Cantillon Capital Management LLC Grows Stock Position in Flutter Entertainment PLC $FLUT

Key Points

• Cantillon Capital Management increased its stake in Flutter Entertainment by 0.8% in the fourth quarter, bringing its holdings to 2.26 million shares worth about $486.9 million. The stock now represents roughly 2.6% of the firm’s portfolio.
• Flutter Entertainment reported better-than-expected quarterly results, with earnings per share of $1.22 versus estimates of $1.09 and revenue of $4.30 billion, up 17.4% year over year. The company also authorized a $250 million share buyback.
• Despite mixed insider activity and some analyst caution, Wall Street still sees upside: Flutter has a Moderate Buy consensus rating and an average price target of $189.26. Shares recently traded around $100.62, near the low end of their 52-week range.

Cantillon Capital Management LLC increased its holdings in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 0.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,264,025 shares of the company's stock after buying an additional 16,929 shares during the quarter. Flutter Entertainment comprises approximately 2.6% of Cantillon Capital Management LLC's portfolio, making the stock its 14th biggest holding. Cantillon Capital Management LLC owned approximately 1.29% of Flutter Entertainment worth $486,856,000 as of its most recent SEC filing.

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

Flutter Entertainment Stock Up 0.1%

Shares of Flutter Entertainment stock opened at $100.62 on Monday. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.27. The firm has a market cap of $17.50 billion, a P/E ratio of -47.02, a P/E/G ratio of 1.33 and a beta of 1.40. Flutter Entertainment PLC has a fifty-two week low of $91.52 and a fifty-two week high of $313.68. The business has a 50-day moving average price of $102.40 and a 200 day moving average price of $146.42.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its quarterly earnings data 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. Flutter Entertainment had a positive return on equity of 11.60% and a negative net margin of 2.20%.The firm had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period in the previous year, the company earned $1.59 earnings per share. Flutter Entertainment's quarterly revenue was up 17.4% on a year-over-year basis. On average, sell-side analysts forecast that Flutter Entertainment PLC will post 4.88 earnings per share for the current fiscal year.

Flutter Entertainment declared that its Board of Directors has approved a share buyback plan on Wednesday, March 11th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other Flutter Entertainment news, CFO Robert Coldrake sold 4,613 shares of Flutter Entertainment stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $106.45, for a total value of $491,053.85. Following the completion of the transaction, the chief financial officer directly owned 10,006 shares in the company, valued at $1,065,138.70. The trade was a 31.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jeremy Peter Jackson sold 4,326 shares of Flutter Entertainment stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $108.00, for a total value of $467,208.00. Following the completion of the transaction, the chief executive officer owned 36,788 shares of the company's stock, valued at approximately $3,973,104. The trade was a 10.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders acquired 10,453 shares of company stock valued at $1,045,526 and sold 23,828 shares valued at $2,477,625. 0.13% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

FLUT has been the topic of a number of analyst reports. Susquehanna dropped their target price on Flutter Entertainment from $160.00 to $143.00 and set a "positive" rating on the stock in a research report on Tuesday, March 31st. Canaccord Genuity Group dropped their target price on Flutter Entertainment from $270.00 to $220.00 and set a "buy" rating on the stock in a research report on Monday, March 2nd. Citigroup lowered Flutter Entertainment from a "buy" rating to a "sell" rating in a research report on Thursday, April 16th. Moffett Nathanson lowered Flutter Entertainment from a "buy" rating to a "neutral" rating and set a $127.00 target price on the stock. in a research report on Friday, April 24th. Finally, Oppenheimer lowered their price objective on Flutter Entertainment from $210.00 to $160.00 and set an "outperform" rating for the company in a report on Monday, April 13th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, Flutter Entertainment presently has a consensus 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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