Flutter Entertainment PLC (NYSE:FLUT) Shares Bought by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp increased its stake in Flutter Entertainment PLC by 21.4%, holding 10,567 shares valued at approximately $2.34 million.
• Flutter Entertainment's stock has experienced a 0.9% decline, with a market capitalization of $52.93 billion and a PE ratio of 103.66.
• The company reported a net margin of 4.17% and quarterly revenue of $3.67 billion, surpassing analysts' estimates.

Mackenzie Financial Corp lifted its position in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 21.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,567 shares of the company's stock after purchasing an additional 1,860 shares during the quarter. Mackenzie Financial Corp's holdings in Flutter Entertainment were worth $2,341,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of FLUT. Sequoia Financial Advisors LLC grew its holdings in shares of Flutter Entertainment by 3.0% in the first quarter. Sequoia Financial Advisors LLC now owns 1,836 shares of the company's stock valued at $407,000 after acquiring an additional 53 shares in the last quarter. Harbor Investment Advisory LLC increased its position in Flutter Entertainment by 43.8% in the first quarter. Harbor Investment Advisory LLC now owns 184 shares of the company's stock worth $41,000 after buying an additional 56 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Flutter Entertainment by 78.9% during the 1st quarter. Parallel Advisors LLC now owns 136 shares of the company's stock valued at $30,000 after buying an additional 60 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of Flutter Entertainment by 1.4% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,783 shares of the company's stock valued at $1,060,000 after buying an additional 67 shares during the last quarter. Finally, CWM LLC increased its holdings in Flutter Entertainment by 59.6% in the 1st quarter. CWM LLC now owns 217 shares of the company's stock worth $48,000 after acquiring an additional 81 shares during the last quarter.

Flutter Entertainment Stock Up 0.9%

NYSE FLUT traded up $2.63 during trading on Wednesday, hitting $307.11. The company's stock had a trading volume of 2,707,971 shares, compared to its average volume of 2,323,194. The company has a market cap of $54.26 billion, a PE ratio of 106.27, a P/E/G ratio of 1.12 and a beta of 2.31. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.95 and a quick ratio of 0.95. The business's 50 day simple moving average is $280.22 and its 200-day simple moving average is $259.59. Flutter Entertainment PLC has a fifty-two week low of $180.07 and a fifty-two week high of $309.77.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.59 earnings per share for the quarter, missing analysts' consensus estimates of $1.89 by ($0.30). Flutter Entertainment had a net margin of 4.17% and a return on equity of 11.76%. The company had revenue of $3.67 billion for the quarter, compared to analysts' expectations of $3.06 billion. During the same quarter in the previous year, the business posted $0.10 EPS. The business's quarterly revenue was up 7.9% on a year-over-year basis. On average, equities analysts anticipate that Flutter Entertainment PLC will post 4.17 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on FLUT. Jefferies Financial Group began coverage on shares of Flutter Entertainment in a research report on Tuesday, July 8th. They set a "buy" rating and a $380.00 target price for the company. Hsbc Global Res raised Flutter Entertainment to a "hold" rating in a report on Wednesday, June 18th. Macquarie reiterated an "outperform" rating and set a $340.00 price objective (up from $330.00) on shares of Flutter Entertainment in a research note on Thursday, May 8th. BTIG Research dropped their price objective on Flutter Entertainment from $323.00 to $289.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Finally, Barclays reaffirmed an "overweight" rating and set a $350.00 target price (up previously from $293.00) on shares of Flutter Entertainment in a report on Friday, July 18th. Two investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Flutter Entertainment currently has an average rating of "Moderate Buy" and an average price target of $322.10.

Insiders Place Their Bets

In other news, Director Carolan Lennon sold 430 shares of the stock in a transaction that occurred on 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 owned 769 shares in the company, valued at $188,950.99. This trade represents a 35.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Nancy Cruickshank sold 281 shares of the company's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $245.71, for a total transaction of $69,044.51. Following the transaction, the director owned 1,797 shares of the company's stock, valued at approximately $441,540.87. This trade represents a 13.52% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,770 shares of company stock valued at $1,894,934.

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.