Flutter Entertainment PLC $FLUT Shares Acquired by Fjarde AP Fonden Fourth Swedish National Pension Fund

Key Points

• Fjarde AP Fonden increased its stake in Flutter Entertainment by 53.3% in the first quarter, bringing its holdings to 64,054 shares valued at about $6.53 million.
• Several other institutional investors also adjusted positions in FLUT, including Norges Bank, which took a large new stake, while analysts currently rate the stock a Moderate Buy with a consensus price target of $187.42.
• Flutter reported strong first-quarter results, with EPS of $1.22 beating estimates and revenue of $4.30 billion rising 17.4% year over year, even as the stock traded around $106 and the company authorized a $250 million share buyback.

Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 53.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,054 shares of the company's stock after acquiring an additional 22,270 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Flutter Entertainment were worth $6,530,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Norges Bank acquired a new position in shares of Flutter Entertainment during the fourth quarter worth $694,009,000. Peregrine Capital Management LLC raised its position in Flutter Entertainment by 34.2% in the 4th quarter. Peregrine Capital Management LLC now owns 150,979 shares of the company's stock valued at $32,467,000 after purchasing an additional 38,469 shares during the last quarter. Capricorn Fund Managers Ltd acquired a new position in Flutter Entertainment in the first quarter valued at $3,670,000. Hudson Bay Capital Management LP boosted its stake in shares of Flutter Entertainment by 6.2% during the third quarter. Hudson Bay Capital Management LP now owns 395,120 shares of the company's stock worth $100,360,000 after buying an additional 23,237 shares during the period. Finally, TimesSquare Capital Management LLC increased its position in Flutter Entertainment by 5.3% in the 4th quarter. TimesSquare Capital Management LLC now owns 399,081 shares of the company's stock valued at $85,818,000 after acquiring an additional 20,203 shares during the period.

Analyst Upgrades and Downgrades

FLUT has been the topic of several recent research reports. Moffett Nathanson cut shares of Flutter Entertainment from a "buy" rating to a "neutral" rating and set a $127.00 price objective on the stock. in a research note on Friday, April 24th. Freedom Capital raised Flutter Entertainment to a "hold" rating in a report on Monday, June 22nd. Stifel Nicolaus lowered their price target on shares of Flutter Entertainment from $216.00 to $189.00 and set a "buy" rating on the stock in a research report on Thursday, April 9th. Citizens Jmp cut their price target on Flutter Entertainment from $188.00 to $165.00 and set a "market outperform" rating for the company in a report on Thursday, May 7th. Finally, Truist Financial lowered their target price on shares of Flutter Entertainment from $140.00 to $130.00 and set a "buy" rating for the company in a report on Thursday, May 7th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have given a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $187.42.

Flutter Entertainment Price Performance

Shares of FLUT stock opened at $106.04 on Monday. The firm has a fifty day simple moving average of $101.93 and a 200-day simple moving average of $132.13. 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 company has a market capitalization of $18.45 billion, a PE ratio of -49.55, a price-to-earnings-growth ratio of 1.37 and a beta of 1.31. Flutter Entertainment PLC has a twelve month low of $91.52 and a twelve month high of $313.68.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its 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 analyst estimates of $4.24 billion. During the same period in the previous year, the company earned $1.59 earnings per share. The company's revenue for the quarter was up 17.4% compared to the same quarter last year. Equities research analysts anticipate that Flutter Entertainment PLC will post 5 earnings per share for the current fiscal year.

Flutter Entertainment announced that its board has authorized a stock buyback program on Wednesday, March 11th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to purchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In other Flutter Entertainment news, CEO Jeremy Peter Jackson sold 3,084 shares of the business's stock in a transaction on Monday, May 11th. The shares were sold at an average price of $98.13, for a total transaction of $302,632.92. Following the completion of the sale, the chief executive officer owned 74,326 shares in the company, valued at $7,293,610.38. The trade was a 3.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Don H. Liu acquired 1,459 shares of the company's stock in a transaction that occurred on Friday, May 8th. The shares were acquired at an average price of $102.78 per share, for a total transaction of $149,956.02. Following the purchase, the insider owned 22,265 shares of the company's stock, valued at $2,288,396.70. This trade represents a 7.01% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders acquired 10,453 shares of company stock valued at $1,045,526 and sold 5,994 shares valued at $577,293. 0.13% of the stock is currently owned by company insiders.

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.

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