Flutter Entertainment PLC $FLUT Shares Bought by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC dramatically increased its stake in Flutter Entertainment, lifting its position by 33,988.7% in the first quarter to 5.6 million shares, worth about $575.2 million.
• Flutter’s leadership showed mixed insider activity: CEO Daniel Mark Taylor bought shares, while CEO Jeremy Peter Jackson sold shares to cover tax obligations tied to equity awards.
• Analysts remain cautiously positive on the stock, with a Moderate Buy consensus and an average price target of $178.83, while the company recently beat quarterly EPS and revenue estimates but still trades well below its 52-week high.

Hsbc Holdings PLC lifted its position in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 33,988.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 5,605,543 shares of the company's stock after acquiring an additional 5,589,099 shares during the period. Hsbc Holdings PLC owned 3.21% of Flutter Entertainment worth $575,185,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. MassMutual Private Wealth & Trust FSB grew its position in Flutter Entertainment by 219.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 115 shares of the company's stock worth $25,000 after purchasing an additional 79 shares during the last quarter. Zions Bancorporation National Association UT raised its holdings in shares of Flutter Entertainment by 1,685.7% during the fourth quarter. Zions Bancorporation National Association UT now owns 125 shares of the company's stock valued at $27,000 after buying an additional 118 shares during the last quarter. EFG International AG acquired a new position in shares of Flutter Entertainment during the fourth quarter worth approximately $36,000. IFP Advisors Inc boosted its position in shares of Flutter Entertainment by 93.8% during the fourth quarter. IFP Advisors Inc now owns 186 shares of the company's stock worth $40,000 after buying an additional 90 shares during the period. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA grew its holdings in Flutter Entertainment by 83.3% in the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 165 shares of the company's stock worth $42,000 after buying an additional 75 shares in the last quarter.

Insider Buying and Selling at Flutter Entertainment

In other news, CEO Daniel Mark Taylor bought 1,611 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were purchased at an average cost of $94.29 per share, with a total value of $151,901.19. Following the completion of the acquisition, the chief executive officer directly owned 34,584 shares in the company, valued at approximately $3,260,925.36. The trade was a 4.89% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jeremy Peter Jackson sold 3,084 shares of the business's stock in a transaction dated Monday, May 11th. The stock was 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 approximately $7,293,610.38. This trade represents a 3.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have purchased 10,453 shares of company stock valued at $1,045,526 and have sold 5,994 shares valued at $577,293. Corporate insiders own 0.13% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on FLUT shares. Susquehanna lowered their target price on Flutter Entertainment from $160.00 to $143.00 and set a "positive" rating on the stock in a research report on Tuesday, March 31st. Needham & Company LLC decreased their price target on Flutter Entertainment from $150.00 to $135.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. Freedom Capital raised Flutter Entertainment to a "hold" rating in a report on Monday, June 22nd. Stifel Nicolaus cut their price objective on shares of Flutter Entertainment from $216.00 to $189.00 and set a "buy" rating on the stock in a research note on Thursday, April 9th. Finally, Barclays upped their price objective on shares of Flutter Entertainment from $150.00 to $151.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Flutter Entertainment currently has a consensus rating of "Moderate Buy" and a consensus target price of $178.83.

Flutter Entertainment Stock Performance

FLUT opened at $106.73 on Friday. The business has a 50 day moving average price of $102.66 and a two-hundred day moving average price of $124.98. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $18.57 billion, a price-to-earnings ratio of -49.87, a price-to-earnings-growth ratio of 1.39 and a beta of 1.31. Flutter Entertainment PLC has a 1-year low of $91.52 and a 1-year high of $313.68.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $4.30 billion for the quarter, compared to analysts' expectations of $4.24 billion. During the same period last year, the firm earned $1.59 EPS. The firm's revenue for the quarter was up 17.4% on a year-over-year basis. Research analysts predict that Flutter Entertainment PLC will post 4.83 EPS for the current fiscal year.

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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