Topgolf Callaway Brands (NYSE:MODG) Updates 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 0.310-0.390 for the period, compared to the consensus estimate of 0.300. The company issued revenue guidance of $4.4 billion-$4.5 billion, compared to the consensus revenue estimate of $4.5 billion. Topgolf Callaway Brands also updated its FY24 guidance to $0.31-0.39 EPS.

Topgolf Callaway Brands Stock Down 1.6 %

Shares of Topgolf Callaway Brands stock traded down $0.26 during trading on Wednesday, hitting $16.36. 2,370,889 shares of the stock were exchanged, compared to its average volume of 2,439,914. The stock has a market cap of $3.00 billion, a price-to-earnings ratio of 36.13, a price-to-earnings-growth ratio of 1.67 and a beta of 1.84. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.72 and a quick ratio of 0.88. The firm’s 50-day moving average price is $15.43 and its 200 day moving average price is $14.05. Topgolf Callaway Brands has a 12-month low of $9.84 and a 12-month high of $21.86.

Topgolf Callaway Brands (NYSE:MODG) last announced its quarterly earnings results on Tuesday, February 13th. The company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.04. The firm had revenue of $897.10 million during the quarter, compared to the consensus estimate of $867.25 million. Topgolf Callaway Brands had a return on equity of 2.39% and a net margin of 2.22%. The firm’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.27) earnings per share. As a group, analysts forecast that Topgolf Callaway Brands will post 0.29 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on MODG shares. B. Riley boosted their price target on shares of Topgolf Callaway Brands from $18.00 to $21.00 and gave the company a buy rating in a research report on Thursday, May 2nd. KeyCorp reduced their target price on Topgolf Callaway Brands from $20.00 to $18.00 and set an overweight rating for the company in a report on Wednesday, February 14th. Truist Financial raised their price target on Topgolf Callaway Brands from $18.00 to $20.00 and gave the stock a buy rating in a research note on Monday, April 29th. Finally, Tigress Financial reaffirmed a buy rating and set a $38.00 price objective on shares of Topgolf Callaway Brands in a research note on Friday, April 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, Topgolf Callaway Brands currently has a consensus rating of Moderate Buy and an average target price of $19.91.

Insider Buying and Selling

In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $14.55, for a total transaction of $72,750.00. Following the completion of the sale, the director now owns 777,959 shares in the company, valued at approximately $11,319,303.45. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 5,000 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $14.55, for a total transaction of $72,750.00. Following the sale, the director now directly owns 777,959 shares in the company, valued at approximately $11,319,303.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Erik J. Anderson sold 2,028 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $14.79, for a total transaction of $29,994.12. Following the completion of the sale, the director now directly owns 2,242 shares of the company’s stock, valued at $33,159.18. The disclosure for this sale can be found here. 2.49% of the stock is currently owned by insiders.

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.