ExodusPoint Capital Management LP Makes New Investment in Topgolf Callaway Brands Corp. (NYSE:MODG)

ExodusPoint Capital Management LP bought a new stake in Topgolf Callaway Brands Corp. (NYSE:MODG) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 606,800 shares of the company’s stock, valued at approximately $4,769,000.

A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. grew its position in Topgolf Callaway Brands by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 15,860,996 shares of the company’s stock valued at $124,667,000 after buying an additional 224,578 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Topgolf Callaway Brands by 0.7% in the third quarter. Geode Capital Management LLC now owns 3,255,232 shares of the company’s stock valued at $35,749,000 after acquiring an additional 22,003 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Topgolf Callaway Brands by 14.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,286,719 shares of the company’s stock worth $17,974,000 after acquiring an additional 291,052 shares during the period. Alliancebernstein L.P. raised its holdings in Topgolf Callaway Brands by 97.6% during the fourth quarter. Alliancebernstein L.P. now owns 2,152,565 shares of the company’s stock worth $16,919,000 after purchasing an additional 1,063,033 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its position in Topgolf Callaway Brands by 14.7% in the fourth quarter. Harbor Capital Advisors Inc. now owns 1,886,496 shares of the company’s stock valued at $14,828,000 after purchasing an additional 241,755 shares during the period. Institutional investors and hedge funds own 84.69% of the company’s stock.

Topgolf Callaway Brands Price Performance

MODG stock opened at $6.26 on Monday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93. The stock’s 50 day moving average price is $6.92 and its 200 day moving average price is $8.31. The firm has a market cap of $1.15 billion, a P/E ratio of -78.18 and a beta of 1.47. Topgolf Callaway Brands Corp. has a 1 year low of $5.45 and a 1 year high of $16.89.

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on MODG. JPMorgan Chase & Co. cut their target price on Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating for the company in a research note on Thursday, January 23rd. Truist Financial cut their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Jefferies Financial Group upgraded shares of Topgolf Callaway Brands from a “hold” rating to a “buy” rating and boosted their target price for the stock from $11.00 to $13.00 in a research report on Thursday, January 2nd. Finally, Roth Mkm reiterated a “buy” rating and issued a $11.00 price target (down previously from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. 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 company. Based on data from MarketBeat, Topgolf Callaway Brands currently has an average rating of “Hold” and a consensus target price of $13.91.

About Topgolf Callaway Brands

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.