Bank of New York Mellon Corp Has $44.14 Million Stock Position in Flutter Entertainment PLC $FLUT

Key Points

• Bank of New York Mellon increased its stake in Flutter Entertainment by 6.3% in the first quarter, ending with 432,958 shares valued at about $44.14 million.
• Insider buying was notable, with Director John A. Bryant and CEO Daniel Mark Taylor both purchasing shares in May; insiders have bought more than they sold over the last three months.
• Flutter reported better-than-expected first-quarter results, with EPS of $1.22 and revenue of $4.30 billion, while analysts currently rate the stock a Moderate Buy with an average price target of $176.26.

Bank of New York Mellon Corp increased its holdings in Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 6.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 432,958 shares of the company's stock after acquiring an additional 25,803 shares during the period. Bank of New York Mellon Corp owned about 0.25% of Flutter Entertainment worth $44,140,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its position in shares of Flutter Entertainment by 92.6% in the first quarter. Principal Financial Group Inc. now owns 6,716 shares of the company's stock worth $685,000 after purchasing an additional 3,229 shares in the last quarter. Applied Finance Capital Management LLC increased its stake in Flutter Entertainment by 16.1% in the 1st quarter. Applied Finance Capital Management LLC now owns 4,986 shares of the company's stock valued at $508,000 after buying an additional 693 shares during the period. Sequoia Financial Advisors LLC increased its stake in Flutter Entertainment by 104.8% in the 1st quarter. Sequoia Financial Advisors LLC now owns 5,960 shares of the company's stock valued at $608,000 after buying an additional 3,050 shares during the period. Independence Bank of Kentucky lifted its position in Flutter Entertainment by 440.5% in the 1st quarter. Independence Bank of Kentucky now owns 18,000 shares of the company's stock worth $1,835,000 after buying an additional 14,670 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its position in Flutter Entertainment by 33,988.7% in the 1st quarter. Hsbc Holdings PLC now owns 5,605,543 shares of the company's stock worth $575,185,000 after buying an additional 5,589,099 shares in the last quarter.

Insiders Place Their Bets

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

Flutter Entertainment Trading Up 0.6%

Shares of NYSE:FLUT opened at $101.47 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.27. The stock has a market capitalization of $17.65 billion, a PE ratio of -47.42, a P/E/G ratio of 1.38 and a beta of 1.31. Flutter Entertainment PLC has a 1 year low of $91.52 and a 1 year high of $313.68. The firm has a fifty day moving average price of $103.43 and a 200 day moving average price of $120.97.

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

Analysts Set New Price Targets

Several equities analysts have recently commented on FLUT shares. Truist Financial lowered their price target on shares of Flutter Entertainment from $140.00 to $130.00 and set a "buy" rating on the stock in a report on Thursday, May 7th. Citigroup reissued an "outperform" rating on shares of Flutter Entertainment in a research report on Wednesday, July 8th. Freedom Capital upgraded Flutter Entertainment to a "hold" rating in a research note on Monday, June 22nd. Barclays upped their target price on Flutter Entertainment from $150.00 to $151.00 and gave the stock an "overweight" rating in a research report on Thursday, July 9th. Finally, Needham & Company LLC reduced their price target on Flutter Entertainment from $150.00 to $135.00 and set a "buy" rating for the company in a report on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $176.26.

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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