Flutter Entertainment PLC (NYSE:FLUT) Shares Acquired by National Pension Service

Key Points

• The National Pension Service increased its stake in Flutter Entertainment PLC by 2.0%, owning 221,894 shares worth approximately $49.16 million as of the end of the most recent quarter.
• Flutter Entertainment reported earnings per share of $2.95, surpassing analyst expectations of $2.08, along with a revenue of $4.19 billion, marking a year-over-year growth of 16.0%.
• The company has initiated a stock buyback program of $245 million, indicating that its board believes the stock is currently undervalued.

National Pension Service grew its holdings in Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 2.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 221,894 shares of the company's stock after purchasing an additional 4,394 shares during the quarter. National Pension Service owned 0.13% of Flutter Entertainment worth $49,161,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in FLUT. GPS Wealth Strategies Group LLC raised its holdings in Flutter Entertainment by 1,375.0% in the first quarter. GPS Wealth Strategies Group LLC now owns 118 shares of the company's stock valued at $26,000 after acquiring an additional 110 shares in the last quarter. Tower Research Capital LLC TRC acquired a new position in shares of Flutter Entertainment in the 4th quarter valued at $33,000. Parallel Advisors LLC raised its position in Flutter Entertainment by 78.9% in 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. purchased a new stake in Flutter Entertainment in the 4th quarter valued at $36,000. Finally, Farther Finance Advisors LLC raised its position in Flutter Entertainment by 90.6% in 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.

Flutter Entertainment Price Performance

NYSE FLUT traded up $4.40 during trading hours on Friday, reaching $293.17. The company's stock had a trading volume of 1,375,347 shares, compared to its average volume of 2,296,502. The stock has a market cap of $51.63 billion, a PE ratio of 144.42, a PEG ratio of 1.22 and a beta of 2.31. Flutter Entertainment PLC has a fifty-two week low of $196.88 and a fifty-two week high of $313.68. The company's 50-day moving average is $287.56 and its two-hundred day moving average is $261.06. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.95 and a current ratio of 0.95.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $2.95 EPS for the quarter, beating analysts' consensus estimates of $2.08 by $0.87. The firm had revenue of $4.19 billion for the quarter, compared to analysts' expectations of $3.06 billion. Flutter Entertainment had a net margin of 2.96% and a return on equity of 12.15%. Flutter Entertainment's revenue was up 16.0% on a year-over-year basis. Analysts forecast that Flutter Entertainment PLC will post 4.17 EPS for the current year.

Flutter Entertainment announced that its board has initiated a stock buyback program on Friday, August 8th that authorizes the company to repurchase $245.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 0.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board believes its shares are undervalued.

Insider Transactions at Flutter Entertainment

In related news, Director Christine M. Mccarthy sold 264 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $244.12, for a total value of $64,447.68. Following the sale, the director directly owned 559 shares of the company's stock, valued at approximately $136,463.08. This represents a 32.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Daniel Mark Taylor sold 15,283 shares of the firm's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $284.80, for a total transaction of $4,352,598.40. Following the sale, the insider directly owned 16,589 shares in the company, valued at $4,724,547.20. This represents a 47.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,642 shares of company stock worth $5,490,473 in the last 90 days. Insiders own 0.09% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on FLUT. Peel Hunt downgraded shares of Flutter Entertainment from an "add" rating to a "hold" rating in a research report on Friday, August 8th. Oppenheimer upped their price objective on shares of Flutter Entertainment from $310.00 to $350.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 22nd. Bank of America upped their price objective on shares of Flutter Entertainment from $295.00 to $330.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Citigroup restated a "buy" rating on shares of Flutter Entertainment in a research report on Thursday. Finally, Canaccord Genuity Group upped their price objective on shares of Flutter Entertainment from $330.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Three equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $328.62.

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.