Belpointe Asset Management LLC Boosts Stake in Flutter Entertainment PLC $FLUT

Key Points

• Belpointe Asset Management LLC significantly increased its stake in Flutter Entertainment PLC by 218.6% in Q2, now holding 3,460 shares valued at approximately $989,000.
• Flutter Entertainment demonstrated strong financial performance with Q2 earnings of $2.95 per share, surpassing estimates, and a revenue of $4.19 billion, marking a 16% year-over-year increase.
• The company's board approved a $245 million share buyback plan, indicating a belief that its stock is undervalued, alongside recent price target upgrades from various analysts, suggesting an average price target of approximately $337.32.

Belpointe Asset Management LLC increased its stake in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 218.6% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 3,460 shares of the company's stock after purchasing an additional 2,374 shares during the period. Belpointe Asset Management LLC's holdings in Flutter Entertainment were worth $989,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. PARUS FINANCE UK Ltd boosted its position in shares of Flutter Entertainment by 1.5% during the 1st quarter. PARUS FINANCE UK Ltd now owns 3,350 shares of the company's stock worth $742,000 after purchasing an additional 50 shares during the period. Sequoia Financial Advisors LLC boosted its position in shares of Flutter Entertainment by 3.0% during the 1st quarter. Sequoia Financial Advisors LLC now owns 1,836 shares of the company's stock worth $407,000 after purchasing an additional 53 shares during the period. Parallel Advisors LLC boosted its position in shares of Flutter Entertainment by 78.9% during the 1st quarter. Parallel Advisors LLC now owns 136 shares of the company's stock worth $30,000 after purchasing an additional 60 shares during the period. Signaturefd LLC boosted its position in shares of Flutter Entertainment by 98.5% during the 2nd quarter. Signaturefd LLC now owns 129 shares of the company's stock worth $37,000 after purchasing an additional 64 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its position in shares of Flutter Entertainment by 1.4% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,783 shares of the company's stock worth $1,060,000 after purchasing an additional 67 shares during the period.

Flutter Entertainment Price Performance

Shares of FLUT opened at $238.38 on Wednesday. Flutter Entertainment PLC has a twelve month low of $196.88 and a twelve month high of $313.68. The firm's fifty day simple moving average is $287.72 and its 200-day simple moving average is $266.55. The firm has a market capitalization of $41.98 billion, a price-to-earnings ratio of 117.43 and a beta of 1.91. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.95.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $2.95 earnings per share for the quarter, beating analysts' consensus estimates of $2.08 by $0.87. Flutter Entertainment had a net margin of 2.96% and a return on equity of 12.15%. The business had revenue of $4.19 billion for the quarter, compared to analyst estimates of $3.06 billion. Flutter Entertainment's revenue was up 16.0% compared to the same quarter last year. Flutter Entertainment has set its FY 2025 guidance at EPS. Equities analysts forecast that Flutter Entertainment PLC will post 4.17 EPS for the current fiscal year.

Flutter Entertainment declared that its board has approved a share buyback plan on Friday, August 8th that authorizes the company to repurchase $245.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 0.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

FLUT has been the topic of a number of research reports. Bank of America increased their target price on shares of Flutter Entertainment from $295.00 to $330.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Flutter Entertainment in a report on Saturday, September 27th. Truist Financial increased their target price on shares of Flutter Entertainment from $280.00 to $340.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Jefferies Financial Group initiated coverage on shares of Flutter Entertainment in a report on Tuesday, July 8th. They set a "buy" rating and a $380.00 target price on the stock. Finally, Oppenheimer increased their target price on shares of Flutter Entertainment from $310.00 to $350.00 and gave the stock an "outperform" rating in a report on Tuesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $337.32.

Insider Activity

In related news, CEO Amy Howe sold 4,097 shares of the stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $305.91, for a total value of $1,253,313.27. Following the transaction, the chief executive officer directly owned 69,850 shares of the company's stock, valued at $21,367,813.50. This trade represents a 5.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Daniel Mark Taylor sold 15,283 shares of the stock in a transaction on Monday, August 11th. The shares were sold at an average price of $284.80, for a total transaction of $4,352,598.40. Following the completion of the transaction, the insider directly owned 16,589 shares in the company, valued at $4,724,547.20. This trade represents a 47.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,396 shares of company stock valued at $6,759,745 over the last quarter. Company insiders own 0.09% of the company's stock.

About Flutter Entertainment

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.

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