Flutter Entertainment PLC $FLUT Shares Sold by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon trimmed its stake in Flutter Entertainment by 8.3% in the fourth quarter, selling 36,653 shares and leaving it with 407,155 shares valued at about $87.6 million.
• Flutter reported better-than-expected quarterly results, posting EPS of $1.22 versus the $1.09 estimate and revenue of $4.30 billion, with sales up 17.4% year over year.
• The company also has a $250 million share repurchase authorization in place, while analysts currently rate the stock a Moderate Buy with a consensus target price of $189.26.

Bank of New York Mellon Corp lessened its holdings in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 8.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 407,155 shares of the company's stock after selling 36,653 shares during the quarter. Bank of New York Mellon Corp owned 0.23% of Flutter Entertainment worth $87,555,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Flutter Entertainment by 1.7% in the third quarter. Vanguard Group Inc. now owns 17,559,354 shares of the company's stock valued at $4,460,076,000 after acquiring an additional 301,879 shares in the last quarter. Wellington Management Group LLP grew its position in Flutter Entertainment by 5.5% in the third quarter. Wellington Management Group LLP now owns 3,519,434 shares of the company's stock valued at $903,694,000 after acquiring an additional 182,594 shares in the last quarter. Capital International Investors grew its position in Flutter Entertainment by 4.9% in the third quarter. Capital International Investors now owns 3,256,764 shares of the company's stock valued at $827,841,000 after acquiring an additional 153,390 shares in the last quarter. Norges Bank acquired a new stake in Flutter Entertainment in the fourth quarter valued at approximately $694,009,000. Finally, State Street Corp grew its position in Flutter Entertainment by 4.5% in the third quarter. State Street Corp now owns 3,226,742 shares of the company's stock valued at $819,592,000 after acquiring an additional 140,012 shares in the last quarter.

Insider Buying and Selling

In other Flutter Entertainment news, CEO Jeremy Peter Jackson sold 3,084 shares of the firm's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $98.13, for a total value of $302,632.92. Following the sale, the chief executive officer directly 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Don H. Liu sold 1,259 shares of the firm's stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $93.37, for a total value of $117,552.83. Following the completion of the sale, the insider owned 21,006 shares in the company, valued at $1,961,330.22. The trade was 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. In the last three months, insiders purchased 10,453 shares of company stock valued at $1,045,526 and sold 23,828 shares valued at $2,477,625. 0.13% of the stock is owned by corporate insiders.

Flutter Entertainment Stock Performance

FLUT stock opened at $105.20 on Tuesday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.90 and a current ratio of 0.90. The stock has a market capitalization of $18.30 billion, a price-to-earnings ratio of -49.16, a PEG ratio of 1.33 and a beta of 1.40. Flutter Entertainment PLC has a 1 year low of $91.52 and a 1 year high of $313.68. The stock's fifty day moving average is $102.43 and its two-hundred day moving average is $145.80.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.13. The company had revenue of $4.30 billion for the quarter, compared to analysts' expectations of $4.24 billion. Flutter Entertainment had a positive return on equity of 11.60% and a negative net margin of 2.20%.The firm's quarterly revenue was up 17.4% compared to the same quarter last year. During the same period last year, the business posted $1.59 earnings per share. On average, research analysts predict that Flutter Entertainment PLC will post 4.88 EPS for the current 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 purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

FLUT has been the subject of several research analyst reports. UBS Group reduced their target price on Flutter Entertainment from $300.00 to $160.00 and set a "buy" rating for the company in a research note on Wednesday, March 25th. Kepler Capital Markets cut Flutter Entertainment from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 16th. BTIG Research reduced their target price on Flutter Entertainment from $137.00 to $126.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. Stifel Nicolaus reduced their target price on Flutter Entertainment from $216.00 to $189.00 and set a "buy" rating for the company in a research note on Thursday, April 9th. Finally, Truist Financial reduced their target price on Flutter Entertainment from $140.00 to $130.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, seven have given a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $189.26.

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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