Park Avenue Securities LLC Lowers Stake in Flutter Entertainment PLC (NYSE:FLUT)

Park Avenue Securities LLC trimmed its holdings in Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 57.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,103 shares of the company's stock after selling 1,487 shares during the quarter. Park Avenue Securities LLC's holdings in Flutter Entertainment were worth $244,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. DJE Kapital AG bought a new stake in shares of Flutter Entertainment in the 4th quarter valued at approximately $442,000. Bank of New York Mellon Corp raised its stake in shares of Flutter Entertainment by 68.3% during the 4th quarter. Bank of New York Mellon Corp now owns 199,813 shares of the company's stock worth $51,642,000 after acquiring an additional 81,101 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Flutter Entertainment by 6.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 661,301 shares of the company's stock valued at $170,913,000 after acquiring an additional 38,800 shares during the last quarter. Plato Investment Management Ltd boosted its stake in Flutter Entertainment by 244.4% in the fourth quarter. Plato Investment Management Ltd now owns 3,265 shares of the company's stock valued at $847,000 after acquiring an additional 2,317 shares in the last quarter. Finally, Egerton Capital UK LLP grew its holdings in Flutter Entertainment by 3.4% in the fourth quarter. Egerton Capital UK LLP now owns 1,877,383 shares of the company's stock worth $485,210,000 after purchasing an additional 61,833 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FLUT. Sanford C. Bernstein started coverage on Flutter Entertainment in a research report on Wednesday, June 4th. They set a "market perform" rating and a $275.00 target price on the stock. Stifel Nicolaus reduced their target price on Flutter Entertainment from $320.00 to $315.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Citigroup reiterated an "outperform" rating on shares of Flutter Entertainment in a research note on Wednesday, March 5th. Wells Fargo & Company increased their price objective on Flutter Entertainment from $285.00 to $300.00 and gave the company an "overweight" rating in a report on Wednesday, March 5th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $310.00 target price on shares of Flutter Entertainment in a report on Tuesday, June 10th. One research analyst has rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $303.79.

Insider Buying and Selling at Flutter Entertainment

In related news, CEO Amy Howe sold 2,315 shares of the firm's stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $243.50, for a total transaction of $563,702.50. Following the completion of the sale, the chief executive officer now directly owns 73,947 shares in the company, valued at approximately $18,006,094.50. This trade represents a 3.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Atif Rafiq sold 265 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $244.18, for a total transaction of $64,707.70. Following the completion of the sale, the director now directly owns 2,474 shares of the company's stock, valued at approximately $604,101.32. This trade represents a 9.68% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,770 shares of company stock worth $1,894,934.

Flutter Entertainment Stock Performance

FLUT stock traded down $5.31 during midday trading on Friday, hitting $267.16. 1,653,104 shares of the stock traded hands, compared to its average volume of 1,927,959. Flutter Entertainment PLC has a 1-year low of $175.59 and a 1-year high of $299.73. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.95 and a quick ratio of 0.95. The stock's fifty day simple moving average is $245.49 and its 200-day simple moving average is $253.60. The firm has a market cap of $47.20 billion and a P/E ratio of 92.70.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $1.59 EPS for the quarter, missing analysts' consensus estimates of $1.89 by ($0.30). The business had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.06 billion. Flutter Entertainment had a net margin of 4.17% and a return on equity of 11.76%. Flutter Entertainment's revenue was up 7.9% on a year-over-year basis. During the same quarter last year, the business earned $0.10 earnings per share. On average, analysts expect that Flutter Entertainment PLC will post 4.17 earnings per share for the current year.

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.