Flutter Entertainment PLC (NYSE:FLUT) Shares Bought by Caitong International Asset Management Co. Ltd

Key Points

• Caitong International Asset Management Co. Ltd significantly increased its stake in Flutter Entertainment PLC by 26,242.9% in Q1, now owning approximately $817,000 worth of shares.
• Flutter Entertainment's quarterly report surpassed analysts' expectations, showing earnings of $2.95 per share and revenue of $4.19 billion, a 16% year-over-year increase.
• The company has authorized a $245 million share buyback plan, indicating management's belief that the stock may be undervalued.

Caitong International Asset Management Co. Ltd grew its holdings in Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 26,242.9% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 3,688 shares of the company's stock after buying an additional 3,674 shares during the period. Flutter Entertainment accounts for approximately 0.6% of Caitong International Asset Management Co. Ltd's portfolio, making the stock its 22nd largest position. Caitong International Asset Management Co. Ltd's holdings in Flutter Entertainment were worth $817,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in FLUT. Mirae Asset Global Investments Co. Ltd. raised its holdings in Flutter Entertainment by 326.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,243 shares of the company's stock worth $742,000 after purchasing an additional 2,483 shares in the last quarter. Whalen Wealth Management Inc. purchased a new position in Flutter Entertainment during the first quarter worth about $380,000. Rubicon Global Capital Ltd raised its holdings in Flutter Entertainment by 56.1% during the first quarter. Rubicon Global Capital Ltd now owns 70,250 shares of the company's stock worth $15,564,000 after purchasing an additional 25,250 shares in the last quarter. Bessemer Group Inc. raised its holdings in Flutter Entertainment by 0.6% during the first quarter. Bessemer Group Inc. now owns 397,297 shares of the company's stock worth $88,021,000 after purchasing an additional 2,478 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its holdings in Flutter Entertainment by 1.4% during the first 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 in the last quarter.

Analyst Ratings Changes

FLUT has been the subject of a number of research analyst reports. Barclays increased their target price on shares of Flutter Entertainment from $350.00 to $352.00 and gave the company an "overweight" rating in a report on Friday, August 8th. Peel Hunt cut shares of Flutter Entertainment from an "add" rating to a "hold" rating in a report on Friday, August 8th. Bank of America increased their target price on shares of Flutter Entertainment from $295.00 to $330.00 and gave the company a "buy" rating in a report on Friday, July 11th. BTIG Research dropped their target price on shares of Flutter Entertainment from $323.00 to $289.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. Finally, Macquarie increased their target price on shares of Flutter Entertainment from $320.00 to $340.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Three analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $328.62.

Insider Activity

In related news, Director John A. Bryant sold 418 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $245.71, for a total transaction of $102,706.78. Following the sale, the director owned 5,956 shares in the company, valued at approximately $1,463,448.76. This trade represents a 6.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Daniel Mark Taylor sold 15,283 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $284.80, for a total transaction of $4,352,598.40. Following the sale, the insider owned 16,589 shares in the company, valued at approximately $4,724,547.20. This trade represents a 47.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,642 shares of company stock valued at $5,490,473 in the last 90 days. Insiders own 0.09% of the company's stock.

Flutter Entertainment Trading Down 1.4%

NYSE FLUT traded down $4.20 during mid-day trading on Thursday, reaching $289.52. 1,791,608 shares of the stock were exchanged, compared to its average volume of 2,322,799. Flutter Entertainment PLC has a 1-year low of $196.88 and a 1-year high of $313.68. The business's fifty day simple moving average is $286.69 and its 200 day simple moving average is $260.94. The stock has a market capitalization of $50.98 billion, a PE ratio of 142.62, a PEG ratio of 1.22 and a beta of 2.31. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.95 and a current ratio of 0.95.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $2.95 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $4.19 billion for the quarter, compared to analyst estimates of $3.06 billion. The business's revenue for the quarter was up 16.0% on a year-over-year basis. On average, research analysts anticipate that Flutter Entertainment PLC will post 4.17 earnings per share for the current fiscal year.

Flutter Entertainment declared that its Board of Directors has authorized 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 buy up to 0.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Flutter Entertainment Company Profile

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.