Truist Financial Cuts Topgolf Callaway Brands (NYSE:MODG) Price Target to $14.00

Topgolf Callaway Brands (NYSE:MODG) had its price objective decreased by Truist Financial from $16.00 to $14.00 in a research report report published on Wednesday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

MODG has been the topic of a number of other research reports. Bank of America reduced their target price on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, September 12th. Jefferies Financial Group cut Topgolf Callaway Brands from a “buy” rating to a “hold” rating and decreased their price objective for the company from $40.00 to $12.00 in a report on Thursday, August 29th. KeyCorp downgraded Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a research report on Thursday, August 8th. B. Riley cut shares of Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and reduced their price target for the company from $18.00 to $12.00 in a research report on Thursday, October 17th. Finally, TD Cowen lowered their price objective on shares of Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating for the company in a report on Tuesday, September 17th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $14.92.

Topgolf Callaway Brands Price Performance

Shares of NYSE:MODG opened at $8.54 on Wednesday. The company’s fifty day moving average price is $10.07 and its 200-day moving average price is $12.82. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.15. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of -106.75, a PEG ratio of 8.62 and a beta of 1.75. Topgolf Callaway Brands has a one year low of $8.23 and a one year high of $16.89.

Hedge Funds Weigh In On Topgolf Callaway Brands

Several hedge funds and other institutional investors have recently modified their holdings of MODG. Geode Capital Management LLC increased its holdings in Topgolf Callaway Brands by 0.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,255,232 shares of the company’s stock valued at $35,749,000 after purchasing an additional 22,003 shares during the period. MML Investors Services LLC grew its position in shares of Topgolf Callaway Brands by 25.3% in the 3rd quarter. MML Investors Services LLC now owns 93,897 shares of the company’s stock worth $1,031,000 after buying an additional 18,988 shares during the last quarter. Portolan Capital Management LLC purchased a new position in shares of Topgolf Callaway Brands during the third quarter valued at approximately $3,862,000. Holocene Advisors LP raised its holdings in shares of Topgolf Callaway Brands by 68.6% during the third quarter. Holocene Advisors LP now owns 36,570 shares of the company’s stock valued at $402,000 after acquiring an additional 14,885 shares in the last quarter. Finally, Arizona PSPRS Trust purchased a new stake in Topgolf Callaway Brands in the third quarter worth $1,696,000. 84.69% of the stock is 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.