Legal & General Group Plc Increases Holdings in Flutter Entertainment PLC $FLUT

Key Points

• Legal & General Group increased its Flutter Entertainment stake by 4% in the fourth quarter, bringing its holdings to 966,839 shares valued at about $207.95 million.
• Flutter reported stronger-than-expected quarterly results, with EPS of $1.22 beating estimates and revenue rising 17.4% year over year to $4.30 billion.
• The company also launched a $250 million stock buyback, while analyst sentiment remains mixed but overall moderate buy, with a consensus price target of $189.26.

Legal & General Group Plc grew its holdings in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 4.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 966,839 shares of the company's stock after buying an additional 37,105 shares during the period. Legal & General Group Plc owned 0.55% of Flutter Entertainment worth $207,950,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of FLUT. Durable Capital Partners LP lifted its holdings in shares of Flutter Entertainment by 274.2% in the 3rd quarter. Durable Capital Partners LP now owns 1,243,988 shares of the company's stock valued at $315,973,000 after purchasing an additional 911,507 shares during the last quarter. Marshall Wace LLP lifted its holdings in shares of Flutter Entertainment by 112.8% in the 3rd quarter. Marshall Wace LLP now owns 1,354,073 shares of the company's stock valued at $343,935,000 after purchasing an additional 717,658 shares during the last quarter. Federated Hermes Inc. purchased a new stake in shares of Flutter Entertainment in the 3rd quarter valued at about $169,777,000. Squarepoint Ops LLC purchased a new stake in shares of Flutter Entertainment in the 3rd quarter valued at about $160,020,000. Finally, SG Americas Securities LLC lifted its holdings in shares of Flutter Entertainment by 2,583.5% in the 4th quarter. SG Americas Securities LLC now owns 579,633 shares of the company's stock valued at $124,644,000 after purchasing an additional 558,033 shares during the last quarter.

Flutter Entertainment Stock Performance

NYSE FLUT opened at $95.73 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.27. The business's 50 day moving average is $103.34 and its two-hundred day moving average is $152.11. Flutter Entertainment PLC has a 12-month low of $91.52 and a 12-month high of $313.68. The stock has a market capitalization of $16.65 billion, a price-to-earnings ratio of -44.73, a PEG ratio of 1.24 and a beta of 1.58.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.13. Flutter Entertainment had a positive return on equity of 11.60% and a negative net margin of 2.20%.The company had revenue of $4.30 billion for the quarter, compared to analysts' expectations of $4.24 billion. During the same quarter in the previous year, the firm posted $1.59 EPS. The firm's quarterly revenue was up 17.4% on a year-over-year basis. Research analysts expect that Flutter Entertainment PLC will post 4.88 EPS for the current year.

Flutter Entertainment declared that its board has initiated a stock buyback program 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 programs are generally a sign that the company's management believes its stock is undervalued.

Insider Activity at Flutter Entertainment

In other Flutter Entertainment news, CEO Jeremy Peter Jackson sold 4,326 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $108.00, for a total transaction of $467,208.00. Following the transaction, 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 document filed with the SEC, which is accessible through the SEC website. Also, CFO Robert Coldrake sold 4,613 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $106.45, for a total value of $491,053.85. Following the transaction, the chief financial officer owned 10,006 shares in the company, valued at $1,065,138.70. The trade was a 31.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have acquired 10,453 shares of company stock worth $1,045,526 and have sold 22,306 shares worth $2,333,598. Company insiders own 0.13% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FLUT. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $167.00 target price on shares of Flutter Entertainment in a report on Friday, May 8th. Susquehanna reduced their target price on Flutter Entertainment from $160.00 to $143.00 and set a "positive" rating for the company in a report on Tuesday, March 31st. Barclays reduced their target price on Flutter Entertainment from $175.00 to $150.00 and set an "overweight" rating for the company in a report on Friday, May 8th. Citigroup downgraded Flutter Entertainment from a "buy" rating to a "sell" rating in a report on Thursday, April 16th. Finally, BNP Paribas Exane began coverage on Flutter Entertainment in a report on Thursday, May 14th. They issued an "underperform" rating and a $80.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $189.26.

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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