Flutter Entertainment PLC $FLUT Shares Bought by Independence Bank of Kentucky

Key Points

• Independence Bank of Kentucky increased its Flutter Entertainment stake by 440.5% in the first quarter, buying 14,670 additional shares and bringing its total to 18,000 shares valued at about $1.84 million.
• Several other large investors also adjusted their positions in FLUT, including major increases from Capital International Investors and Hsbc Holdings, highlighting continued institutional interest in the stock.
• Analysts remain generally positive on Flutter Entertainment despite some target-price cuts, with a consensus rating of Moderate Buy and a consensus price target of $178.83.

Independence Bank of Kentucky boosted its position in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 440.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,000 shares of the company's stock after buying an additional 14,670 shares during the period. Independence Bank of Kentucky's holdings in Flutter Entertainment were worth $1,835,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in FLUT. Capital International Investors increased its position in shares of Flutter Entertainment by 146.8% during the fourth quarter. Capital International Investors now owns 8,039,066 shares of the company's stock worth $1,728,772,000 after purchasing an additional 4,782,302 shares in the last quarter. Cibc World Markets Corp purchased a new stake in shares of Flutter Entertainment during the fourth quarter worth $1,678,841,000. Caledonia Private Investments Pty Ltd raised its position in shares of Flutter Entertainment by 3.8% in the fourth quarter. Caledonia Private Investments Pty Ltd now owns 7,191,861 shares of the company's stock valued at $1,546,538,000 after buying an additional 264,856 shares during the last quarter. Hsbc Holdings PLC lifted its stake in shares of Flutter Entertainment by 33,988.7% in the first quarter. Hsbc Holdings PLC now owns 5,605,543 shares of the company's stock worth $575,185,000 after buying an additional 5,589,099 shares in the last quarter. Finally, Tiger Global Management LLC boosted its position in Flutter Entertainment by 9.4% during the fourth quarter. Tiger Global Management LLC now owns 4,003,542 shares of the company's stock worth $860,922,000 after acquiring an additional 345,350 shares during the last quarter.

Wall Street Analysts Forecast Growth

FLUT has been the topic of a number of research reports. Truist Financial decreased their target price on shares of Flutter Entertainment from $140.00 to $130.00 and set a "buy" rating on the stock in a research note on Thursday, May 7th. Needham & Company LLC dropped their price target on Flutter Entertainment from $150.00 to $135.00 and set a "buy" rating for the company in a research report on Thursday, May 7th. Citizens Jmp cut their price target on Flutter Entertainment from $165.00 to $159.00 and set a "market outperform" rating for the company in a report on Wednesday. Freedom Capital upgraded Flutter Entertainment to a "hold" rating in a research report on Monday, June 22nd. Finally, Citigroup reissued an "outperform" rating on shares of Flutter Entertainment in a research note on Wednesday. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $178.83.

Insider Activity at Flutter Entertainment

In other Flutter Entertainment news, CEO Daniel Mark Taylor bought 1,611 shares of Flutter Entertainment stock in a transaction on Tuesday, May 12th. The shares were bought at an average price of $94.29 per share, for a total transaction of $151,901.19. Following the completion of the transaction, the chief executive officer directly owned 34,584 shares of the company's stock, valued at $3,260,925.36. This trade represents a 4.89% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, insider Don H. Liu sold 1,259 shares of the stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $93.37, for a total value of $117,552.83. Following the transaction, the insider owned 21,006 shares of the company's stock, valued at approximately $1,961,330.22. This represents a 5.65% 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 90 days, insiders have acquired 10,453 shares of company stock valued at $1,045,526 and have sold 5,994 shares valued at $577,293. 0.13% of the stock is owned by insiders.

Flutter Entertainment Trading Up 0.0%

NYSE:FLUT traded up $0.05 on Friday, hitting $110.84. The stock had a trading volume of 1,277,159 shares, compared to its average volume of 2,487,562. The company has a fifty day moving average price of $102.00 and a two-hundred day moving average price of $128.89. Flutter Entertainment PLC has a 1-year low of $91.52 and a 1-year high of $313.68. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.27. The stock has a market cap of $19.28 billion, a price-to-earnings ratio of -51.80, a PEG ratio of 1.43 and a beta of 1.31.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced 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 negative net margin of 2.20% and a positive return on equity of 11.60%. The business had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter last year, the firm earned $1.59 EPS. The business's revenue was up 17.4% compared to the same quarter last year. Equities research analysts expect that Flutter Entertainment PLC will post 5 earnings per share for the current fiscal 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.

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