Kornitzer Capital Management Inc. KS Takes $5.38 Million Position in Flutter Entertainment PLC $FLUT

Key Points

• Kornitzer Capital Management opened a new stake in Flutter Entertainment by buying 25,000 shares valued at roughly $5.38 million in Q4.
• Flutter missed Q4 EPS expectations with $1.74 vs. $2.11 consensus (revenue $4.76B, +24.9% y/y) and its board authorized a $250 million share buyback (about 1.3% of shares).
• Major institutions (Vanguard, Wellington, Capital International, State Street, MFS) increased holdings, while insiders sold ~17,834 shares worth ~$1.9M, leaving insider ownership at 0.09%.

Kornitzer Capital Management Inc. KS purchased a new stake in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 25,000 shares of the company's stock, valued at approximately $5,376,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Flutter Entertainment by 1.7% in the third quarter. Vanguard Group Inc. now owns 17,559,354 shares of the company's stock valued at $4,460,076,000 after purchasing an additional 301,879 shares during the last quarter. Wellington Management Group LLP increased its holdings in Flutter Entertainment by 5.5% in the third quarter. Wellington Management Group LLP now owns 3,519,434 shares of the company's stock valued at $903,694,000 after purchasing an additional 182,594 shares during the last quarter. Capital International Investors increased its holdings in Flutter Entertainment by 4.9% in the third quarter. Capital International Investors now owns 3,256,764 shares of the company's stock valued at $827,841,000 after purchasing an additional 153,390 shares during the last quarter. State Street Corp increased its holdings in Flutter Entertainment by 4.5% in the third quarter. State Street Corp now owns 3,226,742 shares of the company's stock valued at $819,592,000 after purchasing an additional 140,012 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in Flutter Entertainment by 3.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,961,244 shares of the company's stock valued at $636,786,000 after purchasing an additional 96,563 shares during the last quarter.

Flutter Entertainment Stock Down 1.6%

Shares of Flutter Entertainment stock opened at $106.19 on Friday. Flutter Entertainment PLC has a 1 year low of $98.88 and a 1 year high of $313.68. The business has a 50-day moving average of $108.54 and a two-hundred day moving average of $169.73. The company has a market capitalization of $18.52 billion, a P/E ratio of -59.00, a price-to-earnings-growth ratio of 1.63 and a beta of 1.59. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.95 and a quick ratio of 0.95.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its quarterly earnings results on Friday, February 27th. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.37). Flutter Entertainment had a positive return on equity of 12.12% and a negative net margin of 1.89%.The business 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 company earned $2.94 earnings per share. The firm's revenue was up 24.9% compared to the same quarter last year. As a group, equities analysts predict that Flutter Entertainment PLC will post 5.14 EPS for the current year.

Flutter Entertainment declared that its board has initiated a share buyback program on Wednesday, March 11th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. BTIG Research dropped their price objective on Flutter Entertainment from $180.00 to $177.00 and set a "buy" rating for the company in a report on Thursday, March 26th. Moffett Nathanson downgraded Flutter Entertainment from a "buy" rating to a "neutral" rating and set a $127.00 price objective for the company. in a report on Friday, April 24th. Bank of America dropped their price objective on Flutter Entertainment from $250.00 to $210.00 and set a "neutral" rating for the company in a report on Thursday, January 22nd. Zacks Research downgraded Flutter Entertainment from a "hold" rating to a "strong sell" rating in a report on Monday, January 19th. Finally, Kepler Capital Markets downgraded Flutter Entertainment from a "strong-buy" rating to a "hold" rating in a report on Monday, March 16th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, Flutter Entertainment presently has an average rating of "Moderate Buy" and an average target price of $209.29.

Insiders Place Their Bets

In other Flutter Entertainment news, CEO Jeremy Peter Jackson sold 4,326 shares of the 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 completion of the sale, the chief executive officer directly owned 36,788 shares in the company, valued at $3,973,104. This represents a 10.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Amy Howe sold 8,895 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $105.91, for a total value of $942,069.45. Following the transaction, the chief executive officer owned 78,889 shares of the company's stock, valued at approximately $8,355,133.99. The trade was a 10.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 17,834 shares of company stock worth $1,900,331 over the last ninety days. 0.09% of the stock is currently owned by corporate insiders.

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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