Banco BTG Pactual S.A. Buys Shares of 50,000 Flutter Entertainment PLC $FLUT

Key Points

• Banco BTG Pactual disclosed a new fourth-quarter stake in Flutter Entertainment, buying 50,000 shares valued at about $10.75 million. The position represents roughly 1.8% of the firm’s portfolio and its 14th-largest holding.
• Insider buying was also reported, with CEO Daniel Mark Taylor and insider Don H. Liu both purchasing shares in May. The article notes insiders bought 10,453 shares in the last quarter, outpacing 5,994 shares sold.
• Flutter reported a better-than-expected quarter, with EPS of $1.22 versus $1.09 expected and revenue of $4.30 billion, up 17.4% year over year. The company also has a $250 million share buyback authorization and a consensus analyst rating of “Moderate Buy.”

Banco BTG Pactual S.A. bought a new stake in Flutter Entertainment PLC (NYSE:FLUT - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 50,000 shares of the company's stock, valued at approximately $10,752,000. Flutter Entertainment comprises approximately 1.8% of Banco BTG Pactual S.A.'s investment portfolio, making the stock its 14th biggest position.

Other large investors have also recently bought and sold shares of the company. Makena Capital Management LLC bought a new position in Flutter Entertainment in the third quarter valued at about $11,517,000. TimesSquare Capital Management LLC increased its stake in shares of Flutter Entertainment by 294.1% in the third quarter. TimesSquare Capital Management LLC now owns 378,878 shares of the company's stock valued at $96,235,000 after buying an additional 282,736 shares during the period. Norges Bank acquired a new stake in shares of Flutter Entertainment in the fourth quarter valued at about $694,009,000. CenterBook Partners LP increased its stake in shares of Flutter Entertainment by 723.5% in the third quarter. CenterBook Partners LP now owns 13,967 shares of the company's stock valued at $3,548,000 after buying an additional 12,271 shares during the period. Finally, Peregrine Capital Management LLC increased its stake in shares of Flutter Entertainment by 34.2% in the fourth quarter. Peregrine Capital Management LLC now owns 150,979 shares of the company's stock valued at $32,467,000 after buying an additional 38,469 shares during the period.

Insiders Place Their Bets

In other news, CEO Daniel Mark Taylor purchased 1,611 shares of the business's stock in a transaction on Tuesday, May 12th. The shares were acquired at an average price of $94.29 per share, for a total transaction of $151,901.19. Following the completion of the acquisition, the chief executive officer owned 34,584 shares in the company, valued at approximately $3,260,925.36. The trade was a 4.89% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Don H. Liu purchased 1,459 shares of the business's stock in a transaction on Friday, May 8th. The stock was purchased at an average price of $102.78 per share, for a total transaction of $149,956.02. Following the acquisition, the insider owned 22,265 shares of the company's stock, valued at approximately $2,288,396.70. This represents a 7.01% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have purchased 10,453 shares of company stock valued at $1,045,526 and have sold 5,994 shares valued at $577,293. Insiders own 0.13% of the company's stock.

Flutter Entertainment Trading Down 1.8%

NYSE FLUT opened at $110.91 on Friday. The business has a 50 day simple moving average of $103.08 and a 200 day simple moving average of $144.08. Flutter Entertainment PLC has a one year low of $91.52 and a one year high of $313.68. The stock has a market capitalization of $19.29 billion, a P/E ratio of -51.83, a P/E/G ratio of 1.46 and a beta of 1.40. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.90 and a quick ratio of 0.90.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.09 by $0.13. The business had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.24 billion. Flutter Entertainment had a positive return on equity of 11.60% and a negative net margin of 2.20%.The firm's revenue was up 17.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.59 earnings per share. Research analysts expect that Flutter Entertainment PLC will post 5 earnings per share for the current year.

Flutter Entertainment declared that its board has authorized a share buyback plan on Wednesday, March 11th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Sanford C. Bernstein decreased their price target on Flutter Entertainment from $125.00 to $115.00 and set a "market perform" rating for the company in a research note on Thursday, May 7th. Benchmark decreased their price target on Flutter Entertainment from $175.00 to $132.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. Weiss Ratings reissued a "sell (d)" rating on shares of Flutter Entertainment in a research note on Wednesday, May 27th. Moffett Nathanson cut Flutter Entertainment from a "buy" rating to a "neutral" rating and set a $127.00 price target for the company. in a research note on Friday, April 24th. Finally, Oppenheimer decreased their price target on Flutter Entertainment from $210.00 to $160.00 and set an "outperform" rating for the company in a research note on Monday, April 13th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus 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.

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