Man Group plc Boosts Holdings in Flutter Entertainment plc (NYSE:FLUT)

Man Group plc lifted its holdings in shares of Flutter Entertainment plc (NYSE:FLUT - Free Report) by 62.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,504 shares of the company's stock after purchasing an additional 22,865 shares during the period. Man Group plc's holdings in Flutter Entertainment were worth $15,379,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in FLUT. Jennison Associates LLC bought a new position in Flutter Entertainment during the fourth quarter valued at $239,306,000. DJE Kapital AG purchased a new position in shares of Flutter Entertainment during the 4th quarter valued at $442,000. Bank of New York Mellon Corp lifted its position in shares of Flutter Entertainment by 68.3% during the 4th quarter. Bank of New York Mellon Corp now owns 199,813 shares of the company's stock valued at $51,642,000 after buying an additional 81,101 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Flutter Entertainment by 6.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 661,301 shares of the company's stock worth $170,913,000 after acquiring an additional 38,800 shares during the period. Finally, Plato Investment Management Ltd increased its holdings in Flutter Entertainment by 244.4% in the 4th quarter. Plato Investment Management Ltd now owns 3,265 shares of the company's stock worth $847,000 after acquiring an additional 2,317 shares during the last quarter.

Flutter Entertainment Price Performance

Flutter Entertainment stock traded up $2.37 during midday trading on Friday, hitting $240.54. 312,172 shares of the company's stock were exchanged, compared to its average volume of 1,866,797. The company has a market cap of $42.50 billion and a P/E ratio of 83.34. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a 50-day moving average price of $234.61 and a two-hundred day moving average price of $254.38. Flutter Entertainment plc has a 52-week low of $174.03 and a 52-week high of $299.73.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.59 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.89 by ($0.30). Flutter Entertainment had a negative net margin of 6.86% and a negative return on equity of 4.52%. The business had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.06 billion. During the same quarter last year, the business posted $0.10 EPS. The business's revenue was up 7.9% compared to the same quarter last year. On average, equities research analysts forecast that Flutter Entertainment plc will post 4.17 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Susquehanna dropped their price objective on shares of Flutter Entertainment from $317.00 to $315.00 and set a "positive" rating on the stock in a report on Wednesday, March 5th. Needham & Company LLC reissued a "buy" rating and issued a $310.00 price target on shares of Flutter Entertainment in a research report on Thursday, May 8th. Macquarie restated an "outperform" rating and set a $340.00 price target (up from $330.00) on shares of Flutter Entertainment in a research note on Thursday, May 8th. BTIG Research reduced 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 note on Tuesday, April 22nd. Finally, Stifel Nicolaus lowered their target price on shares of Flutter Entertainment from $320.00 to $315.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Twenty research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Flutter Entertainment has an average rating of "Buy" and a consensus target price of $306.28.

Insider Activity at Flutter Entertainment

In related news, Director Jeremy Peter Jackson sold 25,027 shares of the company's stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $261.96, for a total value of $6,556,072.92. Following the completion of the transaction, the director now directly owns 21,148 shares in the company, valued at approximately $5,539,930.08. The trade was a 54.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO James Philip Bishop sold 3,000 shares of the firm's stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $243.20, for a total value of $729,600.00. Following the sale, the chief operating officer now owns 4,712 shares in the company, valued at $1,145,958.40. The trade was a 38.90% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,156 shares of company stock valued at $10,926,922 over the last three months.

About Flutter Entertainment

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.