Insider Selling: Topgolf Callaway Brands (NYSE:CALY) CEO Sells $1,234,774.20 in Stock

Topgolf Callaway Brands Corp. (NYSE:CALY) CEO Oliver Brewer III sold 67,474 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $18.30, for a total value of $1,234,774.20. Following the completion of the sale, the chief executive officer owned 201,276 shares of the company’s stock, valued at $3,683,350.80. This represents a 25.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

Topgolf Callaway Brands Price Performance

Shares of NYSE:CALY opened at $16.50 on Thursday. The stock’s 50 day moving average price is $17.97. The firm has a market cap of $2.95 billion, a price-to-earnings ratio of 38.37 and a beta of 0.93. Topgolf Callaway Brands Corp. has a 1-year low of $8.39 and a 1-year high of $20.28.

Topgolf Callaway Brands (NYSE:CALY) last issued its earnings results on Tuesday, August 4th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.35 by $0.04. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%.The firm had revenue of $612.20 million during the quarter. The firm’s quarterly revenue was down 44.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Topgolf Callaway Brands Corp. will post 0.75 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CALY shares. B. Riley Financial reissued a “buy” rating and issued a $23.00 target price (up from $19.00) on shares of Topgolf Callaway Brands in a report on Wednesday, August 5th. The Goldman Sachs Group lifted their price objective on Topgolf Callaway Brands from $17.00 to $19.00 and gave the company a “neutral” rating in a report on Wednesday, August 5th. Zacks Research lowered shares of Topgolf Callaway Brands from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. Weiss Ratings reissued a “hold (c-)” rating on shares of Topgolf Callaway Brands in a report on Friday, August 7th. Finally, Wall Street Zen raised shares of Topgolf Callaway Brands from a “hold” rating to a “buy” rating in a research note on Saturday, May 16th. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $20.00.

Topgolf Callaway Brands Company Profile

Topgolf Callaway Brands plc (NYSE: MODG) is a leading global sports and entertainment company formed through the merger of Callaway Golf Company and Topgolf Entertainment Group in July 2022. The company combines Callaway’s heritage in golf equipment design and manufacturing with Topgolf’s innovative, technology-driven entertainment venues. Topgolf Callaway Brands serves a diverse audience of golf enthusiasts, casual players and social visitors, offering experiences that span both competitive sport and leisure activities.

Under the Callaway Golf brand, the company develops and markets a broad portfolio of premium golf clubs, balls, accessories and apparel.