Equities Analysts Set Expectations for Topgolf Callaway Brands Corp.’s Q2 2024 Earnings (NYSE:MODG)

Topgolf Callaway Brands Corp. (NYSE:MODG) – Analysts at B. Riley cut their Q2 2024 earnings per share estimates for Topgolf Callaway Brands in a research note issued on Wednesday, May 8th. B. Riley analyst E. Wold now expects that the company will post earnings per share of $0.31 for the quarter, down from their prior estimate of $0.36. B. Riley has a “Buy” rating and a $21.00 price target on the stock. The consensus estimate for Topgolf Callaway Brands’ current full-year earnings is $0.30 per share. B. Riley also issued estimates for Topgolf Callaway Brands’ Q3 2024 earnings at $0.24 EPS, Q2 2025 earnings at $0.38 EPS, Q3 2025 earnings at $0.29 EPS and FY2025 earnings at $0.52 EPS.

Other equities analysts have also recently issued research reports about the company. Truist Financial boosted their price objective on Topgolf Callaway Brands from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, April 29th. Tigress Financial reaffirmed a “buy” rating and set a $38.00 price objective on shares of Topgolf Callaway Brands in a report on Friday, April 12th. Finally, KeyCorp lowered their target price on shares of Topgolf Callaway Brands from $20.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 14th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. According to MarketBeat, Topgolf Callaway Brands currently has an average rating of “Moderate Buy” and a consensus price target of $19.91.

Topgolf Callaway Brands Price Performance

Shares of NYSE:MODG opened at $15.08 on Friday. Topgolf Callaway Brands has a fifty-two week low of $9.84 and a fifty-two week high of $20.75. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.72 and a quick ratio of 0.88. The stock has a market capitalization of $2.77 billion, a P/E ratio of 32.77, a P/E/G ratio of 1.69 and a beta of 1.84. The business has a 50-day moving average of $15.49 and a two-hundred day moving average of $14.08.

Topgolf Callaway Brands (NYSE:MODG) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.08. Topgolf Callaway Brands had a return on equity of 2.39% and a net margin of 2.22%. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.16 billion. During the same quarter in the previous year, the firm earned $0.17 earnings per share. The business’s quarterly revenue was down 2.0% compared to the same quarter last year.

Insider Transactions at Topgolf Callaway Brands

In related news, Director Erik J. Anderson sold 5,000 shares of the firm’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $14.55, for a total transaction of $72,750.00. Following the completion of the sale, the director now directly owns 777,959 shares of the company’s stock, valued at approximately $11,319,303.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 5,000 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $14.55, for a total transaction of $72,750.00. Following the sale, the director now owns 777,959 shares of the company’s stock, valued at approximately $11,319,303.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Erik J. Anderson sold 2,028 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $14.79, for a total transaction of $29,994.12. Following the completion of the sale, the director now owns 2,242 shares of the company’s stock, valued at approximately $33,159.18. The disclosure for this sale can be found here. 2.49% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MODG. Cambridge Investment Research Advisors Inc. lifted its position in Topgolf Callaway Brands by 2.7% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 38,792 shares of the company’s stock valued at $537,000 after purchasing an additional 1,010 shares during the period. Raymond James Financial Services Advisors Inc. boosted its stake in Topgolf Callaway Brands by 6.1% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 98,730 shares of the company’s stock valued at $1,366,000 after acquiring an additional 5,674 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Topgolf Callaway Brands by 11.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,445 shares of the company’s stock worth $421,000 after acquiring an additional 3,151 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Topgolf Callaway Brands by 8.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 66,266 shares of the company’s stock valued at $917,000 after acquiring an additional 5,429 shares during the last quarter. Finally, Advisor Partners II LLC acquired a new position in shares of Topgolf Callaway Brands in the 3rd quarter valued at $330,000. 84.69% of the stock is currently owned by institutional investors.

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.