CANADA LIFE ASSURANCE Co Boosts Stock Holdings in Topgolf Callaway Brands Corp. (NYSE:MODG)

CANADA LIFE ASSURANCE Co grew its position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 4.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 171,430 shares of the company’s stock after buying an additional 7,220 shares during the quarter. CANADA LIFE ASSURANCE Co’s holdings in Topgolf Callaway Brands were worth $1,344,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in MODG. Thompson Investment Management Inc. boosted its holdings in Topgolf Callaway Brands by 11.1% in the fourth quarter. Thompson Investment Management Inc. now owns 362,299 shares of the company’s stock worth $2,848,000 after purchasing an additional 36,201 shares during the last quarter. Wealthfront Advisers LLC boosted its holdings in Topgolf Callaway Brands by 589.5% in the fourth quarter. Wealthfront Advisers LLC now owns 85,807 shares of the company’s stock worth $674,000 after purchasing an additional 73,362 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Topgolf Callaway Brands by 14.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,286,719 shares of the company’s stock worth $17,974,000 after purchasing an additional 291,052 shares during the last quarter. Invesco Ltd. boosted its holdings in Topgolf Callaway Brands by 41.9% in the fourth quarter. Invesco Ltd. now owns 1,591,742 shares of the company’s stock worth $12,511,000 after purchasing an additional 469,728 shares during the last quarter. Finally, Requisite Capital Management LLC purchased a new stake in Topgolf Callaway Brands in the fourth quarter worth approximately $2,426,000. Hedge funds and other institutional investors own 84.69% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on MODG. Truist Financial dropped their target price on shares of Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Jefferies Financial Group upgraded shares of Topgolf Callaway Brands from a “hold” rating to a “buy” rating and increased their price target for the stock from $11.00 to $13.00 in a research report on Thursday, January 2nd. JPMorgan Chase & Co. cut 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 research report on Thursday, January 23rd. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $11.00 target price (down 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 given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $11.00.

Topgolf Callaway Brands Stock Performance

Shares of MODG opened at $6.78 on Tuesday. The business has a 50-day simple moving average of $6.39 and a two-hundred day simple moving average of $7.80. The stock has a market cap of $1.25 billion, a price-to-earnings ratio of -84.74 and a beta of 1.47. Topgolf Callaway Brands Corp. has a 52 week low of $5.42 and a 52 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 issued its earnings results on Monday, February 24th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.07. The company had revenue of $924.40 million for the quarter, compared to the consensus estimate of $1.13 billion. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. On average, analysts expect that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

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.