Bank of America Corp DE Sells 865,291 Shares of Flutter Entertainment PLC $FLUT

Key Points

• Bank of America cut its Flutter Entertainment stake by 29% in the first quarter, selling 865,291 shares and retaining 2.12 million shares worth approximately $216 million.
• Company insiders were net buyers over the past 90 days, purchasing 10,453 shares valued at about $1.05 million, including stock bought by CEO Daniel Mark Taylor and Director John A. Bryant.
• Flutter reported quarterly revenue of $4.30 billion, up 17.4% year over year, and EPS of $1.22, beating estimates. Shares opened at $105.01, while analysts maintained a “Moderate Buy” consensus despite several target-price reductions.

Bank of America Corp DE decreased its position in Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 29.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,119,119 shares of the company's stock after selling 865,291 shares during the period. Bank of America Corp DE owned about 1.22% of Flutter Entertainment worth $216,044,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Flutter Entertainment by 5.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,311 shares of the company's stock worth $290,000 after acquiring an additional 69 shares during the period. Sivia Capital Partners LLC bought a new stake in shares of Flutter Entertainment in the second quarter valued at approximately $405,000. Creative Planning purchased a new stake in shares of Flutter Entertainment during the 2nd quarter valued at approximately $296,000. Northwestern Mutual Wealth Management Co. boosted its holdings in Flutter Entertainment by 246.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 187 shares of the company's stock worth $53,000 after buying an additional 133 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in Flutter Entertainment by 74.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 248 shares of the company's stock valued at $71,000 after buying an additional 106 shares in the last quarter.

Insider Buying and Selling

In other news, CEO Daniel Mark Taylor bought 1,611 shares of Flutter Entertainment stock in a transaction that occurred on Tuesday, May 12th. The shares were acquired at an average price of $94.29 per share, with a total value of $151,901.19. Following the completion of the purchase, the chief executive officer directly owned 34,584 shares in the company, valued at $3,260,925.36. The trade was a 4.89% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John A. Bryant purchased 1,950 shares of the stock in a transaction on Friday, May 8th. The shares were purchased at an average price of $102.86 per share, for a total transaction of $200,577.00. Following the transaction, the director directly owned 9,235 shares of the company's stock, valued at approximately $949,912.10. This represents a 26.77% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders purchased 10,453 shares of company stock valued at $1,045,526 and sold 5,994 shares valued at $577,293. 0.13% of the stock is currently owned by company insiders.

Flutter Entertainment Price Performance

NYSE:FLUT opened at $105.01 on Wednesday. Flutter Entertainment PLC has a 52-week low of $91.52 and a 52-week high of $313.68. The stock has a fifty day moving average of $104.68 and a 200 day moving average of $115.09. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a market capitalization of $18.27 billion, a price-to-earnings ratio of -49.07, a P/E/G ratio of 1.45 and a beta of 1.28.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.13. Flutter Entertainment had a positive return on equity of 11.60% and a negative net margin of 2.20%.The business had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same period in the prior year, the company earned $1.59 EPS. The company's quarterly revenue was up 17.4% compared to the same quarter last year. On average, research analysts expect that Flutter Entertainment PLC will post 4.72 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FLUT has been the topic of a number of analyst reports. Citizens Jmp lowered their target price on shares of Flutter Entertainment from $165.00 to $159.00 and set a "market outperform" rating on the stock in a report on Wednesday, July 8th. Sanford C. Bernstein reduced their price target on Flutter Entertainment from $125.00 to $115.00 and set a "market perform" rating for the company in a research report on Thursday, May 7th. Stifel Nicolaus decreased their price objective on Flutter Entertainment from $170.00 to $161.00 and set a "buy" rating on the stock in a research note on Wednesday, July 22nd. Truist Financial dropped their price objective on Flutter Entertainment from $140.00 to $130.00 and set a "buy" rating on the stock in a report on Thursday, May 7th. Finally, Moffett Nathanson downgraded Flutter Entertainment from a "buy" rating to a "neutral" rating and set a $127.00 target price for the company. in a research note on Friday, April 24th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $176.00.

Flutter Entertainment Company 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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