Topgolf Callaway Brands (NYSE:MODG) Releases FY 2024 Earnings Guidance

Topgolf Callaway Brands (NYSE:MODG) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 0.110-0.210 for the period, compared to the consensus estimate of 0.330. The company issued revenue guidance of $4.2 billion-$4.3 billion, compared to the consensus revenue estimate of $4.5 billion. Topgolf Callaway Brands also updated its FY24 guidance to $0.11-0.21 EPS.

Topgolf Callaway Brands Price Performance

Shares of Topgolf Callaway Brands stock traded down $1.78 on Wednesday, hitting $12.22. The company’s stock had a trading volume of 5,873,374 shares, compared to its average volume of 2,235,029. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.02 and a current ratio of 1.82. Topgolf Callaway Brands has a 1 year low of $9.84 and a 1 year high of $18.80. The firm has a fifty day moving average price of $15.24 and a 200-day moving average price of $15.07. The company has a market capitalization of $2.24 billion, a price-to-earnings ratio of 37.22, a price-to-earnings-growth ratio of 2.55 and a beta of 1.77.

Topgolf Callaway Brands (NYSE:MODG) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.01 by $0.08. Topgolf Callaway Brands had a return on equity of 1.93% and a net margin of 1.80%. The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same period in the previous year, the business earned $0.17 EPS. Topgolf Callaway Brands’s quarterly revenue was down 2.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Topgolf Callaway Brands will post 0.34 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. TD Cowen boosted their target price on Topgolf Callaway Brands from $10.00 to $13.00 and gave the stock a hold rating in a report on Monday, May 13th. Truist Financial boosted their target price on Topgolf Callaway Brands from $18.00 to $20.00 and gave the stock a buy rating in a report on Monday, April 29th. Tigress Financial restated a buy rating and set a $38.00 target price on shares of Topgolf Callaway Brands in a report on Friday, April 12th. Finally, B. Riley boosted their target price on Topgolf Callaway Brands from $18.00 to $21.00 and gave the stock a buy rating in a report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $19.33.

Insider Transactions at Topgolf Callaway Brands

In other news, Director Erik J. Anderson sold 10,000 shares of the company’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $15.19, for a total transaction of $151,900.00. Following the sale, the director now owns 767,959 shares of the company’s stock, valued at $11,665,297.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Erik J. Anderson sold 7,500 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $15.37, for a total value of $115,275.00. Following the transaction, the director now owns 760,459 shares of the company’s stock, valued at $11,688,254.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Erik J. Anderson sold 10,000 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $15.19, for a total value of $151,900.00. Following the completion of the transaction, the director now directly owns 767,959 shares in the company, valued at approximately $11,665,297.21. The disclosure for this sale can be found here. Corporate insiders own 2.49% of the company’s stock.

Topgolf Callaway Brands Company 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.