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Topgolf Callaway Brands Corp (NYSE:MODG) shares are trading higher Wednesday following a report suggesting the company is up for sale.
What Happened: According to a Chosun Daily report, TopGolf Callaway is exploring a sale, and a South Korean strategic investor is in the running to acquire the company for approximately $2.98 billion. TopGolf Callway had a market cap of approximately $2.64 billion as of Tuesday’s close, per Benzinga Pro.
The report indicates that major shareholders of the company plan to sell Callaway Golf and spin off its TopGolf subsidiary. TopGolf operates bar and restaurant entertainment venues featuring golf games. It was acquired by Callaway Golf in 2021.
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When buying a stock with a longer time horizon, it’s important for investors to assess where they think the stock is headed in the future. When mapping a stock's future trajectory, investors should consider factors including the future earnings expectations and expected performance against a benchmark.
Topgolf Callaway’s revenue has grown at an average rate of 31.33% annually over the past five years. The average one-year price target from analysts is $17, representing an expected 9.11% upside in 2025.
While past performance is not a guarantee of future results, investors should also look at a stock's historical performance when compared to both a benchmark index and the company's peers. Shares of Topgolf Callaway Brands have seen an annualized return of -20.4%, underperforming the S&P 500 index by 29.93%. This compares to 3.4% growth in the overall Consumer Discretionary sector. Topgolf Callaway Brands also has a beta of 1.24.
MODG Price Action: TopGolf Callaway Brands shares were up 9.76% at $15.79 at the time of publication, according to Benzinga Pro.
Photo: DONGWON LEE from Pixabay.
Posted In: MODG
