Forsta AP Fonden Boosts Position in Flutter Entertainment PLC (NYSE:FLUT)

Key Points

• Forsta AP Fonden increased its stake in Flutter Entertainment PLC by 76.4%, owning 66,500 shares worth approximately $14.73 million after acquiring an additional 28,800 shares during the first quarter.
• Flutter reported a quarterly earnings per share of $2.95, surpassing estimates by $0.87, with revenues of $4.19 billion, representing a 16% year-over-year increase.
• Flutter Entertainment announced a $245 million stock buyback plan, indicating the board's belief that the stock is undervalued.

Forsta AP Fonden lifted its stake in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 76.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 66,500 shares of the company's stock after buying an additional 28,800 shares during the period. Forsta AP Fonden's holdings in Flutter Entertainment were worth $14,733,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. GPS Wealth Strategies Group LLC increased its position in Flutter Entertainment by 1,375.0% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 118 shares of the company's stock valued at $26,000 after purchasing an additional 110 shares during the period. Tower Research Capital LLC TRC acquired a new stake in Flutter Entertainment in the 4th quarter valued at $33,000. Parallel Advisors LLC grew its position in Flutter Entertainment by 78.9% in the 1st quarter. Parallel Advisors LLC now owns 136 shares of the company's stock valued at $30,000 after purchasing an additional 60 shares during the period. TD Waterhouse Canada Inc. acquired a new stake in Flutter Entertainment in the 4th quarter valued at $36,000. Finally, Farther Finance Advisors LLC grew its position in Flutter Entertainment by 90.6% in the 1st quarter. Farther Finance Advisors LLC now owns 183 shares of the company's stock valued at $41,000 after purchasing an additional 87 shares during the period.

Insider Activity at Flutter Entertainment

In related news, Director Carolan Lennon sold 430 shares of the business's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $245.71, for a total value of $105,655.30. Following the sale, the director directly owned 769 shares in the company, valued at approximately $188,950.99. The trade was a 35.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Christine M. Mccarthy sold 264 shares of the business's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $244.12, for a total value of $64,447.68. Following the completion of the sale, the director owned 559 shares in the company, valued at $136,463.08. This represents a 32.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,455 shares of company stock worth $601,632. 0.09% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on FLUT shares. Needham & Company LLC lifted their price target on shares of Flutter Entertainment from $340.00 to $355.00 and gave the company a "buy" rating in a research report on Friday. Citizens Jmp reduced their price target on shares of Flutter Entertainment from $328.00 to $317.00 and set an "outperform" rating for the company in a research report on Monday, April 14th. Canaccord Genuity Group lifted their price target on shares of Flutter Entertainment from $330.00 to $340.00 and gave the company a "buy" rating in a research report on Friday. Barclays lifted their price target on shares of Flutter Entertainment from $350.00 to $352.00 and gave the company an "overweight" rating in a research report on Friday. Finally, JMP Securities lifted their price target on shares of Flutter Entertainment from $323.00 to $345.00 and gave the company a "market outperform" rating in a research report on Friday. Three research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $328.62.

Flutter Entertainment Stock Performance

Shares of NYSE FLUT traded up $4.16 during mid-day trading on Monday, reaching $284.75. 2,832,377 shares of the company's stock were exchanged, compared to its average volume of 2,334,385. The firm has a market capitalization of $50.14 billion, a price-to-earnings ratio of 41.45, a price-to-earnings-growth ratio of 1.12 and a beta of 2.31. Flutter Entertainment PLC has a 52 week low of $183.18 and a 52 week high of $313.68. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a 50-day moving average price of $283.92 and a two-hundred day moving average price of $260.32.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $2.95 EPS for the quarter, topping analysts' consensus estimates of $2.08 by $0.87. The company had revenue of $4.19 billion for the quarter, compared to analysts' expectations of $3.06 billion. Flutter Entertainment had a return on equity of 12.15% and a net margin of 2.96%. The firm's revenue was up 16.0% compared to the same quarter last year. Analysts predict that Flutter Entertainment PLC will post 4.17 EPS for the current year.

Flutter Entertainment announced that its Board of Directors has initiated a share buyback plan on Friday, August 8th that permits the company to repurchase $245.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 0.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its stock is undervalued.

About Flutter Entertainment

Flutter Entertainment plc operates as a sports betting and gaming company in the United Kingdom, Ireland, Australia, the United States, Italy, and internationally. The company operates through four segments: UK & Ireland, Australia, International, and US. It offers sports betting, iGaming, daily fantasy sports, online racing wagering, and TV broadcasting products; sportsbooks and exchange sports betting products, and gaming products; and online sports betting.