Contour Asset Management LLC Purchases New Position in Flutter Entertainment PLC $FLUT

Key Points

• Contour Asset Management LLC has acquired 153,870 shares of Flutter Entertainment PLC, valued at approximately $34.09 million, making it the firm's 24th largest investment.
• Insider selling has occurred recently, with significant transactions including Director Christine M. Mccarthy selling shares, resulting in a 32.08% decrease in her position.
• Several financial firms have raised their price targets on Flutter Entertainment, with Truist Financial recommending a target of $340.00, indicating strong analyst confidence in the stock's performance.

Contour Asset Management LLC acquired a new stake in Flutter Entertainment PLC (NYSE:FLUT - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 153,870 shares of the company's stock, valued at approximately $34,090,000. Flutter Entertainment comprises approximately 1.4% of Contour Asset Management LLC's investment portfolio, making the stock its 24th biggest holding. Contour Asset Management LLC owned approximately 0.09% of Flutter Entertainment as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. PARUS FINANCE UK Ltd raised its holdings in shares of Flutter Entertainment by 1.5% in the first quarter. PARUS FINANCE UK Ltd now owns 3,350 shares of the company's stock valued at $742,000 after buying an additional 50 shares during the last quarter. Sequoia Financial Advisors LLC increased its position in Flutter Entertainment by 3.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 1,836 shares of the company's stock valued at $407,000 after acquiring an additional 53 shares in the last quarter. Harbor Investment Advisory LLC lifted its position in shares of Flutter Entertainment by 43.8% during the first quarter. Harbor Investment Advisory LLC now owns 184 shares of the company's stock worth $41,000 after purchasing an additional 56 shares in the last quarter. Parallel Advisors LLC grew its stake in shares of Flutter Entertainment by 78.9% during the first quarter. Parallel Advisors LLC now owns 136 shares of the company's stock valued at $30,000 after purchasing an additional 60 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its stake in shares of Flutter Entertainment by 1.4% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 4,783 shares of the company's stock valued at $1,060,000 after purchasing an additional 67 shares during the last quarter.

Flutter Entertainment Trading Up 1.0%

NYSE FLUT traded up $2.81 during trading on Friday, reaching $295.19. 1,926,671 shares of the stock traded hands, compared to its average volume of 1,792,129. Flutter Entertainment PLC has a fifty-two week low of $196.88 and a fifty-two week high of $313.68. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.95. The firm has a market cap of $51.98 billion, a price-to-earnings ratio of 145.41, a price-to-earnings-growth ratio of 1.42 and a beta of 2.29. The stock's 50-day moving average price is $296.23 and its 200 day moving average price is $263.61.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $2.95 earnings per share 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 company had revenue of $4.19 billion for the quarter, compared to analysts' expectations of $3.06 billion. Flutter Entertainment's quarterly revenue was up 16.0% on a year-over-year basis. Flutter Entertainment has set its FY 2025 guidance at EPS. Analysts predict that Flutter Entertainment PLC will post 4.17 EPS for the current year.

Flutter Entertainment declared that its Board of Directors has authorized a stock buyback plan on Friday, August 8th that authorizes the company to repurchase $245.00 million in 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 a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

FLUT has been the topic of several research reports. Jefferies Financial Group started coverage on Flutter Entertainment in a report on Tuesday, July 8th. They set a "buy" rating and a $380.00 price objective on the stock. JMP Securities boosted their target price on Flutter Entertainment from $323.00 to $345.00 and gave the stock a "market outperform" rating in a research report on Friday, August 8th. Macquarie lifted their price objective on Flutter Entertainment from $320.00 to $340.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Needham & Company LLC boosted their price objective on Flutter Entertainment from $340.00 to $355.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Finally, UBS Group reaffirmed a "buy" rating and issued a $360.00 target price (up previously from $340.00) on shares of Flutter Entertainment in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $332.70.

Insiders Place Their Bets

In other Flutter Entertainment news, insider Daniel Mark Taylor sold 15,283 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $284.80, for a total value of $4,352,598.40. Following the completion of the sale, the insider directly owned 16,589 shares in the company, valued at $4,724,547.20. This represents a 47.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Amy Howe sold 4,097 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $305.91, for a total value of $1,253,313.27. Following the completion of the transaction, the chief executive officer owned 69,850 shares of the company's stock, valued at $21,367,813.50. This represents a 5.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,396 shares of company stock valued at $6,759,745 in the last three months. Insiders own 0.09% of the company's stock.

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.