Flutter Entertainment PLC (NYSE:FLUT) Stake Lifted by Citigroup Inc.

Key Points

• Citigroup Inc. increased its holdings in Flutter Entertainment PLC by 90.6% in the first quarter, owning a total of 529,831 shares worth approximately $117.4 million.
• Flutter Entertainment reported a 16% increase in revenue year-over-year, with quarterly earnings of $2.95 per share, exceeding expectations of $2.08.
• The company's board authorized a $245 million share buyback plan, indicating their belief that the stock is undervalued.

Citigroup Inc. increased its stake in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 90.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 529,831 shares of the company's stock after purchasing an additional 251,827 shares during the period. Citigroup Inc. owned 0.30% of Flutter Entertainment worth $117,384,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of FLUT. GPS Wealth Strategies Group LLC raised its holdings in Flutter Entertainment by 1,375.0% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 118 shares of the company's stock valued at $26,000 after acquiring an additional 110 shares during the last quarter. Parallel Advisors LLC raised its holdings in Flutter Entertainment by 78.9% in the 1st quarter. Parallel Advisors LLC now owns 136 shares of the company's stock valued at $30,000 after acquiring an additional 60 shares during the last quarter. Tower Research Capital LLC TRC acquired a new position in Flutter Entertainment in the 4th quarter valued at $33,000. TD Waterhouse Canada Inc. acquired a new position in Flutter Entertainment in the 4th quarter valued at $36,000. Finally, Harbor Investment Advisory LLC raised its holdings in Flutter Entertainment by 43.8% in the 1st quarter. Harbor Investment Advisory LLC now owns 184 shares of the company's stock valued at $41,000 after acquiring an additional 56 shares during the last quarter.

Insiders Place Their Bets

In other Flutter Entertainment news, Director John A. Bryant sold 418 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $245.71, for a total value of $102,706.78. Following the sale, the director directly owned 5,956 shares of the company's stock, valued at $1,463,448.76. This trade represents a 6.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Carolan Lennon sold 430 shares of the firm's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $245.71, for a total value of $105,655.30. Following the completion of the sale, the director owned 769 shares in the company, valued at $188,950.99. The trade was a 35.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,455 shares of company stock worth $601,632. Company insiders own 0.09% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on FLUT shares. Sanford C. Bernstein restated a "market perform" rating on shares of Flutter Entertainment in a report on Friday. Oppenheimer upped their price objective on Flutter Entertainment from $310.00 to $350.00 and gave the stock an "outperform" rating in a report on Tuesday, July 22nd. JMP Securities upped their price objective on Flutter Entertainment from $323.00 to $345.00 and gave the stock a "market outperform" rating in a report on Friday. Canaccord Genuity Group upped their price objective on Flutter Entertainment from $330.00 to $340.00 and gave the stock a "buy" rating in a report on Friday. Finally, Needham & Company LLC upped their price target on shares of Flutter Entertainment from $340.00 to $355.00 and gave the stock a "buy" rating in a research report on Friday. Three research 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 MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $328.62.

Flutter Entertainment Stock Up 1.5%

Shares of Flutter Entertainment stock traded up $4.16 during trading on Monday, reaching $284.75. The company had a trading volume of 2,832,377 shares, compared to its average volume of 2,334,385. The company has a market cap of $50.14 billion, a price-to-earnings ratio of 41.45, a price-to-earnings-growth ratio of 1.12 and a beta of 2.31. The firm's fifty day moving average is $283.92 and its 200-day moving average is $260.32. 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 PLC has a fifty-two week low of $183.18 and a fifty-two week high of $313.68.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $2.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.08 by $0.87. The business had revenue of $4.19 billion for the quarter, compared to analyst estimates of $3.06 billion. Flutter Entertainment had a net margin of 2.96% and a return on equity of 12.15%. The business's revenue for the quarter was up 16.0% on a year-over-year basis. On average, analysts anticipate that Flutter Entertainment PLC will post 4.17 EPS for the current year.

Flutter Entertainment announced that its Board of Directors has approved a stock repurchase plan on Friday, August 8th that permits the company to repurchase $245.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 0.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

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.