Verition Fund Management LLC Has $7.02 Million Stock Holdings in Topgolf Callaway Brands Corp. (NYSE:MODG)

Verition Fund Management LLC reduced its position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 29.2% during the third quarter, Holdings Channel reports. The institutional investor owned 639,471 shares of the company’s stock after selling 264,014 shares during the period. Verition Fund Management LLC’s holdings in Topgolf Callaway Brands were worth $7,021,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MODG. Fifth Third Bancorp raised its position in shares of Topgolf Callaway Brands by 327.6% during the second quarter. Fifth Third Bancorp now owns 2,527 shares of the company’s stock worth $39,000 after purchasing an additional 1,936 shares during the period. Dnca Finance acquired a new position in Topgolf Callaway Brands during the second quarter worth $134,000. Koss Olinger Consulting LLC bought a new position in shares of Topgolf Callaway Brands in the second quarter valued at $160,000. Simon Quick Advisors LLC acquired a new position in shares of Topgolf Callaway Brands during the second quarter valued at about $161,000. Finally, Cetera Advisors LLC bought a new stake in shares of Topgolf Callaway Brands during the first quarter worth about $182,000. Institutional investors own 84.69% of the company’s stock.

Topgolf Callaway Brands Price Performance

Topgolf Callaway Brands stock opened at $8.42 on Monday. The business’s 50 day simple moving average is $9.72 and its 200 day simple moving average is $12.28. Topgolf Callaway Brands Corp. has a 12 month low of $7.95 and a 12 month high of $16.89. The company has a market cap of $1.55 billion, a price-to-earnings ratio of -105.25, a PEG ratio of 5.73 and a beta of 1.75. The company has a current ratio of 1.93, a quick ratio of 1.14 and a debt-to-equity ratio of 0.37.

Analysts Set New Price Targets

A number of equities analysts have issued reports on MODG shares. Morgan Stanley cut their price target on Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Thursday, August 8th. JPMorgan Chase & Co. decreased their price target on Topgolf Callaway Brands from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Wednesday, November 13th. TD Cowen dropped their price objective on Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating on the stock in a research note on Tuesday, September 17th. The Goldman Sachs Group reduced 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 research note on Thursday, November 14th. Finally, B. Riley lowered shares of Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and dropped their price target for the company from $18.00 to $12.00 in a research report on Thursday, October 17th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Topgolf Callaway Brands currently has a consensus rating of “Hold” and an average price target of $14.92.

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. 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.