Davis Investment Partners LLC Lowers Holdings in Topgolf Callaway Brands Corp. (NYSE:MODG)

Davis Investment Partners LLC reduced its position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 17.9% in the fourth quarter, Holdings Channel reports. The firm owned 63,001 shares of the company’s stock after selling 13,700 shares during the period. Davis Investment Partners LLC’s holdings in Topgolf Callaway Brands were worth $532,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Leonard Green & Partners L.P. purchased a new stake in shares of Topgolf Callaway Brands in the 2nd quarter valued at about $97,173,000. Charles Schwab Investment Management Inc. raised its stake in Topgolf Callaway Brands by 8.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,995,667 shares of the company’s stock valued at $21,912,000 after purchasing an additional 148,451 shares in the last quarter. PDT Partners LLC purchased a new position in Topgolf Callaway Brands in the 3rd quarter worth approximately $1,934,000. Harbor Capital Advisors Inc. increased its holdings in shares of Topgolf Callaway Brands by 115.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,644,741 shares of the company’s stock worth $18,059,000 after buying an additional 881,535 shares during the last quarter. Finally, Empowered Funds LLC bought a new stake in shares of Topgolf Callaway Brands during the 3rd quarter worth $3,396,000. Institutional investors own 84.69% of the company’s stock.

Topgolf Callaway Brands Trading Down 1.8 %

Shares of Topgolf Callaway Brands stock traded down $0.15 during midday trading on Monday, reaching $8.29. 2,394,845 shares of the company’s stock traded hands, compared to its average volume of 3,647,615. The stock has a 50 day moving average of $8.45 and a 200-day moving average of $10.76. Topgolf Callaway Brands Corp. has a 12 month low of $7.22 and a 12 month high of $16.89. The company has a market cap of $1.52 billion, a PE ratio of -103.61, a price-to-earnings-growth ratio of 5.39 and a beta of 1.70. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. TD Cowen lowered their price target on Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating on the stock in a research report on Tuesday, September 17th. Truist Financial decreased their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. The Goldman Sachs Group cut their target price on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Jefferies Financial Group raised shares of Topgolf Callaway Brands from a “hold” rating to a “buy” rating and lifted their price target for the stock from $11.00 to $13.00 in a research note on Thursday, January 2nd. Finally, B. Riley cut shares of Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and cut their price objective for the company from $18.00 to $12.00 in a research note on Thursday, October 17th. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Topgolf Callaway Brands currently has a consensus rating of “Hold” and an average target price of $14.83.

Topgolf Callaway Brands Company Profile

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.