Flutter Entertainment PLC $FLUT Shares Sold by PointState Capital LP

Key Points

• PointState Capital LP reduced its stake in Flutter Entertainment PLC by 32.4%, now holding 544,704 shares valued at approximately $120.68 million, making it the 15th largest position in its investment portfolio.
• Flutter Entertainment shares have a market capitalization of $51.98 billion and recently reported a quarterly revenue of $4.19 billion, significantly exceeding analyst expectations of $3.06 billion.
• A stock buyback program of $245 million was initiated by Flutter's Board of Directors, which typically signals belief in the stock's undervaluation.

PointState Capital LP decreased its position in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 32.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 544,704 shares of the company's stock after selling 260,497 shares during the period. Flutter Entertainment accounts for 1.7% of PointState Capital LP's holdings, making the stock its 15th biggest position. PointState Capital LP owned 0.31% of Flutter Entertainment worth $120,679,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA lifted its position in Flutter Entertainment by 5.5% during the first quarter. Massachusetts Financial Services Co. MA now owns 3,230,587 shares of the company's stock valued at $715,737,000 after acquiring an additional 167,621 shares during the last quarter. Egerton Capital UK LLP lifted its position in Flutter Entertainment by 16.9% during the first quarter. Egerton Capital UK LLP now owns 2,193,794 shares of the company's stock valued at $486,035,000 after acquiring an additional 316,411 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Flutter Entertainment by 196.5% in the first quarter. BNP Paribas Financial Markets now owns 1,994,656 shares of the company's stock worth $441,916,000 after buying an additional 1,322,016 shares during the last quarter. Deutsche Bank AG lifted its stake in shares of Flutter Entertainment by 52.2% during the first quarter. Deutsche Bank AG now owns 1,849,769 shares of the company's stock worth $409,816,000 after buying an additional 634,497 shares during the period. Finally, Amundi lifted its stake in shares of Flutter Entertainment by 77.3% during the first quarter. Amundi now owns 1,421,434 shares of the company's stock worth $309,332,000 after buying an additional 619,625 shares during the period.

Analysts Set New Price Targets

Several research firms have recently commented on FLUT. Sanford C. Bernstein reiterated a "market perform" rating on shares of Flutter Entertainment in a research note on Friday, August 8th. UBS Group reiterated 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. Hsbc Global Res upgraded shares of Flutter Entertainment to a "hold" rating in a research note on Wednesday, June 18th. Citigroup reiterated a "buy" rating on shares of Flutter Entertainment in a research note on Thursday, August 14th. Finally, Kepler Capital Markets upgraded shares of Flutter Entertainment to a "strong-buy" rating in a research note on Thursday, August 28th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Flutter Entertainment has an average rating of "Moderate Buy" and a consensus target price of $332.70.

Insider Buying and Selling at Flutter Entertainment

In other Flutter Entertainment news, CEO Amy Howe sold 4,097 shares of Flutter Entertainment stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $305.91, for a total value of $1,253,313.27. Following the completion of the transaction, the chief executive officer owned 69,850 shares of the company's stock, valued at approximately $21,367,813.50. The trade was a 5.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 transaction of $536,242.56. Following the completion of the transaction, the insider owned 4,712 shares of the company's stock, valued at approximately $1,327,087.68. This trade represents a 28.78% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 23,396 shares of company stock worth $6,759,745. 0.09% of the stock is currently owned by company insiders.

Flutter Entertainment Stock Performance

Shares of Flutter Entertainment stock traded down $0.89 during trading on Thursday, hitting $290.33. 615,106 shares of the company's stock were exchanged, compared to its average volume of 2,256,304. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.95 and a current ratio of 0.95. The business has a 50-day simple moving average of $296.59 and a 200-day simple moving average of $263.74. Flutter Entertainment PLC has a 52-week low of $196.88 and a 52-week high of $313.68. The stock has a market capitalization of $51.13 billion, a price-to-earnings ratio of 143.02 and a beta of 2.29.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $2.95 earnings per share (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 during the quarter, compared to analysts' expectations of $3.06 billion. The business's revenue for the quarter was up 16.0% on a year-over-year basis. Flutter Entertainment has set its FY 2025 guidance at EPS. On average, research analysts forecast that Flutter Entertainment PLC will post 4.17 EPS for the current year.

Flutter Entertainment declared that its Board of Directors has authorized a share repurchase program on Friday, August 8th that permits the company to repurchase $245.00 million in shares. This repurchase authorization permits the company to buy up to 0.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

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.