The Goldman Sachs Group Cuts Topgolf Callaway Brands (NYSE:MODG) Price Target to $12.00

Topgolf Callaway Brands (NYSE:MODG) had its target price reduced by The Goldman Sachs Group from $14.00 to $12.00 in a research report released on Thursday morning,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

MODG has been the subject of a number of other reports. Bank of America reduced 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, September 12th. JPMorgan Chase & Co. decreased their price objective on shares of Topgolf Callaway Brands from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Wednesday. Roth Mkm restated a “buy” rating and set a $17.00 target price on shares of Topgolf Callaway Brands in a report on Thursday, September 5th. Jefferies Financial Group downgraded Topgolf Callaway Brands from a “buy” rating to a “hold” rating and decreased their price target for the stock from $40.00 to $12.00 in a research note on Thursday, August 29th. Finally, Raymond James lowered Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a report on Friday, August 23rd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $14.92.

Topgolf Callaway Brands Price Performance

MODG opened at $8.54 on Thursday. The company has a quick ratio of 1.15, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. Topgolf Callaway Brands has a fifty-two week low of $8.23 and a fifty-two week high of $16.89. The business has a 50-day moving average of $10.07 and a 200-day moving average of $12.80.

Hedge Funds Weigh In On Topgolf Callaway Brands

Large investors have recently bought and sold shares of the stock. Fifth Third Bancorp increased its holdings in shares of Topgolf Callaway Brands by 327.6% during the 2nd quarter. Fifth Third Bancorp now owns 2,527 shares of the company’s stock worth $39,000 after purchasing an additional 1,936 shares during the period. nVerses Capital LLC acquired a new stake in Topgolf Callaway Brands during the third quarter worth about $133,000. Dnca Finance bought a new position in Topgolf Callaway Brands during the second quarter valued at about $134,000. Koss Olinger Consulting LLC acquired a new position in Topgolf Callaway Brands in the 2nd quarter valued at approximately $160,000. Finally, Simon Quick Advisors LLC bought a new stake in shares of Topgolf Callaway Brands in the 2nd quarter worth approximately $161,000. 84.69% of the stock is currently owned by institutional investors and hedge funds.

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.