Topgolf Callaway Brands (MODG)

• Market cap: $1.5B
• 1 day: -2.05%
• 5 days: -7.29%
• 1 month: 2.52%
• 3 months: -23.50%
• 6 months: -45.44%
• Year to date: -9.56%
• 1 year: -42.06%
• 5 years: -62.80%
• 10 years: -16.08%
• Sector: Consumer Discretionary
• Industry: Sporting & Athletic Goods

About: Topgolf Callaway Brands Corp is a modern golf and active lifestyle company that provides world-class golf entertainment experiences, designs and manufactures premium golf equipment, and sells golf and active lifestyle apparel and other accessories through brands such as, Topgolf, Callaway Golf, Odyssey, TravisMathew, Jack Wolfskin, OGIO and Toptracer. The company's reportable segments are; Topgolf, Golf Equipment and Active Lifestyle. Majority of the revenue is generated from its Topgolf segment which is predominantly comprised of service revenues and expenses from the company operated Topgolf venues, Toptracer ball-flight tracking technology, and WGT digital golf game. Geographically, majority of the revenue for the company is derived from United States.

Employees: 32,000

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

2.9% less ownership

Funds ownership: 89.77% [Q2] → 86.87% (-2.9%) [Q3]

7% less funds holding

Funds holding: 310 [Q2] → 289 (-21) [Q3]

14% less funds holding in top 10

Funds holding in top 10: 7 [Q2] → 6 (-1) [Q3]

22% less repeat investments, than reductions

Existing positions increased: 81 | Existing positions reduced: 104

27% less first-time investments, than exits

New positions opened: 46 | Existing positions closed: 63

31% less capital invested

Capital invested by funds: $2.53B [Q2] → $1.75B (-$773M) [Q3]

41% less call options, than puts

Call options by funds: $15.8M | Put options by funds: $26.7M

Research analyst outlook

6 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $11 35% upside
• Avg. target: $12.67 56% upside
• High target: $16 97% upside

6 analyst ratings

• positive: 3 50%
• neutral: 3 50%
• negative: 0 0%

Truist Securities Michael Swartz 34% 1-year accuracy 17 / 50 met price target	47% upside $12	Buy Maintained	7 Jan 2025
Jefferies Randal Konik 33% 1-year accuracy 3 / 9 met price target	60% upside $13	Buy Upgraded	2 Jan 2025
Roth MKM George Kelly 53% 1-year accuracy 21 / 40 met price target	97% upside $16	Buy Reiterated	14 Nov 2024
Goldman Sachs Kate McShane 64% 1-year accuracy 25 / 39 met price target	47% upside $12	Neutral Maintained	14 Nov 2024
JP Morgan Matthew Boss 55% 1-year accuracy 37 / 67 met price target	35% upside $11	Neutral Maintained	13 Nov 2024