Victory Capital Management Inc. Grows Position in Topgolf Callaway Brands Corp. (NYSE:MODG)

Victory Capital Management Inc. raised its position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 165.6% during the 3rd quarter, Holdings Channel reports. The fund owned 120,727 shares of the company’s stock after purchasing an additional 75,270 shares during the period. Victory Capital Management Inc.’s holdings in Topgolf Callaway Brands were worth $1,326,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Aigen Investment Management LP increased its position in Topgolf Callaway Brands by 104.0% in the third quarter. Aigen Investment Management LP now owns 29,083 shares of the company’s stock worth $319,000 after purchasing an additional 14,826 shares during the last quarter. Entropy Technologies LP bought a new stake in shares of Topgolf Callaway Brands in the 3rd quarter worth about $274,000. Crossmark Global Holdings Inc. increased its holdings in shares of Topgolf Callaway Brands by 123.9% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 34,617 shares of the company’s stock worth $381,000 after buying an additional 19,159 shares during the last quarter. Advisor Resource Council raised its position in shares of Topgolf Callaway Brands by 111.3% during the 3rd quarter. Advisor Resource Council now owns 32,589 shares of the company’s stock valued at $358,000 after buying an additional 17,164 shares in the last quarter. Finally, Lansing Street Advisors bought a new position in shares of Topgolf Callaway Brands in the 3rd quarter valued at about $187,000. 84.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. The Goldman Sachs Group decreased their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, November 14th. KeyCorp downgraded Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a research report on Thursday, August 8th. Jefferies Financial Group lowered shares of Topgolf Callaway Brands from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $40.00 to $12.00 in a research note on Thursday, August 29th. Bank of America lowered their target price on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, September 12th. Finally, Morgan Stanley cut their price target on shares of Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating on the stock in a report on Thursday, August 8th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Topgolf Callaway Brands presently has a consensus rating of “Hold” and an average price target of $14.92.

Topgolf Callaway Brands Stock Down 6.1 %

Shares of NYSE:MODG opened at $8.31 on Wednesday. The business’s 50 day moving average is $9.90 and its 200 day moving average is $12.45. The stock has a market cap of $1.53 billion, a P/E ratio of -103.86, a price-to-earnings-growth ratio of 5.84 and a beta of 1.75. Topgolf Callaway Brands Corp. has a 52-week low of $7.95 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 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.