Topgolf Callaway Brands Corp. (NYSE:MODG) Shares Sold by State Street Corp

State Street Corp cut its holdings in Topgolf Callaway Brands Corp. (NYSE:MODG) by 0.4% in the 3rd quarter, HoldingsChannel reports. The fund owned 5,377,437 shares of the company’s stock after selling 23,177 shares during the period. State Street Corp’s holdings in Topgolf Callaway Brands were worth $59,044,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in MODG. Fifth Third Bancorp increased its stake in Topgolf Callaway Brands by 327.6% in the second quarter. Fifth Third Bancorp now owns 2,527 shares of the company’s stock valued at $39,000 after purchasing an additional 1,936 shares during the last quarter. Koss Olinger Consulting LLC acquired a new position in shares of Topgolf Callaway Brands during the 2nd quarter valued at about $160,000. Simon Quick Advisors LLC purchased a new position in shares of Topgolf Callaway Brands during the 2nd quarter worth about $161,000. nVerses Capital LLC acquired a new stake in shares of Topgolf Callaway Brands in the third quarter worth approximately $133,000. Finally, XTX Topco Ltd purchased a new stake in Topgolf Callaway Brands in the second quarter valued at approximately $218,000. Hedge funds and other institutional investors own 84.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. decreased their price target on shares of Topgolf Callaway Brands from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Wednesday, November 13th. Jefferies Financial Group cut Topgolf Callaway Brands from a “buy” rating to a “hold” rating and reduced their target price for the company from $40.00 to $12.00 in a report on Thursday, August 29th. Roth Mkm restated a “buy” rating and set a $16.00 price target (down from $17.00) on shares of Topgolf Callaway Brands in a research note on Thursday, November 14th. The Goldman Sachs Group reduced their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, November 14th. Finally, B. Riley downgraded shares of Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $18.00 to $12.00 in a research report on Thursday, October 17th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $14.92.

Topgolf Callaway Brands Stock Down 6.2 %

Shares of NYSE:MODG opened at $7.52 on Thursday. The company has a market capitalization of $1.38 billion, a price-to-earnings ratio of -93.99, a price-to-earnings-growth ratio of 5.62 and a beta of 1.70. The company has a 50 day moving average of $9.13 and a two-hundred day moving average of $11.64. Topgolf Callaway Brands Corp. has a 52-week low of $7.52 and a 52-week 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.

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.