Polen Capital Management LLC Sells 12,506 Shares of Topgolf Callaway Brands Corp. (NYSE:MODG)

Polen Capital Management LLC lessened its holdings in Topgolf Callaway Brands Corp. (NYSE:MODG) by 13.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,466 shares of the company’s stock after selling 12,506 shares during the quarter. Polen Capital Management LLC’s holdings in Topgolf Callaway Brands were worth $656,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the business. LGT Capital Partners LTD. purchased a new stake in Topgolf Callaway Brands in the third quarter worth $6,588,000. Portolan Capital Management LLC purchased a new stake in Topgolf Callaway Brands in the 3rd quarter worth about $3,862,000. Empowered Funds LLC purchased a new stake in Topgolf Callaway Brands during the third quarter valued at about $3,396,000. Requisite Capital Management LLC bought a new position in Topgolf Callaway Brands during the fourth quarter worth about $2,426,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Topgolf Callaway Brands by 14.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,286,719 shares of the company’s stock worth $17,974,000 after purchasing an additional 291,052 shares in the last quarter. 84.69% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Jefferies Financial Group upgraded shares of 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 note on Thursday, January 2nd. JPMorgan Chase & Co. cut their price target on Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating for the company in a report on Thursday, January 23rd. Roth Mkm reiterated a “buy” rating and set a $11.00 price objective (down from $16.00) on shares of Topgolf Callaway Brands in a research note on Tuesday, February 25th. Finally, Truist Financial cut their target price on Topgolf Callaway Brands from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. 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 stock. According to data from MarketBeat.com, Topgolf Callaway Brands presently has a consensus rating of “Hold” and an average price target of $13.91.

Topgolf Callaway Brands Stock Performance

NYSE:MODG opened at $6.40 on Tuesday. Topgolf Callaway Brands Corp. has a twelve month low of $5.59 and a twelve month 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. The stock has a market cap of $1.18 billion, a P/E ratio of -79.94 and a beta of 1.70. The business’s 50-day moving average price is $7.41 and its two-hundred day moving average price is $8.66.

Topgolf Callaway Brands (NYSE:MODG) last announced its earnings results on Monday, February 24th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.07. The business had revenue of $924.40 million during the quarter, compared to analyst estimates of $1.13 billion. Topgolf Callaway Brands had a negative net margin of 0.29% and a positive return on equity of 1.20%. As a group, equities analysts predict that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

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.