Capital World Investors Sells 1,676,321 Shares of Flutter Entertainment PLC $FLUT

Capital World Investors lowered its stake in Flutter Entertainment PLC (NYSE:FLUT) by 13.6% during the 4th quarter, Holdings Channel reports. The institutional investor owned 10,626,143 shares of the company’s stock after selling 1,676,321 shares during the quarter. Capital World Investors owned about 0.06% of Flutter Entertainment worth $2,285,144,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in FLUT. Makena Capital Management LLC purchased a new stake in shares of Flutter Entertainment during the third quarter worth about $11,517,000. TimesSquare Capital Management LLC grew its position in shares of Flutter Entertainment by 294.1% during the third quarter. TimesSquare Capital Management LLC now owns 378,878 shares of the company’s stock worth $96,235,000 after purchasing an additional 282,736 shares in the last quarter. Norges Bank purchased a new stake in shares of Flutter Entertainment during the fourth quarter worth about $694,009,000. CenterBook Partners LP grew its position in shares of Flutter Entertainment by 723.5% during the third quarter. CenterBook Partners LP now owns 13,967 shares of the company’s stock worth $3,548,000 after purchasing an additional 12,271 shares in the last quarter. Finally, Peregrine Capital Management LLC grew its position in shares of Flutter Entertainment by 34.2% during the fourth quarter. Peregrine Capital Management LLC now owns 150,979 shares of the company’s stock worth $32,467,000 after purchasing an additional 38,469 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Oppenheimer cut their target price on Flutter Entertainment from $210.00 to $160.00 and set an “outperform” rating for the company in a research report on Monday, April 13th. Weiss Ratings reiterated a “sell (d)” rating on shares of Flutter Entertainment in a research report on Wednesday, May 27th. Susquehanna cut their target price on Flutter Entertainment from $160.00 to $143.00 and set a “positive” rating for the company in a research report on Tuesday, March 31st. Sanford C. Bernstein cut their target price on Flutter Entertainment from $125.00 to $115.00 and set a “market perform” rating for the company in a research report on Thursday, May 7th. Finally, Kepler Capital Markets cut Flutter Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 16th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $189.26.

Insiders Place Their Bets

In other news, Director Carolan Lennon sold 439 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $94.63, for a total value of $41,542.57. Following the completion of the sale, the director directly owned 1,688 shares of the company’s stock, valued at $159,735.44. This trade represents a 20.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO James Philip Bishop acquired 1,000 shares of the stock in a transaction dated Monday, May 11th. The stock was bought at an average cost of $99.75 per share, with a total value of $99,750.00. Following the completion of the purchase, the chief operating officer directly owned 17,605 shares in the company, valued at approximately $1,756,098.75. The trade was a 6.02% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders purchased 10,453 shares of company stock worth $1,045,526 and sold 23,828 shares worth $2,477,625. Company insiders own 0.13% of the company’s stock.

Flutter Entertainment Price Performance

NYSE:FLUT opened at $100.62 on Friday. The firm has a market capitalization of $17.50 billion, a price-to-earnings ratio of -47.02, a PEG ratio of 1.33 and a beta of 1.40. Flutter Entertainment PLC has a 1 year low of $91.52 and a 1 year high of $313.68. The business has a 50 day simple moving average of $102.40 and a 200-day simple moving average of $146.73. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.90 and a quick ratio of 0.90.

Flutter Entertainment (NYSE:FLUT) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.13. The business had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.24 billion. Flutter Entertainment had a positive return on equity of 11.60% and a negative net margin of 2.20%.The company’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same period last year, the company earned $1.59 EPS. Equities analysts forecast that Flutter Entertainment PLC will post 4.88 EPS for the current year.

Flutter Entertainment announced that its board has initiated a stock repurchase plan on Wednesday, March 11th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Flutter Entertainment Company 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.