Topgolf Callaway Brands (MODG)

• Market cap: $1.37B
• 1 day: 2.19%
• 5 days: -5.70%
• 1 month: -8.59%
• 3 months: -30.37%
• 6 months: -50.33%
• Year to date: -47.65%
• 1 year: -46.59%
• 5 years: -64.61%
• 10 years: -23.20%
• 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)

2.97% less ownership

Funds ownership: 89.61% [Q2] → 86.64% (-2.97%) [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

31% less capital invested

Capital invested by funds: $2.52B [Q2] → $1.75B (-$773M) [Q3]

31% less first-time investments, than exits

New positions opened: 46 | Existing positions closed: 67

41% less call options, than puts

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

Research analyst outlook

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

• Low target: $11 48% upside
• Avg. target: $13 74% upside
• High target: $16 115% upside

5 analyst ratings

• positive: 2 40%
• neutral: 3 60%
• negative: 0 0%

Roth MKM George Kelly 53% 1-year accuracy 21 / 40 met price target	115% upside $16	Buy Reiterated	14 Nov 2024
Goldman Sachs Kate McShane 63% 1-year accuracy 25 / 40 met price target	61% upside $12	Neutral Maintained	14 Nov 2024
Truist Securities Michael Swartz 40% 1-year accuracy 20 / 50 met price target	88% upside $14	Buy Maintained	13 Nov 2024
JP Morgan Matthew Boss 50% 1-year accuracy 32 / 64 met price target	48% upside $11	Neutral Maintained	13 Nov 2024
B. Riley Securities Eric Wold 76% 1-year accuracy 22 / 29 met price target	61% upside $12	Neutral Downgraded	17 Oct 2024