Truist Financial Corp Has $703,000 Stock Holdings in Topgolf Callaway Brands Corp. (NYSE:MODG)

Truist Financial Corp grew its holdings in Topgolf Callaway Brands Corp. (NYSE:MODG) by 63.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 45,972 shares of the company’s stock after purchasing an additional 17,931 shares during the quarter. Truist Financial Corp’s holdings in Topgolf Callaway Brands were worth $703,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fifth Third Bancorp raised its stake in Topgolf Callaway Brands by 327.6% during the 2nd quarter. Fifth Third Bancorp now owns 2,527 shares of the company’s stock worth $39,000 after buying an additional 1,936 shares during the period. Dnca Finance acquired a new position in Topgolf Callaway Brands during the 2nd quarter worth approximately $134,000. Koss Olinger Consulting LLC acquired a new position in Topgolf Callaway Brands during the 2nd quarter worth approximately $160,000. Simon Quick Advisors LLC acquired a new position in Topgolf Callaway Brands during the 2nd quarter worth approximately $161,000. Finally, QRG Capital Management Inc. acquired a new position in Topgolf Callaway Brands during the 1st quarter worth approximately $178,000. 84.69% of the stock is owned by institutional investors and hedge funds.

Topgolf Callaway Brands Stock Performance

MODG stock opened at $10.43 on Wednesday. The firm has a market cap of $1.91 billion, a PE ratio of 28.19, a P/E/G ratio of 6.42 and a beta of 1.75. The company has a quick ratio of 1.15, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. The business has a 50 day moving average of $10.66 and a 200-day moving average of $13.78. Topgolf Callaway Brands Corp. has a 12-month low of $9.05 and a 12-month high of $16.89.

Topgolf Callaway Brands (NYSE:MODG) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.28 by $0.14. Topgolf Callaway Brands had a return on equity of 2.07% and a net margin of 0.50%. The business had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the prior year, the business earned $0.39 earnings per share. Topgolf Callaway Brands’s revenue for the quarter was down 1.9% on a year-over-year basis. As a group, sell-side analysts expect that Topgolf Callaway Brands Corp. will post 0.18 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on MODG shares. KeyCorp downgraded Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 8th. Jefferies Financial Group downgraded Topgolf Callaway Brands from a “buy” rating to a “hold” rating and dropped their price target for the stock from $40.00 to $12.00 in a research note on Thursday, August 29th. Roth Mkm reissued a “buy” rating and set a $17.00 price objective on shares of Topgolf Callaway Brands in a report on Thursday, September 5th. TD Cowen decreased their price objective on Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating for the company in a report on Tuesday, September 17th. Finally, The Goldman Sachs Group decreased their price objective on Topgolf Callaway Brands from $15.00 to $14.00 and set a “neutral” rating for the company in a report on Friday, August 9th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Topgolf Callaway Brands has a consensus rating of “Hold” and an average price target of $16.00.

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.