Capital World Investors Cuts Stake in Flutter Entertainment PLC $FLUT

Capital World Investors reduced its stake in Flutter Entertainment PLC (NYSE:FLUT) by 13.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,626,143 shares of the company’s stock after selling 1,676,321 shares during the period. Capital World Investors owned approximately 6.06% of Flutter Entertainment worth $2,285,144,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Flutter Entertainment by 219.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 115 shares of the company’s stock valued at $25,000 after purchasing an additional 79 shares in the last quarter. JFS Wealth Advisors LLC bought a new position in shares of Flutter Entertainment during the third quarter valued at $27,000. Atlantic Union Bankshares Corp bought a new position in shares of Flutter Entertainment during the third quarter valued at $34,000. IFP Advisors Inc lifted its holdings in shares of Flutter Entertainment by 93.8% during the fourth quarter. IFP Advisors Inc now owns 186 shares of the company’s stock valued at $40,000 after purchasing an additional 90 shares in the last quarter. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its holdings in shares of Flutter Entertainment by 83.3% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 165 shares of the company’s stock valued at $42,000 after purchasing an additional 75 shares in the last quarter.

Flutter Entertainment Stock Down 0.2%

FLUT stock opened at $100.62 on Friday. Flutter Entertainment PLC has a fifty-two week low of $91.52 and a fifty-two week high of $313.68. The business’s 50-day moving average is $102.40 and its two-hundred day moving average is $146.73. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market cap of $17.50 billion, a price-to-earnings ratio of -47.02, a P/E/G ratio of 1.33 and a beta of 1.40.

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

Flutter Entertainment declared that its board has approved a stock repurchase program on Wednesday, March 11th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, Director John A. Bryant acquired 1,950 shares of the firm’s stock in a transaction dated Friday, May 8th. The shares were purchased at an average price of $102.86 per share, with a total value of $200,577.00. Following the completion of the purchase, the director directly owned 9,235 shares of the company’s stock, valued at $949,912.10. This represents a 26.77% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Amy Howe sold 8,895 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $105.91, for a total value of $942,069.45. Following the completion of the transaction, the chief executive officer directly owned 78,889 shares in the company, valued at $8,355,133.99. This trade represents a 10.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have purchased 10,453 shares of company stock valued at $1,045,526 and have sold 23,828 shares valued at $2,477,625. Insiders own 0.13% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FLUT. Oppenheimer lowered their price target on Flutter Entertainment from $210.00 to $160.00 and set an “outperform” rating on the stock in a report on Monday, April 13th. Citizens Jmp lowered their price target on Flutter Entertainment from $188.00 to $165.00 and set a “market outperform” rating on the stock in a report on Thursday, May 7th. Barclays lowered their price target on Flutter Entertainment from $175.00 to $150.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. Needham & Company LLC lowered their price target on Flutter Entertainment from $150.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $167.00 price target on shares of Flutter Entertainment in a report on Friday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $189.26.

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.