Jennison Associates LLC Has $16.34 Million Stock Position in Flutter Entertainment PLC $FLUT

Key Points

• Jennison Associates LLC cut its stake in Flutter by 31.4%, selling 34,704 shares in Q4 and now holds 75,975 shares worth about $16.34 million.
• Flutter's board approved a $250 million buyback (up to 1.3% of shares) even as insiders sold a total of 17,834 shares (~$1.9 million), signaling mixed internal and corporate signals.
• Quarterly results missed expectations—EPS $1.74 vs. $2.11 consensus and revenue $4.76B slightly below estimates despite 24.9% YoY revenue growth; analysts' average rating is a Moderate Buy with a consensus target of $209.29.

Jennison Associates LLC lowered its holdings in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 31.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 75,975 shares of the company's stock after selling 34,704 shares during the period. Jennison Associates LLC's holdings in Flutter Entertainment were worth $16,338,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Wealth High Governance Capital Ltda acquired a new position in shares of Flutter Entertainment during the 4th quarter worth $5,249,000. M&T Bank Corp acquired a new position in shares of Flutter Entertainment during the 4th quarter worth $536,000. Advisors Capital Management LLC raised its holdings in shares of Flutter Entertainment by 4.9% during the 4th quarter. Advisors Capital Management LLC now owns 14,121 shares of the company's stock worth $3,037,000 after buying an additional 659 shares in the last quarter. Peregrine Capital Management LLC raised its holdings in shares of Flutter Entertainment by 34.2% during the 4th quarter. Peregrine Capital Management LLC now owns 150,979 shares of the company's stock worth $32,467,000 after buying an additional 38,469 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its holdings in shares of Flutter Entertainment by 21.0% during the 4th quarter. Teacher Retirement System of Texas now owns 285,133 shares of the company's stock worth $61,315,000 after buying an additional 49,534 shares in the last quarter.

Insider Buying and Selling at Flutter Entertainment

In other Flutter Entertainment news, CEO Jeremy Peter Jackson sold 4,326 shares of the company's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $108.00, for a total value of $467,208.00. Following the sale, the chief executive officer owned 36,788 shares in the company, valued at approximately $3,973,104. The trade was a 10.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Amy Howe sold 8,895 shares of the company's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $105.91, for a total value of $942,069.45. Following the completion of the sale, the chief executive officer owned 78,889 shares in the company, valued at $8,355,133.99. This trade represents a 10.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 17,834 shares of company stock worth $1,900,331. Insiders own 0.09% of the company's stock.

Flutter Entertainment Trading Down 1.6%

NYSE FLUT opened at $106.19 on Friday. The business's 50-day moving average price is $108.54 and its two-hundred day moving average price is $169.73. Flutter Entertainment PLC has a 12 month low of $98.88 and a 12 month high of $313.68. The firm has a market capitalization of $18.52 billion, a PE ratio of -59.00, a price-to-earnings-growth ratio of 1.63 and a beta of 1.59. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.31.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last released its quarterly earnings results on Friday, February 27th. The company reported $1.74 EPS for the quarter, missing analysts' consensus estimates of $2.11 by ($0.37). Flutter Entertainment had a negative net margin of 1.89% and a positive return on equity of 12.12%. The company had revenue of $4.76 billion during the quarter, compared to the consensus estimate of $4.87 billion. During the same quarter last year, the firm posted $2.94 EPS. The company's quarterly revenue was up 24.9% on a year-over-year basis. On average, analysts expect that Flutter Entertainment PLC will post 5.14 EPS for the current year.

Flutter Entertainment announced that its Board of Directors has approved a stock repurchase plan on Wednesday, March 11th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FLUT. Barclays lowered their price target on Flutter Entertainment from $225.00 to $175.00 and set an "overweight" rating for the company in a report on Thursday, April 16th. Zacks Research cut Flutter Entertainment from a "hold" rating to a "strong sell" rating in a report on Monday, January 19th. Susquehanna lowered their price target on Flutter Entertainment from $160.00 to $143.00 and set a "positive" rating for the company in a report on Tuesday, March 31st. Wells Fargo & Company restated an "equal weight" rating and set a $228.00 price objective (down from $248.00) on shares of Flutter Entertainment in a research report on Wednesday, January 14th. Finally, UBS Group reduced their price objective on Flutter Entertainment from $300.00 to $160.00 and set a "buy" rating on the stock in a research report on Wednesday, March 25th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Flutter Entertainment has an average rating of "Moderate Buy" and a consensus price target of $209.29.

Flutter Entertainment Profile

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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