Granahan Investment Management LLC Acquires New Holdings in Topgolf Callaway Brands Corp. (NYSE:MODG)

Granahan Investment Management LLC acquired a new stake in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 912,422 shares of the company’s stock, valued at approximately $19,727,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. International Assets Investment Management LLC purchased a new stake in Topgolf Callaway Brands in the first quarter valued at about $26,000. CWM LLC purchased a new stake in Topgolf Callaway Brands in the first quarter valued at about $32,000. Benjamin Edwards Inc. purchased a new stake in Topgolf Callaway Brands in the first quarter valued at about $44,000. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new stake in Topgolf Callaway Brands in the first quarter valued at about $45,000. Finally, Ameritas Advisory Services LLC purchased a new stake in Topgolf Callaway Brands in the first quarter valued at about $46,000. Institutional investors own 82.13% of the company’s stock.

Topgolf Callaway Brands Trading Up 0.4 %

Shares of NYSE:MODG opened at $16.49 on Friday. Topgolf Callaway Brands Corp. has a 52-week low of $16.13 and a 52-week high of $25.96. The stock has a market cap of $3.06 billion, a price-to-earnings ratio of 31.11, a PEG ratio of 1.82 and a beta of 1.77. The company has a quick ratio of 0.88, a current ratio of 1.78 and a debt-to-equity ratio of 0.39. The business has a 50-day moving average price of $18.32 and a 200-day moving average price of $19.82.

Topgolf Callaway Brands (NYSE:MODG) last posted its earnings results on Tuesday, August 8th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.33 by $0.06. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.19 billion. Topgolf Callaway Brands had a return on equity of 2.74% and a net margin of 2.58%. Equities analysts predict that Topgolf Callaway Brands Corp. will post 0.66 EPS for the current year.

Insider Buying and Selling

In related news, CEO Oliver G. Brewer III bought 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 25th. The shares were purchased at an average cost of $16.21 per share, with a total value of $162,100.00. Following the completion of the acquisition, the chief executive officer now directly owns 847,556 shares in the company, valued at $13,738,882.76. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $17.01, for a total value of $85,050.00. Following the sale, the director now directly owns 842,959 shares of the company’s stock, valued at $14,338,732.59. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Oliver G. Brewer III acquired 10,000 shares of the company’s stock in a transaction on Friday, August 25th. The stock was acquired at an average cost of $16.21 per share, for a total transaction of $162,100.00. Following the completion of the acquisition, the chief executive officer now owns 847,556 shares of the company’s stock, valued at approximately $13,738,882.76. The disclosure for this purchase can be found here. Insiders have sold a total of 30,000 shares of company stock valued at $510,600 over the last ninety days. Company insiders own 11.97% of the company’s stock.

Wall Street Analysts Forecast Growth

MODG has been the subject of a number of research analyst reports. Compass Point decreased their price target on Topgolf Callaway Brands from $34.00 to $31.00 and set a “buy” rating for the company in a research note on Monday, August 21st. The Goldman Sachs Group decreased their price target on Topgolf Callaway Brands from $29.00 to $20.00 and set a “neutral” rating for the company in a research note on Friday, August 11th. Stephens decreased their price target on Topgolf Callaway Brands from $33.00 to $26.00 and set an “overweight” rating for the company in a research note on Wednesday, August 9th. Bank of America reduced their price objective on Topgolf Callaway Brands from $32.00 to $26.00 in a research note on Wednesday, August 9th. Finally, Truist Financial reduced their price objective on Topgolf Callaway Brands from $30.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, August 9th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Topgolf Callaway Brands currently has an average rating of “Moderate Buy” and a consensus price target of $28.11.

Topgolf Callaway Brands 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. It operates through three segments: Topgolf; Golf Equipment; and Active Lifestyle. 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.