CIBC Private Wealth Group LLC Trims Stock Holdings in Topgolf Callaway Brands Corp. (NYSE:MODG)

CIBC Private Wealth Group LLC cut its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 10.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 42,683 shares of the company’s stock after selling 5,230 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Topgolf Callaway Brands were worth $369,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Requisite Capital Management LLC acquired a new stake in shares of Topgolf Callaway Brands during the fourth quarter worth approximately $2,426,000. Charles Schwab Investment Management Inc. boosted its stake in Topgolf Callaway Brands by 14.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,286,719 shares of the company’s stock valued at $17,974,000 after acquiring an additional 291,052 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in Topgolf Callaway Brands by 14.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 1,886,496 shares of the company’s stock worth $14,828,000 after acquiring an additional 241,755 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Topgolf Callaway Brands by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 15,860,996 shares of the company’s stock worth $124,667,000 after purchasing an additional 224,578 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Topgolf Callaway Brands during the fourth quarter worth about $1,614,000. 84.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MODG has been the subject of several research analyst reports. Truist Financial lowered their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Roth Mkm reissued a “buy” rating and set a $11.00 price target (down from $16.00) on shares of Topgolf Callaway Brands in a research report on Tuesday, February 25th. JPMorgan Chase & Co. decreased their price objective on shares of Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating for the company in a report on Thursday, January 23rd. Finally, Jefferies Financial Group raised shares of Topgolf Callaway Brands from a “hold” rating to a “buy” rating and increased their target price for the stock from $11.00 to $13.00 in a report on Thursday, January 2nd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Topgolf Callaway Brands currently has an average rating of “Hold” and an average price target of $13.91.

Topgolf Callaway Brands Stock Up 3.9 %

MODG stock opened at $6.26 on Friday. The stock has a market cap of $1.15 billion, a PE ratio of -78.18 and a beta of 1.47. The firm’s 50-day simple moving average is $6.92 and its 200 day simple moving average is $8.33. Topgolf Callaway Brands Corp. has a fifty-two week low of $5.45 and a fifty-two week high of $16.89. The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37.

Topgolf Callaway Brands (NYSE:MODG) last released its quarterly earnings results on Monday, February 24th. The company reported ($0.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.07. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. The company had revenue of $924.40 million for the quarter, compared to analysts’ expectations of $1.13 billion. As a group, sell-side analysts predict that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Topgolf Callaway Brands Profile

Topgolf Callaway Brands Corp. designs, manufactures, and sells golf equipment, golf and lifestyle apparel, and other accessories in the United States, Europe, Asia, and Internationally. The Topgolf segment operates Topgolf venues equipped with technology-enabled hitting bays, bars, dining areas, and event spaces, as well as Toptracer ball-flight tracking technology; and World Golf Tour digital golf game.