and OGIO. Topgolf venues provide golf entertainment, food and beverage service, event hosting and digitally supported play for both experienced golfers and newcomers.

Based in Carlsbad, California, the company has served customers through sporting-goods retailers, specialty golf shops, mass merchants, e-commerce platforms and direct-to-consumer channels.