Truist Financial Cuts Topgolf Callaway Brands (NYSE:MODG) Price Target to $12.00

Topgolf Callaway Brands (NYSE:MODG) had its price target decreased by Truist Financial from $14.00 to $12.00 in a research report released on Tuesday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other equities research analysts also recently commented on the stock. The Goldman Sachs Group cut their target price on shares of 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. Bank of America reduced their price objective on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, September 12th. TD Cowen lowered their target price on Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating for the company in a research report on Tuesday, September 17th. Jefferies Financial Group upgraded Topgolf Callaway Brands from a “hold” rating to a “buy” rating and upped their price target for the company from $11.00 to $13.00 in a research report on Thursday, January 2nd. Finally, Roth Mkm restated a “buy” rating and set a $16.00 price objective (down from $17.00) on shares of Topgolf Callaway Brands in a research report on Thursday, November 14th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $14.83.

Topgolf Callaway Brands Price Performance

Topgolf Callaway Brands stock opened at $8.63 on Tuesday. The stock has a 50-day moving average price of $8.47 and a two-hundred day moving average price of $10.87. Topgolf Callaway Brands has a 12 month low of $7.22 and a 12 month high of $16.89. The company has a current ratio of 1.93, a quick ratio of 1.14 and a debt-to-equity ratio of 0.37.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Leonard Green & Partners L.P. bought a new stake in Topgolf Callaway Brands in the second quarter valued at $97,173,000. Charles Schwab Investment Management Inc. boosted its holdings 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 worth $21,912,000 after acquiring an additional 148,451 shares in the last quarter. PDT Partners LLC acquired a new stake in Topgolf Callaway Brands in the third quarter valued at approximately $1,934,000. Harbor Capital Advisors Inc. increased its holdings in shares of Topgolf Callaway Brands by 115.5% during the third quarter. Harbor Capital Advisors Inc. now owns 1,644,741 shares of the company’s stock valued at $18,059,000 after acquiring an additional 881,535 shares in the last quarter. Finally, Empowered Funds LLC acquired a new position in shares of Topgolf Callaway Brands during the third quarter worth approximately $3,396,000. 84.69% of the stock is owned by institutional investors.

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.