Parvus Asset Management Europe Ltd Has $1.67 Billion Holdings in Flutter Entertainment PLC $FLUT

Key Points

• Parvus Asset Management Europe Ltd has reduced its stake in Flutter Entertainment PLC by 9.5%, now holding approximately $1.67 billion worth of shares.
• Flutter Entertainment's stock is currently trading at $295.19, with a market capitalization of $51.98 billion and a PE ratio of 145.41.
• The company recently authorized a $245 million stock repurchase program, signaling confidence in the value of its shares.

Parvus Asset Management Europe Ltd cut its holdings in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 9.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,519,137 shares of the company's stock after selling 785,090 shares during the quarter. Flutter Entertainment makes up approximately 100.0% of Parvus Asset Management Europe Ltd's holdings, making the stock its largest holding. Parvus Asset Management Europe Ltd owned about 4.26% of Flutter Entertainment worth $1,665,865,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of FLUT. Tower Research Capital LLC TRC purchased a new stake in Flutter Entertainment during the 4th quarter worth approximately $33,000. Ameriprise Financial Inc. increased its holdings in shares of Flutter Entertainment by 1,159.6% in the 4th quarter. Ameriprise Financial Inc. now owns 228,447 shares of the company's stock valued at $59,042,000 after acquiring an additional 210,310 shares during the last quarter. Benjamin Edwards Inc. increased its holdings in shares of Flutter Entertainment by 43.7% in the 4th quarter. Benjamin Edwards Inc. now owns 1,693 shares of the company's stock valued at $438,000 after acquiring an additional 515 shares during the last quarter. Centiva Capital LP bought a new stake in shares of Flutter Entertainment in the 4th quarter valued at approximately $582,000. Finally, Cetera Investment Advisers increased its holdings in shares of Flutter Entertainment by 172.1% in the 4th quarter. Cetera Investment Advisers now owns 11,291 shares of the company's stock valued at $2,918,000 after acquiring an additional 7,141 shares during the last quarter.

Analyst Ratings Changes

FLUT has been the subject of a number of research analyst reports. Zacks Research upgraded Flutter Entertainment from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. Jefferies Financial Group began coverage on Flutter Entertainment in a research note on Tuesday, July 8th. They set a "buy" rating and a $380.00 price objective for the company. Oppenheimer upped their price objective on Flutter Entertainment from $310.00 to $350.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 22nd. UBS Group restated a "buy" rating and set a $360.00 price objective (up from $340.00) on shares of Flutter Entertainment in a research note on Friday, August 8th. Finally, Citigroup reiterated a "buy" rating on shares of Flutter Entertainment in a research report on Thursday, August 14th. One research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $332.70.

Insiders Place Their Bets

In other Flutter Entertainment news, insider Daniel Mark Taylor sold 15,283 shares of the company's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $284.80, for a total value of $4,352,598.40. Following the transaction, the insider directly owned 16,589 shares of the company's stock, valued at $4,724,547.20. This represents a 47.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James Philip Bishop sold 1,904 shares of the company's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $281.64, for a total value of $536,242.56. Following the completion of the transaction, the insider directly owned 4,712 shares in the company, valued at approximately $1,327,087.68. The trade was a 28.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 23,396 shares of company stock valued at $6,759,745 over the last ninety days. Corporate insiders own 0.09% of the company's stock.

Flutter Entertainment Trading Up 0.9%

Shares of NYSE FLUT traded up $2.67 during mid-day trading on Tuesday, hitting $290.71. 122,448 shares of the company traded hands, compared to its average volume of 2,262,143. The stock has a market capitalization of $51.19 billion, a price-to-earnings ratio of 143.21 and a beta of 2.30. Flutter Entertainment PLC has a 1 year low of $196.88 and a 1 year high of $313.68. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.95. The business has a 50 day moving average of $296.27 and a two-hundred day moving average of $263.35.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $2.95 earnings per share for the quarter, beating the consensus estimate of $2.08 by $0.87. The firm had revenue of $4.19 billion for 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 firm's revenue was up 16.0% compared to the same quarter last year. Flutter Entertainment has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that Flutter Entertainment PLC will post 4.17 earnings per share for the current fiscal year.

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

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.