BlackRock Fund Advisors recently announced the acquisition of new stake in Topgolf Callaway Brands Corp. (NYSE:MODG). The institutional investor has increased its shareholding in the Consumer Cyclical company by 14.94% to 14.74 million shares with purchase of 1.92 million shares. This fresh investment now brings its stake to 7.98% valued currently at $341.7 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.21 million to 12.96 million shares. And Boston Partners Global Investors, has lifted its position by 0.66% or 49248.0 shares – to 7.51 million shares.
With over 1.74 million Topgolf Callaway Brands Corp. (MODG) shares trading Monday and a closing price of $22.21 on the day, the dollar volume was approximately $38.64 million. The shares have shown a negative half year performance of -3.56% and its price on 03/13/23 lost nearly -1.46%. Currently, there are 184.90M common shares owned by the public and among those 152.66M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 12 analysts who have offered their price forecasts for MODG have a consensus price objective of $33.73. The analysts have set the share’s price value over the next 12 months at a high of $56.00 and a low of $21.00. The average price target is 34.83% above its recent price level and a downside to the estimated low will see the stock lose -5.76% over that period. But an upside of 60.34% will see the stock hit the forecast high price target while median target price for the stock is $32.00.
Insiders at the company have transacted a total of 70 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 51 of these insider trades were purchases, accounting for 286,145 shares. Insider sales of the common stock occurred on 19 occasions, with total insider shares sold totaling 152,313 shares.
The top 3 mutual fund holders in Topgolf Callaway Brands Corp. are iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. iShares Core S&P Mid Cap ETF owns 4.33 million shares of the company’s stock, all valued at over $100.4 million. The company bought an additional 9816.0 shares recently to bring their total holdings to about 2.34% of the shares outstanding. Vanguard Total Stock Market Index bought 6542.0 shares to see its total holdings expand to 4.22 million shares valued at over $97.88 million and representing 2.28% of the shares outstanding. Vanguard Small Cap Index Fund bought 19674.0 shares to bring its total holdings to over 3.59 million shares at a value of $83.26 million. Vanguard Small Cap Index Fund now owns shares totaling to 1.94% of the shares outstanding.
Shares of Topgolf Callaway Brands Corp. (NYSE: MODG) opened at $22.09, down -$0.45 from a prior closing price of $22.54. However, the script later moved the day high at 22.59, down -1.46%. The company’s stock has a 5-day price change of -6.37% and 0.00% over the past three months. MODG shares are trading 12.46% year to date (YTD), with the 12-month market performance down to -2.84% lower. It has a 12-month low price of $16.80 and touched a high of $25.96 over the same period. MODG has an average intraday trading volume of 1.41 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -5.34%, -3.11%, and 3.45% respectively.
Institutional ownership of Topgolf Callaway Brands Corp. (NYSE: MODG) shares accounts for 80.80% of the company’s 184.90M shares outstanding. Mutual fund holders own 35.67%, while other institutional holders and individual stakeholders account for 39.70% and 33.48% respectively.
It has a market capitalization of $4.19B and a beta (3y monthly) value of 1.77. The stock’s trailing 12-month PE ratio is 28.51, while the earnings-per-share (ttm) stands at $0.78. The company has a PEG of 2.21 and a Quick Ratio of 0.50 with the debt-to-equity ratio at 0.43. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.34% over the week and 2.74% over the month.
Analysts forecast that Topgolf Callaway Brands Corp. (MODG) will achieve an EPS of $0.28 for the current quarter, $0.44 for the next quarter and $0.99 for 2024. The lowest estimate earnings-per-share for the quarter is $0.19 while analysts give the company a high EPS estimate of $0.35. Comparatively, EPS for the current quarter was $0.36 a year ago. Earnings per share for the fiscal year are expected to decrease by -55.20%, and 27.20% over the next financial year. EPS should grow at an annualized rate of 12.90% over the next five years, compared to 10.30% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 12 brokerage firm advisors rate Topgolf Callaway Brands Corp. (MODG) as a “Strong Buy” at a consensus score of 1.80. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 2 of the 12 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the MODG, a number of firms have released research notes about the stock. B. Riley Securities stated their Buy rating for the stock in a research note on October 10, 2022, with the firm’s price target at $29.
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