Long-Term Returns of Jana Partners’ 5 Activist Targets

4. Topgolf Callaway Brands Corp. (NYSE:MODG)

Activist Investment: 2019
Long-Term Returns Since Jana Partners’ Investment: 17.28%
S&P 500 Gain Since Jana Partners’ Investment: 18.9%

Topgolf Callaway Brands Corp. (NYSE:MODG) is a company that develops, manufactures, and markets golf equipment, golf, and lifestyle apparel. It was formerly known as Callaway Golf Company. The stock jumped by 14% in June 2019 after activist investor Jana Partners confirmed a 9.2% stake in the company.

With the announcement, the activist investor confirmed plans to discuss selling all or part of the gold equipment and apparel maker with management. The activist investor saw it as one of the options for unlocking value as the stock seemed undervalued.

The activist investor would only hold stakes in Topgolf Callaway Brands Corp. (NYSE:MODG) for less than two years, opting to exit at the end of 2020 as the stock bounced back after imploding as the pandemic kick-started a ferocious overall market sell-off.

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