Invesco Ltd. Sells 513,619 Shares of Flutter Entertainment PLC (NYSE:FLUT)

Key Points

• Invesco Ltd. has reduced its holdings in Flutter Entertainment PLC by 21.4%, selling over 513,000 shares and now owning approximately 1.07% of the company.
• Flutter Entertainment recently reported earnings that exceeded expectations, posting $2.95 earnings per share and a revenue of $4.19 billion, marking a year-over-year revenue increase of 16%.
• The company has authorized a $245 million stock buyback, indicating that its board believes the stock is undervalued and aims to reacquire up to 0.5% of its share capital.

Invesco Ltd. reduced its stake in Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 21.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,891,796 shares of the company's stock after selling 513,619 shares during the period. Invesco Ltd. owned 1.07% of Flutter Entertainment worth $419,127,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Flutter Entertainment by 326.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,243 shares of the company's stock worth $742,000 after acquiring an additional 2,483 shares in the last quarter. Whalen Wealth Management Inc. bought a new stake in shares of Flutter Entertainment during the first quarter worth about $380,000. Rubicon Global Capital Ltd increased its position in shares of Flutter Entertainment by 56.1% during the first quarter. Rubicon Global Capital Ltd now owns 70,250 shares of the company's stock worth $15,564,000 after acquiring an additional 25,250 shares in the last quarter. Bessemer Group Inc. increased its position in shares of Flutter Entertainment by 0.6% during the first quarter. Bessemer Group Inc. now owns 397,297 shares of the company's stock worth $88,021,000 after acquiring an additional 2,478 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its position in shares of Flutter Entertainment by 1.4% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 4,783 shares of the company's stock worth $1,060,000 after acquiring an additional 67 shares in the last quarter.

Flutter Entertainment Stock Performance

Shares of FLUT stock traded up $5.78 during trading on Wednesday, reaching $294.16. 1,355,421 shares of the company's stock traded hands, compared to its average volume of 2,347,567. Flutter Entertainment PLC has a 1 year low of $196.88 and a 1 year high of $313.68. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $51.80 billion, a P/E ratio of 42.60, a PEG ratio of 1.15 and a beta of 2.31. The firm's 50-day moving average is $285.75 and its 200 day moving average is $260.75.

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

Flutter Entertainment announced that its board has authorized a stock buyback plan on Friday, August 8th that authorizes the company to buyback $245.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 0.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

FLUT has been the subject of several recent research reports. Sanford C. Bernstein reissued a "market perform" rating on shares of Flutter Entertainment in a research report on Friday, August 8th. UBS Group reaffirmed a "buy" rating and issued a $360.00 price objective (up from $340.00) on shares of Flutter Entertainment in a research report on Friday, August 8th. Hsbc Global Res raised shares of Flutter Entertainment to a "hold" rating in a research report on Wednesday, June 18th. Needham & Company LLC upped their price objective on shares of Flutter Entertainment from $340.00 to $355.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Finally, Stifel Nicolaus boosted their target price on shares of Flutter Entertainment from $353.00 to $356.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $328.62.

Insiders Place Their Bets

In other Flutter Entertainment news, insider Daniel Mark Taylor sold 15,283 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $284.80, for a total value of $4,352,598.40. Following the sale, the insider directly owned 16,589 shares in the company, valued at $4,724,547.20. This represents a 47.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Alfred F. Hurley, Jr. sold 265 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $243.94, for a total transaction of $64,644.10. Following the completion of the sale, the director owned 3,518 shares in the company, valued at $858,180.92. This represents a 7.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,642 shares of company stock worth $5,490,473. Company 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.