Nuveen LLC Takes $289.63 Million Position in Flutter Entertainment PLC (NYSE:FLUT)

Key Points

• Nuveen LLC invested approximately $289.63 million in Flutter Entertainment PLC by acquiring 1,321,002 shares in the first quarter, representing about 0.75% of the company.
• Several analysts have raised their price targets for Flutter Entertainment, with a consensus target price of $328.62 and a rating of "Moderate Buy" according to MarketBeat.
• Flutter Entertainment announced a stock repurchase plan authorizing the company to buy back $245 million in outstanding shares, indicating management's belief in the undervaluation of their stock.

Nuveen LLC bought a new position in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 1,321,002 shares of the company's stock, valued at approximately $289,627,000. Nuveen LLC owned about 0.75% of Flutter Entertainment at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in FLUT. GPS Wealth Strategies Group LLC increased its holdings in Flutter Entertainment by 1,375.0% in the 1st quarter. GPS Wealth Strategies Group LLC now owns 118 shares of the company's stock worth $26,000 after purchasing an additional 110 shares in the last quarter. Parallel Advisors LLC increased its holdings in Flutter Entertainment by 78.9% in the 1st quarter. Parallel Advisors LLC now owns 136 shares of the company's stock worth $30,000 after purchasing an additional 60 shares in the last quarter. Tower Research Capital LLC TRC acquired a new stake in shares of Flutter Entertainment in the fourth quarter valued at about $33,000. TD Waterhouse Canada Inc. acquired a new stake in shares of Flutter Entertainment in the fourth quarter valued at about $36,000. Finally, Harbor Investment Advisory LLC increased its stake in shares of Flutter Entertainment by 43.8% in the first quarter. Harbor Investment Advisory LLC now owns 184 shares of the company's stock valued at $41,000 after buying an additional 56 shares during the period.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Oppenheimer increased their price target on Flutter Entertainment from $310.00 to $350.00 and gave the stock an "outperform" rating in a report on Tuesday, July 22nd. Canaccord Genuity Group increased their price target on Flutter Entertainment from $330.00 to $340.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Citigroup reiterated an "outperform" rating on shares of Flutter Entertainment in a report on Friday, August 8th. Bank of America increased their price target on Flutter Entertainment from $295.00 to $330.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Finally, Sanford C. Bernstein restated a "market perform" rating on shares of Flutter Entertainment in a report on Friday, August 8th. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $328.62.

Flutter Entertainment Trading Up 2.0%

Shares of Flutter Entertainment stock traded up $5.78 on Wednesday, hitting $294.16. 1,355,421 shares of the company traded hands, compared to its average volume of 2,347,567. The stock's 50 day moving average price is $285.75 and its 200-day moving average price 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 52 week low of $196.88 and a 52 week high of $313.68. The company has a market cap of $51.80 billion, a PE ratio of 144.91, a PEG ratio of 1.15 and a beta of 2.31.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $2.95 earnings per share for the quarter, topping analysts' consensus estimates of $2.08 by $0.87. The company had revenue of $4.19 billion during the quarter, compared to analyst estimates of $3.06 billion. Flutter Entertainment had a return on equity of 12.15% and a net margin of 2.96%. The business's quarterly revenue was up 16.0% on a year-over-year basis. Equities research analysts predict that Flutter Entertainment PLC will post 4.17 EPS for the current year.

Flutter Entertainment announced that its board has approved a share buyback plan on Friday, August 8th that allows the company to repurchase $245.00 million in shares. This repurchase authorization allows the company to buy up to 0.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

Insider Activity

In other Flutter Entertainment news, insider James Philip Bishop sold 1,904 shares of the company's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $281.64, for a total value of $536,242.56. Following the sale, the insider directly owned 4,712 shares of the company's stock, valued at approximately $1,327,087.68. This represents a 28.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John A. Bryant sold 418 shares of the company's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $245.71, for a total transaction of $102,706.78. Following the completion of the sale, the director directly owned 5,956 shares in the company, valued at approximately $1,463,448.76. The trade was a 6.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,642 shares of company stock valued at $5,490,473. 0.09% of the stock is owned by corporate insiders.

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.