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 guidance of 0.310-0.390 for the period, compared to the consensus earnings per share 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 Trading Down 1.6 %

Shares of NYSE:MODG traded down $0.26 during trading on Wednesday, reaching $16.36. 2,370,889 shares of the company were exchanged, compared to its average volume of 2,439,914. The business’s fifty day simple moving average is $15.43 and its 200-day simple moving average is $14.05. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.72 and a quick ratio of 0.88. Topgolf Callaway Brands has a 12-month low of $9.84 and a 12-month high of $21.86. The firm has a market capitalization of $3.00 billion, a PE ratio of 36.13, a P/E/G ratio of 1.67 and a beta of 1.84.

Topgolf Callaway Brands (NYSE:MODG) last released its earnings results on Tuesday, February 13th. The company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.04. The company had revenue of $897.10 million during the quarter, compared to analysts’ expectations of $867.25 million. Topgolf Callaway Brands had a net margin of 2.22% and a return on equity of 2.39%. Topgolf Callaway Brands’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same period last year, the business earned ($0.27) EPS. On average, research analysts anticipate that Topgolf Callaway Brands will post 0.29 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on MODG shares. Truist Financial boosted their price target 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 reissued a buy rating and set a $38.00 price target on shares of Topgolf Callaway Brands in a research report on Friday, April 12th. B. Riley raised their price objective on Topgolf Callaway Brands from $18.00 to $21.00 and gave the stock a buy rating in a report on Thursday, May 2nd. Finally, KeyCorp decreased 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. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Topgolf Callaway Brands currently has a consensus rating of Moderate Buy and a consensus target price of $19.91.

Insider Activity at Topgolf Callaway Brands

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