Artemis Investment Management LLP Sells 134,993 Shares of Flutter Entertainment PLC $FLUT

Key Points

• Artemis Investment Management LLP cut its position in Flutter by 31.1%, selling 134,993 shares and now holds 298,430 shares valued at about $64.7 million.
• Insider sales: CFO Robert Coldrake and CEO Jeremy Peter Jackson sold 4,613 and 4,326 shares respectively on March 11, and insiders disposed of 17,834 shares worth roughly $1.9 million in the quarter, leaving insider ownership at 0.09%.
• EPS miss and buyback: Flutter reported quarterly EPS of $1.74 vs. $2.11 expected despite 24.9% revenue growth, and the board authorized a $250 million share buyback (about 1.3% of outstanding shares).

Artemis Investment Management LLP reduced its position in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 31.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 298,430 shares of the company's stock after selling 134,993 shares during the quarter. Artemis Investment Management LLP owned 0.17% of Flutter Entertainment worth $64,698,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. MassMutual Private Wealth & Trust FSB grew its stake in shares of Flutter Entertainment by 219.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 115 shares of the company's stock valued at $25,000 after acquiring an additional 79 shares during the period. JFS Wealth Advisors LLC bought a new position in shares of Flutter Entertainment during the 3rd quarter valued at approximately $27,000. JCIC Asset Management Inc. bought a new position in shares of Flutter Entertainment during the 3rd quarter valued at approximately $32,000. Atlantic Union Bankshares Corp bought a new position in shares of Flutter Entertainment during the 3rd quarter valued at approximately $34,000. Finally, ORG Partners LLC grew its stake in shares of Flutter Entertainment by 43.0% during the 3rd quarter. ORG Partners LLC now owns 143 shares of the company's stock valued at $36,000 after acquiring an additional 43 shares during the period.

Insider Activity at Flutter Entertainment

In other news, CFO Robert Coldrake sold 4,613 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $106.45, for a total value of $491,053.85. Following the completion of the sale, the chief financial officer directly owned 10,006 shares in the company, valued at $1,065,138.70. The trade was a 31.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Jeremy Peter Jackson sold 4,326 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $108.00, for a total value of $467,208.00. Following the sale, the chief executive officer owned 36,788 shares of the company's stock, valued at $3,973,104. The trade was a 10.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 17,834 shares of company stock worth $1,900,331. 0.09% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FLUT. BTIG Research lowered their price target on Flutter Entertainment from $180.00 to $177.00 and set a "buy" rating on the stock in a report on Thursday, March 26th. Stifel Nicolaus lowered their price target on Flutter Entertainment from $216.00 to $189.00 and set a "buy" rating on the stock in a report on Thursday, April 9th. Kepler Capital Markets cut Flutter Entertainment from a "strong-buy" rating to a "hold" rating in a report on Monday, March 16th. Texas Capital raised Flutter Entertainment to a "strong-buy" rating in a report on Thursday, January 8th. Finally, UBS Group lowered their price target on Flutter Entertainment from $300.00 to $160.00 and set a "buy" rating on the stock in a report on Wednesday, March 25th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $209.29.

Flutter Entertainment Trading Down 1.6%

Shares of NYSE FLUT opened at $106.19 on Friday. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market capitalization of $18.52 billion, a P/E ratio of -59.00, a price-to-earnings-growth ratio of 1.66 and a beta of 1.59. Flutter Entertainment PLC has a 1-year low of $98.88 and a 1-year high of $313.68. The business has a fifty day moving average price of $108.54 and a 200 day moving average price of $170.29.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last released its quarterly earnings results on Friday, February 27th. The company reported $1.74 EPS for the quarter, missing analysts' consensus estimates of $2.11 by ($0.37). Flutter Entertainment had a negative net margin of 1.89% and a positive return on equity of 12.12%. The business had revenue of $4.76 billion during the quarter, compared to analysts' expectations of $4.87 billion. During the same quarter last year, the business posted $2.94 earnings per share. The company's quarterly revenue was up 24.9% compared to the same quarter last year. Equities research analysts expect that Flutter Entertainment PLC will post 5.14 EPS for the current fiscal year.

Flutter Entertainment declared that its Board of Directors has approved a stock buyback plan on Wednesday, March 11th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its stock is undervalued.

About Flutter Entertainment

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.

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