DNB Asset Management AS Has $13.40 Million Stake in Flutter Entertainment PLC $FLUT

Key Points

• DNB Asset Management AS sharply reduced its Flutter Entertainment stake by 79.7% in the fourth quarter, leaving it with 62,300 shares worth about $13.4 million.
• Flutter reported better-than-expected quarterly results, with EPS of $1.22 versus $1.09 expected and revenue of $4.30 billion, up 17.4% year over year.
• Wall Street remains broadly positive: the stock has a Moderate Buy consensus rating with an average price target of $189.26, while Flutter also authorized a $250 million share repurchase plan.

DNB Asset Management AS trimmed its position in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 79.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 62,300 shares of the company's stock after selling 244,000 shares during the period. DNB Asset Management AS's holdings in Flutter Entertainment were worth $13,397,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FLUT. Makena Capital Management LLC purchased a new stake in Flutter Entertainment during the 3rd quarter valued at $11,517,000. TimesSquare Capital Management LLC increased its stake in Flutter Entertainment by 294.1% in the third quarter. TimesSquare Capital Management LLC now owns 378,878 shares of the company's stock worth $96,235,000 after purchasing an additional 282,736 shares during the period. AGF Management Ltd. purchased a new stake in Flutter Entertainment in the third quarter worth $9,519,000. Mutual of America Capital Management LLC purchased a new stake in Flutter Entertainment in the third quarter worth $2,173,000. Finally, Federated Hermes Inc. purchased a new stake in Flutter Entertainment in the third quarter worth $169,777,000.

Insider Activity at Flutter Entertainment

In related news, insider Don H. Liu sold 1,259 shares of the firm's stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $93.37, for a total transaction of $117,552.83. Following the sale, the insider owned 21,006 shares of the company's stock, valued at $1,961,330.22. This trade represents a 5.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Carolan Lennon acquired 520 shares of the company's stock in a transaction that occurred on Tuesday, May 12th. The shares were bought at an average cost of $92.30 per share, for a total transaction of $47,996.00. Following the transaction, the director owned 2,127 shares of the company's stock, valued at $196,322.10. This represents a 32.36% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have purchased 10,453 shares of company stock valued at $1,045,526 and have sold 22,306 shares valued at $2,333,598. 0.13% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Needham & Company LLC reduced their target price on Flutter Entertainment from $150.00 to $135.00 and set a "buy" rating on the stock in a research note on Thursday, May 7th. Oppenheimer reduced their target price on Flutter Entertainment from $210.00 to $160.00 and set an "outperform" rating on the stock in a research note on Monday, April 13th. Zacks Research lowered Flutter Entertainment from a "hold" rating to a "strong sell" rating in a research note on Monday, January 19th. Citizens Jmp reduced their target price on Flutter Entertainment from $188.00 to $165.00 and set a "market outperform" rating on the stock in a research note on Thursday, May 7th. Finally, Barclays reduced their target price on Flutter Entertainment from $175.00 to $150.00 and set an "overweight" rating on the stock in a research note on Friday, May 8th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, Flutter Entertainment has an average rating of "Moderate Buy" and an average price target of $189.26.

Flutter Entertainment Price Performance

FLUT opened at $92.44 on Monday. Flutter Entertainment PLC has a 12-month low of $91.52 and a 12-month high of $313.68. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.27. The business's fifty day simple moving average is $105.39 and its 200-day simple moving average is $159.51. The company has a market capitalization of $16.08 billion, a price-to-earnings ratio of -43.19, a PEG ratio of 1.22 and a beta of 1.58.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the prior year, the company earned $1.59 EPS. The business's revenue was up 17.4% compared to the same quarter last year. On average, equities research analysts anticipate that Flutter Entertainment PLC will post 4.88 earnings per share for the current fiscal year.

Flutter Entertainment announced that its Board of Directors has authorized a share repurchase plan on Wednesday, March 11th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 1.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's board of directors believes its shares are undervalued.

Flutter Entertainment Company 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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