Mitsubishi UFJ Asset Management Co. Ltd. Purchases 16,119 Shares of Flutter Entertainment PLC (NYSE:FLUT)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Flutter Entertainment PLC by 12.7%, owning approximately $31.78 million worth at the end of the most recent quarter.
• Stock of Flutter Entertainment saw an 8.1% decrease recently, with a current market cap of $49.53 billion and a PE ratio of 138.55.
• Flutter Entertainment's board approved a $245 million share buyback program, signaling a belief in the company's undervalued stock potential.

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 12.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 143,420 shares of the company's stock after acquiring an additional 16,119 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.08% of Flutter Entertainment worth $31,775,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. GPS Wealth Strategies Group LLC raised its position in Flutter Entertainment by 1,375.0% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 118 shares of the company's stock valued at $26,000 after purchasing an additional 110 shares during the last quarter. Tower Research Capital LLC TRC bought a new position in Flutter Entertainment during the 4th quarter valued at approximately $33,000. Parallel Advisors LLC raised its position in 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 purchasing an additional 60 shares during the last quarter. TD Waterhouse Canada Inc. bought a new position in Flutter Entertainment during the 4th quarter valued at approximately $36,000. Finally, Farther Finance Advisors LLC raised its position in Flutter Entertainment by 90.6% during the 1st quarter. Farther Finance Advisors LLC now owns 183 shares of the company's stock valued at $41,000 after purchasing an additional 87 shares during the last quarter.

Analysts Set New Price Targets

FLUT has been the subject of a number of recent analyst reports. BTIG Research lowered their price target on Flutter Entertainment from $323.00 to $289.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Barclays upped their target price on Flutter Entertainment from $350.00 to $352.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Sanford C. Bernstein reiterated a "market perform" rating on shares of Flutter Entertainment in a report on Friday, August 8th. Macquarie upped their target price on Flutter Entertainment from $320.00 to $340.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Finally, UBS Group reiterated a "buy" rating and set a $360.00 target price (up previously from $340.00) on shares of Flutter Entertainment in a report on Friday, August 8th. Three 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $328.62.

Flutter Entertainment Stock Up 2.0%

FLUT traded up $5.78 during trading on Wednesday, hitting $294.16. 1,355,421 shares of the company's stock traded hands, compared to its average volume of 2,350,879. The company's 50 day simple moving average is $285.75 and its two-hundred day simple moving average is $260.75. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.95. Flutter Entertainment PLC has a 12-month low of $196.88 and a 12-month high of $313.68. The stock has a market capitalization of $51.80 billion, a price-to-earnings ratio of 144.91, a PEG 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 EPS for the quarter, beating 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 business had revenue of $4.19 billion for the quarter, compared to the consensus estimate of $3.06 billion. Flutter Entertainment's quarterly revenue was up 16.0% on a year-over-year basis. Analysts predict that Flutter Entertainment PLC will post 4.17 earnings per share for the current fiscal year.

Flutter Entertainment declared that its board has authorized a stock repurchase plan on Friday, August 8th that permits the company to buyback $245.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 0.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Flutter Entertainment

In other Flutter Entertainment news, Director John A. Bryant sold 418 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $245.71, for a total transaction of $102,706.78. Following the sale, the director directly owned 5,956 shares in the company, valued at approximately $1,463,448.76. This trade represents a 6.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Alfred F. Hurley, Jr. sold 265 shares of the stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $243.94, for a total value of $64,644.10. Following the transaction, the director directly owned 3,518 shares in the company, valued at $858,180.92. The trade was a 7.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,455 shares of company stock worth $601,632. Insiders own 0.09% of the company's stock.

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.