Geode Capital Management LLC Has $35.75 Million Stake in Topgolf Callaway Brands Corp. (NYSE:MODG)

Geode Capital Management LLC raised its holdings in Topgolf Callaway Brands Corp. (NYSE:MODG) by 0.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,255,232 shares of the company’s stock after buying an additional 22,003 shares during the period. Geode Capital Management LLC’s holdings in Topgolf Callaway Brands were worth $35,749,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MODG. Louisiana State Employees Retirement System grew its holdings in shares of Topgolf Callaway Brands by 1.0% in the 2nd quarter. Louisiana State Employees Retirement System now owns 71,100 shares of the company’s stock valued at $1,088,000 after acquiring an additional 700 shares in the last quarter. Crossmark Global Holdings Inc. grew its stake in Topgolf Callaway Brands by 28.2% in the second quarter. Crossmark Global Holdings Inc. now owns 15,458 shares of the company’s stock valued at $236,000 after purchasing an additional 3,396 shares in the last quarter. Rhumbline Advisers increased its position in shares of Topgolf Callaway Brands by 0.4% during the 2nd quarter. Rhumbline Advisers now owns 462,111 shares of the company’s stock worth $7,070,000 after purchasing an additional 1,962 shares during the last quarter. Simon Quick Advisors LLC bought a new stake in shares of Topgolf Callaway Brands during the 2nd quarter worth approximately $161,000. Finally, Hodges Capital Management Inc. boosted its holdings in shares of Topgolf Callaway Brands by 5.6% in the 2nd quarter. Hodges Capital Management Inc. now owns 1,637,289 shares of the company’s stock valued at $25,051,000 after buying an additional 86,913 shares during the last quarter. 84.69% of the stock is owned by institutional investors.

Topgolf Callaway Brands Price Performance

Shares of NYSE MODG opened at $7.80 on Thursday. The firm has a market cap of $1.43 billion, a P/E ratio of -97.49, a price-to-earnings-growth ratio of 5.62 and a beta of 1.70. The business’s 50 day moving average is $8.85 and its 200-day moving average is $11.36. The company has a current ratio of 1.93, a quick ratio of 1.14 and a debt-to-equity ratio of 0.37. Topgolf Callaway Brands Corp. has a 1-year low of $7.22 and a 1-year high of $16.89.

Analysts Set New Price Targets

MODG has been the topic of a number of recent analyst reports. B. Riley downgraded shares of Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $18.00 to $12.00 in a report on Thursday, October 17th. Truist Financial lowered their price objective on shares of Topgolf Callaway Brands from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, November 13th. 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 for the company in a research note on Thursday, November 14th. Jefferies Financial Group downgraded Topgolf Callaway Brands from a “buy” rating to a “hold” rating and lowered their price target for the stock from $40.00 to $12.00 in a research report on Thursday, August 29th. Finally, Bank of America cut their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, September 12th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $14.92.

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.