Capricorn Fund Managers Ltd Makes New Investment in Flutter Entertainment PLC $FLUT

Key Points

• Capricorn Fund Managers opened a new position in Flutter Entertainment during the first quarter, buying 36,000 shares worth about $3.67 million.
• Flutter reported quarterly earnings of $1.22 per share, topping estimates, while revenue came in at $4.30 billion and rose 17.4% year over year.
• The company also authorized a $250 million stock buyback, and analysts currently view the stock as a Moderate Buy with an average price target of $187.42.

Capricorn Fund Managers Ltd acquired a new stake in Flutter Entertainment PLC (NYSE:FLUT - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 36,000 shares of the company's stock, valued at approximately $3,670,000.

A number of other hedge funds and other institutional investors have also modified their holdings of FLUT. Cibc World Markets Corp purchased a new position in Flutter Entertainment in the fourth quarter valued at $1,678,841,000. Capital International Investors increased its holdings in shares of Flutter Entertainment by 146.8% in the 4th quarter. Capital International Investors now owns 8,039,066 shares of the company's stock valued at $1,728,772,000 after acquiring an additional 4,782,302 shares during the last quarter. Norges Bank purchased a new position in shares of Flutter Entertainment in the 4th quarter valued at about $694,009,000. Durable Capital Partners LP raised its position in shares of Flutter Entertainment by 274.2% during the 3rd quarter. Durable Capital Partners LP now owns 1,243,988 shares of the company's stock worth $315,973,000 after acquiring an additional 911,507 shares in the last quarter. Finally, PointState Capital LP raised its position in shares of Flutter Entertainment by 132.7% during the 4th quarter. PointState Capital LP now owns 1,399,735 shares of the company's stock worth $300,999,000 after acquiring an additional 798,302 shares in the last quarter.

Flutter Entertainment Stock Down 2.0%

Shares of NYSE FLUT opened at $102.02 on Wednesday. The stock has a market cap of $17.75 billion, a PE ratio of -47.67, a price-to-earnings-growth ratio of 1.35 and a beta of 1.40. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.27. Flutter Entertainment PLC has a 52-week low of $91.52 and a 52-week high of $313.68. The business has a 50-day moving average price of $102.10 and a 200 day moving average price of $134.56.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $1.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.13. The company had revenue of $4.30 billion during the quarter, compared to analysts' expectations of $4.24 billion. Flutter Entertainment had a positive return on equity of 11.60% and a negative net margin of 2.20%.The firm's revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.59 earnings per share. Equities research analysts forecast that Flutter Entertainment PLC will post 5 earnings per share for the current year.

Flutter Entertainment announced that its board has approved a stock buyback program on Wednesday, March 11th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Flutter Entertainment news, CEO Daniel Mark Taylor purchased 1,611 shares of Flutter Entertainment 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 transaction, the chief executive officer directly owned 34,584 shares in the company, valued at $3,260,925.36. This trade represents a 4.89% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jeremy Peter Jackson sold 3,084 shares of the company's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $98.13, for a total transaction of $302,632.92. Following the completion of the sale, the chief executive officer directly owned 74,326 shares of the company's stock, valued at $7,293,610.38. The trade was a 3.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders acquired 10,453 shares of company stock worth $1,045,526 and sold 5,994 shares worth $577,293. Insiders own 0.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on FLUT shares. BNP Paribas Exane initiated coverage on Flutter Entertainment in a report on Thursday, May 14th. They issued an "underperform" rating and a $80.00 price target for the company. Weiss Ratings reissued a "sell (d)" rating on shares of Flutter Entertainment in a report on Wednesday, May 27th. Benchmark reduced their price objective on shares of Flutter Entertainment from $175.00 to $132.00 and set a "buy" rating for the company in a research report on Thursday, May 7th. Citizens Jmp lowered their target price on shares of Flutter Entertainment from $188.00 to $165.00 and set a "market outperform" rating for the company in a report on Thursday, May 7th. Finally, UBS Group lowered their target price on shares of Flutter Entertainment from $300.00 to $160.00 and set a "buy" rating for the company in a report on Wednesday, March 25th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have assigned a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat.com, Flutter Entertainment has a consensus rating of "Moderate Buy" and an average target price of $187.42.

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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