59 North Capital Management LP Grows Stock Holdings in Flutter Entertainment PLC $FLUT

Key Points

• 59 North Capital Management LP significantly increased its investment in Flutter Entertainment, acquiring 257,530 additional shares for a total holding of 395,887 shares, representing about 3.2% of its portfolio.
• Several analysts have given Flutter Entertainment a consensus rating of "Moderate Buy" with expectations for stock price targets ranging from $330.00 to $350.00.
• Flutter Entertainment reported $2.95 EPS in its latest earnings call, surpassing estimates and announcing a $245 million share buyback program, indicating confidence in its stock value.

59 North Capital Management LP lifted its position in Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 186.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 395,887 shares of the company's stock after purchasing an additional 257,530 shares during the quarter. Flutter Entertainment comprises approximately 3.2% of 59 North Capital Management LP's portfolio, making the stock its 11th largest holding. 59 North Capital Management LP owned approximately 0.22% of Flutter Entertainment worth $87,709,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. GPS Wealth Strategies Group LLC boosted its stake in Flutter Entertainment by 1,375.0% during the first quarter. GPS Wealth Strategies Group LLC now owns 118 shares of the company's stock valued at $26,000 after buying an additional 110 shares during the period. SVB Wealth LLC bought a new stake in Flutter Entertainment during the first quarter valued at $27,000. Parallel Advisors LLC boosted its stake in Flutter Entertainment by 78.9% during the first quarter. Parallel Advisors LLC now owns 136 shares of the company's stock valued at $30,000 after buying an additional 60 shares during the period. Tower Research Capital LLC TRC bought a new stake in Flutter Entertainment during the fourth quarter valued at $33,000. Finally, Harbor Investment Advisory LLC boosted its stake in Flutter Entertainment by 43.8% during the first quarter. Harbor Investment Advisory LLC now owns 184 shares of the company's stock valued at $41,000 after buying an additional 56 shares during the period.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Citigroup reissued a "buy" rating on shares of Flutter Entertainment in a research note on Thursday, August 14th. Jefferies Financial Group started coverage on Flutter Entertainment in a research note on Tuesday, July 8th. They set a "buy" rating and a $380.00 price objective for the company. Needham & Company LLC lifted their price objective on shares of Flutter Entertainment from $340.00 to $355.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Sanford C. Bernstein reaffirmed a "market perform" rating on shares of Flutter Entertainment in a report on Friday, August 8th. Finally, Stifel Nicolaus lifted their price objective on shares of Flutter Entertainment from $353.00 to $356.00 and gave the stock a "buy" rating in a report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $332.70.

Insider Buying and Selling at Flutter Entertainment

In related news, insider Daniel Mark Taylor sold 15,283 shares of Flutter Entertainment stock in a transaction on Monday, August 11th. The shares were sold at an average price of $284.80, for a total value of $4,352,598.40. Following the transaction, the insider owned 16,589 shares in the company, valued at $4,724,547.20. This trade represents a 47.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jeremy Peter Jackson sold 2,112 shares of Flutter Entertainment stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $292.42, for a total transaction of $617,591.04. Following the completion of the transaction, the chief executive officer owned 31,944 shares in the company, valued at approximately $9,341,064.48. The trade was a 6.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 23,396 shares of company stock worth $6,759,745 in the last 90 days. 0.09% of the stock is owned by company insiders.

Flutter Entertainment Price Performance

Shares of NYSE FLUT traded up $2.81 during mid-day trading on Friday, reaching $295.19. 1,926,671 shares of the company were exchanged, compared to its average volume of 1,792,129. The stock has a market capitalization of $51.98 billion, a PE ratio of 145.41, a PEG ratio of 1.42 and a beta of 2.29. The company's 50 day moving average price is $296.23 and its 200 day moving average price is $263.61. Flutter Entertainment PLC has a 52 week low of $196.88 and a 52 week high of $313.68. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.95.

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

Flutter Entertainment declared that its Board of Directors has approved a share repurchase program on Friday, August 8th that allows the company to repurchase $245.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 0.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Flutter Entertainment Profile

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.