Northern Trust Corp Raises Position in Flutter Entertainment PLC $FLUT

Key Points

• Northern Trust Corp has increased its stake in Flutter Entertainment PLC by 1.5%, owning 617,311 shares, valued at approximately $136.8 million.
• Flutter Entertainment has received multiple upgrade ratings from analysts, with several raising their price targets, indicating a consensus rating of "Moderate Buy" with an average target price of $332.70.
• The company has launched a $245 million share buyback program, suggesting that management perceives shares as undervalued after reporting better-than-expected quarterly earnings.

Northern Trust Corp raised its holdings in Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 1.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 617,311 shares of the company's stock after buying an additional 8,854 shares during the period. Northern Trust Corp owned approximately 0.35% of Flutter Entertainment worth $136,765,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. PARUS FINANCE UK Ltd boosted its position in Flutter Entertainment by 1.5% in the 1st quarter. PARUS FINANCE UK Ltd now owns 3,350 shares of the company's stock valued at $742,000 after buying an additional 50 shares during the period. Sequoia Financial Advisors LLC raised its holdings in shares of Flutter Entertainment by 3.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 1,836 shares of the company's stock valued at $407,000 after purchasing an additional 53 shares in the last quarter. Harbor Investment Advisory LLC raised its holdings in shares of Flutter Entertainment by 43.8% in the 1st quarter. Harbor Investment Advisory LLC now owns 184 shares of the company's stock valued at $41,000 after purchasing an additional 56 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of 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 in the last quarter. Finally, Cambridge Investment Research Advisors Inc. raised its holdings in shares of Flutter Entertainment by 1.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 4,783 shares of the company's stock valued at $1,060,000 after purchasing an additional 67 shares in the last quarter.

Analyst Ratings Changes

FLUT has been the topic of a number of analyst reports. Zacks Research upgraded shares of Flutter Entertainment from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. Sanford C. Bernstein restated a "market perform" rating on shares of Flutter Entertainment in a report on Friday, August 8th. Benchmark restated a "buy" rating and issued a $365.00 price objective (up from $300.00) on shares of Flutter Entertainment in a report on Friday, August 8th. JMP Securities raised their price objective on shares of Flutter Entertainment from $323.00 to $345.00 and gave the company a "market outperform" rating in a report on Friday, August 8th. Finally, Citigroup reaffirmed a "buy" rating on shares of Flutter Entertainment in a research report on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, Flutter Entertainment presently has an average rating of "Moderate Buy" and a consensus price target of $332.70.

Flutter Entertainment Stock Up 0.2%

NYSE:FLUT traded up $0.64 during midday trading on Monday, hitting $300.06. 1,245,981 shares of the company were exchanged, compared to its average volume of 2,104,456. The company has a fifty day simple moving average of $290.89 and a 200 day simple moving average of $262.24. 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 current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $52.84 billion, a PE ratio of 147.81, a price-to-earnings-growth ratio of 1.45 and a beta of 2.31.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $2.95 EPS for the quarter, topping the consensus estimate of $2.08 by $0.87. Flutter Entertainment had a net margin of 2.96% and a return on equity of 12.15%. The firm had revenue of $4.19 billion for the quarter, compared to analyst estimates of $3.06 billion. The firm's quarterly revenue was up 16.0% compared to the same quarter last year. Flutter Entertainment has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that Flutter Entertainment PLC will post 4.17 earnings per share for the current fiscal year.

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

Insider Activity at Flutter Entertainment

In other Flutter Entertainment news, insider Daniel Mark Taylor sold 15,283 shares of the firm's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $284.80, for a total transaction of $4,352,598.40. Following the transaction, the insider directly owned 16,589 shares of the company's stock, valued at approximately $4,724,547.20. This trade represents a 47.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Carolan Lennon sold 430 shares of the firm's stock in a transaction 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 directly owned 769 shares in the company, valued at $188,950.99. The trade was a 35.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,754 shares of company stock worth $6,108,064 in the last three months. Company 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.