1832 Asset Management L.P. Has $665,000 Holdings in Flutter Entertainment PLC $FLUT

Key Points

• 1832 Asset Management L.P. significantly reduced its stake in Flutter Entertainment by 99.2%, now holding only 3,000 shares valued at $665,000 as of its last regulatory filing.
• Flutter Entertainment reported a quarterly revenue of $4.19 billion, exceeding analyst expectations of $3.06 billion and achieving an earnings per share of $2.95, above the consensus estimate of $2.08.
• The company has authorized a $245 million stock repurchase program, signaling confidence in its stock valuation and its decision to reacquire up to 0.5% of its shares.

1832 Asset Management L.P. reduced its position in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 99.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,000 shares of the company's stock after selling 357,200 shares during the period. 1832 Asset Management L.P.'s holdings in Flutter Entertainment were worth $665,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Nuveen LLC purchased a new position in Flutter Entertainment in the 1st quarter worth about $289,627,000. Primecap Management Co. CA purchased a new position in Flutter Entertainment in the 1st quarter worth about $210,940,000. Hsbc Holdings PLC increased its stake in Flutter Entertainment by 376.4% in the 1st quarter. Hsbc Holdings PLC now owns 855,552 shares of the company's stock worth $187,304,000 after purchasing an additional 675,949 shares in the last quarter. Deutsche Bank AG increased its stake in Flutter Entertainment by 52.2% in the 1st quarter. Deutsche Bank AG now owns 1,849,769 shares of the company's stock worth $409,816,000 after purchasing an additional 634,497 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its stake in Flutter Entertainment by 168.6% in the 1st quarter. Ameriprise Financial Inc. now owns 613,666 shares of the company's stock worth $135,958,000 after purchasing an additional 385,219 shares in the last quarter.

Insider Transactions at Flutter Entertainment

In related news, insider Daniel Mark Taylor sold 15,283 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $284.80, for a total value of $4,352,598.40. Following the completion of the sale, the insider directly owned 16,589 shares in the company, valued at approximately $4,724,547.20. The trade was a 47.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Christine M. Mccarthy sold 264 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $244.12, for a total value of $64,447.68. Following the completion of the sale, the director owned 559 shares of the company's stock, valued at approximately $136,463.08. This trade represents a 32.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,851 shares of company stock worth $7,361,377. 0.09% of the stock is currently owned by company insiders.

Flutter Entertainment Stock Down 0.3%

NYSE FLUT traded down $0.87 during trading on Friday, reaching $307.73. The company's stock had a trading volume of 1,282,229 shares, compared to its average volume of 1,970,213. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $54.19 billion, a PE ratio of 151.59, a PEG ratio of 1.49 and a beta of 2.31. The business has a 50-day moving average price of $293.72 and a 200-day moving average price of $263.25. Flutter Entertainment PLC has a 1-year low of $196.88 and a 1-year high of $313.68.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $2.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.08 by $0.87. Flutter Entertainment had a net margin of 2.96% and a return on equity of 12.15%. The firm had revenue of $4.19 billion during the quarter, compared to analysts' expectations of $3.06 billion. The firm's revenue for the quarter was up 16.0% compared to the same quarter last year. Flutter Entertainment has set its FY 2025 guidance at EPS. On average, research analysts forecast that Flutter Entertainment PLC will post 4.17 earnings per share for the current fiscal year.

Flutter Entertainment announced that its board has authorized a stock buyback program on Friday, August 8th that authorizes the company to repurchase $245.00 million in shares. This repurchase authorization authorizes the company to purchase up to 0.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts recently weighed in on FLUT shares. JMP Securities lifted their price target on Flutter Entertainment from $323.00 to $345.00 and gave the stock a "market outperform" rating in a research note on Friday, August 8th. Truist Financial raised their price objective on Flutter Entertainment from $280.00 to $340.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Kepler Capital Markets upgraded Flutter Entertainment to a "strong-buy" rating in a research report on Thursday. Jefferies Financial Group started coverage on Flutter Entertainment in a research report on Tuesday, July 8th. They set a "buy" rating and a $380.00 price objective for the company. Finally, Peel Hunt lowered Flutter Entertainment from an "add" rating to a "hold" rating in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $332.70.

About Flutter Entertainment

Flutter Entertainment plc operates as a sports betting and gaming company in the United Kingdom, Ireland, Australia, the United States, Italy, and internationally. The company operates through four segments: UK & Ireland, Australia, International, and US. It offers sports betting, iGaming, daily fantasy sports, online racing wagering, and TV broadcasting products; sportsbooks and exchange sports betting products, and gaming products; and online sports betting.