Fortis Capital Advisors LLC Purchases Shares of 2,326 Flutter Entertainment PLC $FLUT

Key Points

• Fortis Capital Advisors LLC has acquired a new stake in Flutter Entertainment PLC, purchasing 2,326 shares valued at approximately $665,000 during the second quarter.
• Flutter Entertainment reported better-than-expected earnings, with earnings per share of $2.95 for the last quarter, surpassing analysts' estimates of $2.08 and showing a 16% revenue increase year-over-year.
• The company's board has authorized a stock repurchase program allowing for the buyback of up to $245 million in outstanding shares, indicating confidence in its stock value.

Fortis Capital Advisors LLC purchased a new stake in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 2,326 shares of the company's stock, valued at approximately $665,000.

A number of other large investors have also added to or reduced their stakes in FLUT. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Flutter Entertainment by 326.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,243 shares of the company's stock valued at $742,000 after acquiring an additional 2,483 shares during the last quarter. Whalen Wealth Management Inc. bought a new stake in shares of Flutter Entertainment in the 1st quarter valued at about $380,000. Rubicon Global Capital Ltd lifted its stake in shares of Flutter Entertainment by 56.1% in the 1st quarter. Rubicon Global Capital Ltd now owns 70,250 shares of the company's stock valued at $15,564,000 after acquiring an additional 25,250 shares during the last quarter. Bessemer Group Inc. lifted its stake in shares of Flutter Entertainment by 0.6% in the 1st quarter. Bessemer Group Inc. now owns 397,297 shares of the company's stock valued at $88,021,000 after acquiring an additional 2,478 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in shares of Flutter Entertainment by 1.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,783 shares of the company's stock valued at $1,060,000 after acquiring an additional 67 shares during the last quarter.

Flutter Entertainment Stock Up 2.7%

FLUT stock opened at $256.31 on Friday. Flutter Entertainment PLC has a fifty-two week low of $196.88 and a fifty-two week high of $313.68. The business's 50 day moving average price is $290.24 and its two-hundred day moving average price is $266.53. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.95 and a current ratio of 0.95. The company has a market capitalization of $45.14 billion, a price-to-earnings ratio of 126.26 and a beta of 1.91.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $2.95 earnings per share for the quarter, topping analysts' consensus estimates of $2.08 by $0.87. Flutter Entertainment had a return on equity of 12.15% and a net margin of 2.96%.The firm had revenue of $4.19 billion for the quarter, compared to the consensus estimate of $3.06 billion. The company's revenue for the quarter was up 16.0% compared to the same quarter last year. Flutter Entertainment has set its FY 2025 guidance at EPS. As a group, analysts forecast that Flutter Entertainment PLC will post 4.17 earnings per share for the current fiscal year.

Flutter Entertainment announced that its board has authorized a stock repurchase program on Friday, August 8th that authorizes the company to repurchase $245.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 0.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FLUT shares. Canaccord Genuity Group boosted their target price on Flutter Entertainment from $330.00 to $340.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Zacks Research upgraded Flutter Entertainment from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. Stifel Nicolaus boosted their price target on Flutter Entertainment from $353.00 to $356.00 and gave the company a "buy" rating in a report on Friday, August 8th. Kepler Capital Markets upgraded Flutter Entertainment to a "strong-buy" rating in a report on Thursday, August 28th. Finally, Peel Hunt downgraded Flutter Entertainment from an "add" rating to a "hold" rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Flutter Entertainment presently has a consensus rating of "Moderate Buy" and a consensus target price of $337.32.

Insider Transactions at Flutter Entertainment

In other Flutter Entertainment news, insider Daniel Mark Taylor sold 15,283 shares of the company's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $284.80, for a total transaction of $4,352,598.40. Following the transaction, the insider owned 16,589 shares in the company, valued at approximately $4,724,547.20. This represents a 47.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jeremy Peter Jackson sold 2,112 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $292.42, for a total value of $617,591.04. Following the transaction, the chief executive officer owned 31,944 shares in the company, valued at $9,341,064.48. This trade represents a 6.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 23,396 shares of company stock worth $6,759,745 over the last quarter. Insiders own 0.09% of the company's stock.

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.

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