Allianz Asset Management GmbH Grows Stake in Flutter Entertainment PLC (NYSE:FLUT)

Key Points

• Allianz Asset Management GmbH increased its stake in Flutter Entertainment PLC by 213.6% during the first quarter, owning 2,970 shares valued at approximately $711,000 as of the latest SEC filing.
• Several hedge funds have adjusted their holdings in Flutter Entertainment, with LPL Financial LLC notably increasing its stake by 491.0% during the fourth quarter.
• Despite missing earnings expectations, Flutter Entertainment reported a revenue of $3.67 billion for the quarter, significantly exceeding consensus estimates.

Allianz Asset Management GmbH increased its position in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 213.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,970 shares of the company's stock after buying an additional 2,023 shares during the quarter. Allianz Asset Management GmbH's holdings in Flutter Entertainment were worth $711,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in FLUT. GPS Wealth Strategies Group LLC increased its position in shares of 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 acquiring an additional 110 shares during the last quarter. Parallel Advisors LLC grew its holdings 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 purchasing an additional 60 shares during the period. Tower Research Capital LLC TRC bought a new position in Flutter Entertainment during the fourth quarter valued at $33,000. TD Waterhouse Canada Inc. bought a new position in Flutter Entertainment during the fourth quarter valued at $36,000. Finally, Harbor Investment Advisory LLC grew its holdings 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 purchasing an additional 56 shares during the period.

Analyst Ratings Changes

Several equities analysts have weighed in on FLUT shares. Needham & Company LLC increased their price objective on Flutter Entertainment from $310.00 to $340.00 and gave the company a "buy" rating in a report on Tuesday, July 22nd. Citizens Jmp reduced their price target on Flutter Entertainment from $328.00 to $317.00 and set an "outperform" rating for the company in a research report on Monday, April 14th. Stifel Nicolaus lifted their price target on Flutter Entertainment from $315.00 to $353.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Benchmark reiterated a "buy" rating and issued a $300.00 price target on shares of Flutter Entertainment in a research report on Monday, April 21st. Finally, Sanford C. Bernstein began coverage on Flutter Entertainment in a research report on Wednesday, June 4th. They issued a "market perform" rating and a $275.00 price target for the company. Two investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $322.10.

Insider Transactions at Flutter Entertainment

In other news, Director Alfred F. Hurley, Jr. sold 265 shares of Flutter Entertainment stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $243.94, for a total value of $64,644.10. Following the sale, the director directly owned 3,518 shares of the company's stock, valued at approximately $858,180.92. The trade was a 7.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Christine M. Mccarthy sold 264 shares of Flutter Entertainment stock in a transaction dated 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 directly owned 559 shares in the company, valued at $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 ninety days, insiders sold 7,770 shares of company stock valued at $1,894,934.

Flutter Entertainment Stock Performance

Flutter Entertainment stock traded up $1.02 during mid-day trading on Tuesday, reaching $304.93. 2,165,563 shares of the stock traded hands, compared to its average volume of 2,320,577. The stock has a market capitalization of $53.88 billion, a PE ratio of 105.51, a price-to-earnings-growth ratio of 1.11 and a beta of 2.31. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.95 and a quick ratio of 0.95. Flutter Entertainment PLC has a 12-month low of $180.07 and a 12-month high of $309.77. The business's 50-day moving average is $279.02 and its 200-day moving average is $259.27.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.59 EPS for the quarter, missing analysts' consensus estimates of $1.89 by ($0.30). The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.06 billion. Flutter Entertainment had a net margin of 4.17% and a return on equity of 11.76%. Flutter Entertainment's revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.10 earnings per share. As a group, sell-side analysts predict that Flutter Entertainment PLC will post 4.17 EPS for the current fiscal year.

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.