Topgolf Callaway Brands Corp. $MODG Position Cut by Bryce Point Capital LLC

Bryce Point Capital LLC lowered its position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 88.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 11,025 shares of the company’s stock after selling 83,683 shares during the period. Bryce Point Capital LLC’s holdings in Topgolf Callaway Brands were worth $105,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the company. O Keefe Stevens Advisory Inc. increased its stake in shares of Topgolf Callaway Brands by 2,528.5% in the third quarter. O Keefe Stevens Advisory Inc. now owns 347,008 shares of the company’s stock valued at $3,297,000 after purchasing an additional 333,806 shares during the period. Hill Path Capital LP acquired a new position in shares of Topgolf Callaway Brands during the second quarter worth approximately $37,722,000. AlphaQuest LLC grew its holdings in Topgolf Callaway Brands by 353.9% in the 2nd quarter. AlphaQuest LLC now owns 96,433 shares of the company’s stock worth $776,000 after buying an additional 75,187 shares in the last quarter. Marshall Wace LLP increased its position in Topgolf Callaway Brands by 10,113.7% in the 2nd quarter. Marshall Wace LLP now owns 4,691,786 shares of the company’s stock valued at $37,769,000 after acquiring an additional 4,645,850 shares during the period. Finally, American Century Companies Inc. raised its stake in Topgolf Callaway Brands by 448.3% during the 2nd quarter. American Century Companies Inc. now owns 1,314,939 shares of the company’s stock valued at $10,585,000 after acquiring an additional 1,075,115 shares in the last quarter. 84.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on MODG shares. Compass Point increased their price target on Topgolf Callaway Brands from $14.50 to $17.50 and gave the stock a “buy” rating in a research note on Monday, January 5th. Truist Financial increased their target price on shares of Topgolf Callaway Brands from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. JPMorgan Chase & Co. raised their target price on shares of Topgolf Callaway Brands from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Wednesday, November 12th. B. Riley Financial reaffirmed a “neutral” rating and issued a $11.00 price target (up from $9.50) on shares of Topgolf Callaway Brands in a research note on Monday, November 10th. Finally, Roth Mkm reiterated a “buy” rating and set a $14.00 price objective on shares of Topgolf Callaway Brands in a research note on Wednesday, November 19th. Four research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Topgolf Callaway Brands currently has an average rating of “Hold” and an average price target of $12.94.

Topgolf Callaway Brands Stock Performance

NYSE:MODG opened at $14.59 on Wednesday. The company has a 50-day moving average of $13.13 and a 200-day moving average of $10.91. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of -1.78 and a beta of 0.92. The company has a current ratio of 1.87, a quick ratio of 1.30 and a debt-to-equity ratio of 0.60. Topgolf Callaway Brands Corp. has a twelve month low of $5.42 and a twelve month high of $15.02.

Topgolf Callaway Brands announced that its board has authorized a stock repurchase program on Monday, January 5th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to repurchase up to 9.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Topgolf Callaway Brands Company 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.