LPL Financial LLC Sells 2,834 Shares of Flutter Entertainment PLC (NYSE:FLUT)

LPL Financial LLC lowered its stake in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 7.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 35,404 shares of the company's stock after selling 2,834 shares during the quarter. LPL Financial LLC's holdings in Flutter Entertainment were worth $7,844,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. increased its position in Flutter Entertainment by 326.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,243 shares of the company's stock worth $742,000 after purchasing an additional 2,483 shares in the last quarter. Whalen Wealth Management Inc. acquired a new stake in Flutter Entertainment during the 1st quarter worth approximately $380,000. Rubicon Global Capital Ltd grew its position in Flutter Entertainment by 56.1% in the first 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 in the last quarter. Bessemer Group Inc. grew its position in Flutter Entertainment by 0.6% in the first 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 in the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its position in Flutter Entertainment by 1.4% in the first 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 in the last quarter.

Insider Transactions at Flutter Entertainment

In related news, Director Carolan Lennon sold 430 shares of Flutter Entertainment stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $245.71, for a total transaction of $105,655.30. Following the transaction, the director directly owned 769 shares of the company's stock, valued at $188,950.99. The trade was a 35.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Christine M. Mccarthy sold 264 shares of Flutter Entertainment stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $244.12, for a total value of $64,447.68. Following the transaction, the director directly owned 559 shares in the company, valued at approximately $136,463.08. The trade was a 32.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,455 shares of company stock valued at $601,632 over the last three months. 0.09% of the stock is currently owned by company insiders.

Flutter Entertainment Stock Performance

NYSE FLUT traded up $5.78 during trading hours on Wednesday, hitting $294.16. The company had a trading volume of 1,355,421 shares, compared to its average volume of 2,350,879. Flutter Entertainment PLC has a fifty-two week low of $196.88 and a fifty-two week high of $313.68. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.95. The business has a fifty day simple moving average of $285.75 and a 200-day simple moving average of $260.75. The firm has a market cap of $51.80 billion, a P/E ratio of 144.91, a price-to-earnings-growth ratio of 1.13 and a beta of 2.31.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $2.95 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $3.06 billion. Flutter Entertainment's quarterly revenue was up 16.0% compared to the same quarter last year. Equities analysts predict that Flutter Entertainment PLC will post 4.17 EPS for the current year.

Flutter Entertainment announced that its Board of Directors has initiated a stock buyback plan on Friday, August 8th that permits the company to buyback $245.00 million in shares. This buyback authorization permits the company to repurchase up to 0.5% 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

FLUT has been the subject of several recent research reports. Citigroup reaffirmed an "outperform" rating on shares of Flutter Entertainment in a research report on Friday, August 8th. Bank of America increased their price objective on shares of Flutter Entertainment from $295.00 to $330.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Truist Financial increased their price objective on shares of Flutter Entertainment from $280.00 to $340.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. BTIG Research lowered their price objective on shares of Flutter Entertainment from $323.00 to $289.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Finally, Hsbc Global Res raised shares of Flutter Entertainment to a "hold" rating in a research report on Wednesday, June 18th. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $328.62.

Flutter Entertainment Company Profile

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.