TimesSquare Capital Management LLC Raises Stock Position in Flutter Entertainment PLC $FLUT

TimesSquare Capital Management LLC grew its holdings in Flutter Entertainment PLC (NYSE:FLUT) by 5.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 399,081 shares of the company’s stock after purchasing an additional 20,203 shares during the quarter. Flutter Entertainment makes up about 1.3% of TimesSquare Capital Management LLC’s portfolio, making the stock its 21st biggest holding. TimesSquare Capital Management LLC’s holdings in Flutter Entertainment were worth $85,818,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Flutter Entertainment by 1.7% in the 3rd quarter. Vanguard Group Inc. now owns 17,559,354 shares of the company’s stock valued at $4,460,076,000 after acquiring an additional 301,879 shares during the period. Wellington Management Group LLP raised its stake in shares of Flutter Entertainment by 5.5% in the 3rd quarter. Wellington Management Group LLP now owns 3,519,434 shares of the company’s stock valued at $903,694,000 after acquiring an additional 182,594 shares during the period. Capital International Investors raised its stake in shares of Flutter Entertainment by 4.9% in the 3rd quarter. Capital International Investors now owns 3,256,764 shares of the company’s stock valued at $827,841,000 after acquiring an additional 153,390 shares during the period. State Street Corp raised its stake in shares of Flutter Entertainment by 4.5% in the 3rd quarter. State Street Corp now owns 3,226,742 shares of the company’s stock valued at $819,592,000 after acquiring an additional 140,012 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of Flutter Entertainment by 3.4% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,961,244 shares of the company’s stock valued at $636,786,000 after acquiring an additional 96,563 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on FLUT shares. Oppenheimer cut their target price on shares of Flutter Entertainment from $210.00 to $160.00 and set an “outperform” rating on the stock in a research note on Monday, April 13th. Moffett Nathanson downgraded shares of Flutter Entertainment from a “buy” rating to a “neutral” rating and set a $127.00 price target on the stock. in a research note on Friday, April 24th. Citizens Jmp dropped their price target on shares of Flutter Entertainment from $188.00 to $165.00 and set a “market outperform” rating on the stock in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $167.00 price target on shares of Flutter Entertainment in a research note on Friday, May 8th. Finally, Bank of America dropped their price target on shares of Flutter Entertainment from $250.00 to $210.00 and set a “neutral” rating on the stock in a research note on Thursday, January 22nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $189.26.

Flutter Entertainment Stock Performance

Flutter Entertainment stock opened at $97.34 on Tuesday. Flutter Entertainment PLC has a 12-month low of $91.52 and a 12-month high of $313.68. The company has a market capitalization of $16.93 billion, a price-to-earnings ratio of -45.49, a price-to-earnings-growth ratio of 1.22 and a beta of 1.58. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.90 and a quick ratio of 0.90. The firm’s fifty day moving average price is $105.05 and its 200 day moving average price is $158.53.

Flutter Entertainment (NYSE:FLUT) last released its quarterly earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.13. Flutter Entertainment had a negative net margin of 2.20% and a positive return on equity of 11.60%. The firm had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the previous year, the firm posted $1.59 EPS. The firm’s quarterly revenue was up 17.4% on a year-over-year basis. On average, research analysts forecast that Flutter Entertainment PLC will post 4.88 EPS for the current fiscal year.

Flutter Entertainment declared that its Board of Directors has authorized a stock buyback program on Wednesday, March 11th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at Flutter Entertainment

In other Flutter Entertainment news, CFO Robert Coldrake sold 4,613 shares of the firm’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $106.45, for a total transaction of $491,053.85. Following the completion of the transaction, the chief financial officer directly owned 10,006 shares of the company’s stock, valued at $1,065,138.70. This trade represents a 31.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Amy Howe sold 8,895 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $105.91, for a total transaction of $942,069.45. Following the transaction, the chief executive officer directly owned 78,889 shares of the company’s stock, valued at approximately $8,355,133.99. This represents a 10.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders acquired 10,453 shares of company stock worth $1,045,526 and sold 22,306 shares worth $2,333,598. 0.09% of the stock is currently owned by insiders.

Flutter Entertainment Profile

Flutter Entertainment plc is a global sports betting and gaming company that operates a portfolio of consumer-facing brands and digital platforms. The company’s primary activities include online sports betting, casino gaming, poker, and daily fantasy sports, delivered through web and mobile applications as well as retail betting locations in select markets. Flutter focuses on product development, customer acquisition and engagement, and compliance with local gambling regulations across the jurisdictions where it operates.

Flutter’s brand portfolio includes well-known names in different regional markets, such as FanDuel in the United States, PokerStars, Betfair, Paddy Power and Sky Betting & Gaming in Europe and elsewhere.