Evelyn Partners Investment Management LLP Reduces Stock Holdings in Flutter Entertainment PLC $FLUT

Key Points

• Evelyn Partners Investment Management LLP cut its Flutter Entertainment stake by 47.6% in the first quarter, selling 10,463 shares and retaining 11,497 shares valued at approximately $1.17 million.
• Institutional activity was mixed, with HSBC, Capital International Investors and Durable Capital Partners significantly increasing their positions, while insiders purchased more shares than they sold over the past three months.
• Analysts maintain a generally positive outlook, with Flutter holding a consensus “Moderate Buy” rating and a $176.26 target price. The company recently exceeded quarterly earnings and revenue estimates, reporting $4.30 billion in revenue, up 17.4% year over year.

Evelyn Partners Investment Management LLP lowered its stake in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 47.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 11,497 shares of the company's stock after selling 10,463 shares during the quarter. Evelyn Partners Investment Management LLP's holdings in Flutter Entertainment were worth $1,172,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Cibc World Markets Corp purchased a new position in Flutter Entertainment during the fourth quarter worth $1,678,841,000. Hsbc Holdings PLC increased its position in Flutter Entertainment by 33,988.7% during the first quarter. Hsbc Holdings PLC now owns 5,605,543 shares of the company's stock valued at $575,185,000 after acquiring an additional 5,589,099 shares during the last quarter. Capital International Investors raised its stake in shares of Flutter Entertainment by 146.8% in the fourth 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 period. Norges Bank purchased a new stake in shares of Flutter Entertainment in the fourth quarter valued at $694,009,000. Finally, Durable Capital Partners LP lifted its holdings in shares of Flutter Entertainment by 274.2% in 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 during the last quarter.

Insiders Place Their Bets

In related news, Director John A. Bryant bought 1,950 shares of Flutter Entertainment stock in a transaction dated Friday, May 8th. The shares were acquired at an average cost of $102.86 per share, with a total value of $200,577.00. Following the completion of the transaction, the director owned 9,235 shares in the company, valued at $949,912.10. The trade was a 26.77% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO James Philip Bishop purchased 1,000 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was purchased at an average price of $99.75 per share, with a total value of $99,750.00. Following the acquisition, the chief operating officer directly owned 17,605 shares of the company's stock, valued at $1,756,098.75. This trade represents a 6.02% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders purchased 10,453 shares of company stock worth $1,045,526 and sold 5,994 shares worth $577,293. 0.13% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Wedbush reaffirmed an "outperform" rating and set a $138.00 price target on shares of Flutter Entertainment in a research note on Friday, July 17th. Citigroup reissued an "outperform" rating on shares of Flutter Entertainment in a research report on Wednesday, July 8th. Truist Financial decreased their price objective on shares of Flutter Entertainment from $140.00 to $130.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. Freedom Capital upgraded Flutter Entertainment to a "hold" rating in a research report on Monday, June 22nd. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $167.00 target price on shares of Flutter Entertainment in a research note on Friday, May 8th. Two analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $176.26.

Flutter Entertainment Stock Up 4.4%

Shares of FLUT opened at $105.72 on Tuesday. The firm has a fifty day moving average price of $103.60 and a 200-day moving average price of $119.46. 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 firm has a market capitalization of $18.39 billion, a P/E ratio of -49.40, a P/E/G ratio of 1.39 and a beta of 1.31. Flutter Entertainment PLC has a 12-month low of $91.52 and a 12-month high of $313.68.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $1.22 EPS for the quarter, topping the consensus estimate of $1.09 by $0.13. Flutter Entertainment had a negative net margin of 2.20% and a positive return on equity of 11.60%. The company had revenue of $4.30 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter last year, the firm posted $1.59 EPS. The firm's revenue was up 17.4% compared to the same quarter last year. Equities research analysts expect that Flutter Entertainment PLC will post 4.72 earnings per share for the current year.

About Flutter Entertainment

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.