Cigna Investments Inc. New Invests $491,000 in Flutter Entertainment PLC $FLUT

Key Points

• Cigna Investments Inc. has acquired a new position in Flutter Entertainment PLC, purchasing 1,719 shares valued at approximately $491,000 in the second quarter of 2023.
• Numerous hedge funds have adjusted their stakes in Flutter Entertainment, with Argentarii LLC increasing its stake by 55.6% and several firms making new investments.
• Flutter Entertainment reported a quarterly earnings per share (EPS) of $2.95, significantly exceeding analysts' expectations, with a revenue of $4.19 billion.

Cigna Investments Inc. New acquired a new position in Flutter Entertainment PLC (NYSE:FLUT - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,719 shares of the company's stock, valued at approximately $491,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Maseco LLP purchased a new position in Flutter Entertainment in the 2nd quarter worth $96,000. Argentarii LLC raised its stake in Flutter Entertainment by 55.6% in the 2nd quarter. Argentarii LLC now owns 2,642 shares of the company's stock worth $755,000 after acquiring an additional 944 shares during the last quarter. Lederer & Associates Investment Counsel CA raised its stake in Flutter Entertainment by 5.5% in the 2nd quarter. Lederer & Associates Investment Counsel CA now owns 6,141 shares of the company's stock worth $1,755,000 after acquiring an additional 318 shares during the last quarter. Park Avenue Securities LLC raised its stake in Flutter Entertainment by 16.4% in the 2nd quarter. Park Avenue Securities LLC now owns 1,284 shares of the company's stock worth $367,000 after acquiring an additional 181 shares during the last quarter. Finally, Arthur M. Cohen & Associates LLC raised its stake in Flutter Entertainment by 5.7% in the 2nd quarter. Arthur M. Cohen & Associates LLC now owns 1,950 shares of the company's stock worth $557,000 after acquiring an additional 105 shares during the last quarter.

Analyst Upgrades and Downgrades

FLUT has been the subject of a number of recent research reports. Macquarie lifted their price objective on Flutter Entertainment from $320.00 to $340.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Barclays lifted their price objective on Flutter Entertainment from $350.00 to $352.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Canaccord Genuity Group lifted their price objective on Flutter Entertainment from $330.00 to $340.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Zacks Research upgraded Flutter Entertainment from a "strong sell" rating to a "hold" rating in a research note on Friday, August 15th. Finally, Peel Hunt lowered Flutter Entertainment from an "add" rating to a "hold" rating in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, Flutter Entertainment has an average rating of "Moderate Buy" and a consensus target price of $332.70.

Flutter Entertainment Stock Down 1.4%

Shares of NYSE FLUT opened at $280.03 on Thursday. The firm has a market cap of $49.31 billion, a price-to-earnings ratio of 137.95 and a beta of 2.29. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.95. Flutter Entertainment PLC has a 52-week low of $196.88 and a 52-week high of $313.68. The business's 50 day moving average is $295.67 and its two-hundred day moving average is $264.84.

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 (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.87. The business had revenue of $4.19 billion for the quarter, compared to analysts' expectations of $3.06 billion. Flutter Entertainment had a return on equity of 12.15% and a net margin of 2.96%.Flutter Entertainment's revenue was up 16.0% on a year-over-year basis. Flutter Entertainment has set its FY 2025 guidance at EPS. Research analysts predict that Flutter Entertainment PLC will post 4.17 EPS for the current year.

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

Insiders Place Their Bets

In related news, insider James Philip Bishop sold 1,904 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $281.64, for a total value of $536,242.56. Following the transaction, the insider owned 4,712 shares of the company's stock, valued at $1,327,087.68. This represents a 28.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Jeremy Peter Jackson sold 2,112 shares of the stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $292.42, for a total value of $617,591.04. Following the completion of the transaction, the chief executive officer directly owned 31,944 shares in the company, valued at $9,341,064.48. This trade represents a 6.20% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,396 shares of company stock worth $6,759,745. 0.09% of the stock is owned by corporate insiders.

Flutter Entertainment 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.

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