Primecap Management Co. CA Acquires Shares of 952,109 Flutter Entertainment PLC (NYSE:FLUT)

Key Points

• Primecap Management Co. CA acquired a new stake of 952,109 shares in Flutter Entertainment PLC valued at approximately $210.9 million during the first quarter, accounting for about 0.54% of the company's shares.
• Insider transactions included COO James Philip Bishop selling 3,000 shares and CEO Amy Howe selling 2,315 shares, reflecting decreases in their positions of 38.9% and 3.04%, respectively.
• Flutter Entertainment's shares opened at $304.93, with a market capitalization of $53.88 billion, and the company reported a revenue increase of 7.9% year-over-year despite missing EPS estimates in its latest quarterly results.

Primecap Management Co. CA acquired a new stake in Flutter Entertainment PLC (NYSE:FLUT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 952,109 shares of the company's stock, valued at approximately $210,940,000. Primecap Management Co. CA owned approximately 0.54% of Flutter Entertainment at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GPS Wealth Strategies Group LLC grew its position in shares of Flutter Entertainment by 1,375.0% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 118 shares of the company's stock worth $26,000 after buying an additional 110 shares during the period. Tower Research Capital LLC TRC acquired a new stake in shares of Flutter Entertainment during the 4th quarter worth approximately $33,000. Parallel Advisors LLC grew its position in shares of Flutter Entertainment by 78.9% during the 1st quarter. Parallel Advisors LLC now owns 136 shares of the company's stock worth $30,000 after buying an additional 60 shares during the period. TD Waterhouse Canada Inc. acquired a new stake in shares of Flutter Entertainment during the 4th quarter worth approximately $36,000. Finally, Farther Finance Advisors LLC grew its position in shares of Flutter Entertainment by 90.6% during the 1st quarter. Farther Finance Advisors LLC now owns 183 shares of the company's stock worth $41,000 after buying an additional 87 shares during the period.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FLUT. Macquarie lifted their price objective on shares of Flutter Entertainment from $320.00 to $340.00 and gave the stock an "outperform" rating in a research note on Friday. Stifel Nicolaus lifted their price objective on shares of Flutter Entertainment from $353.00 to $356.00 and gave the stock a "buy" rating in a research note on Friday. Truist Financial lifted their price objective on shares of Flutter Entertainment from $280.00 to $340.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Oppenheimer lifted their price objective on shares of Flutter Entertainment from $310.00 to $350.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 22nd. Finally, UBS Group lifted their price objective on shares of Flutter Entertainment from $340.00 to $360.00 and gave the stock a "buy" rating in a research note on Friday. Three research 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $328.62.

Insider Buying and Selling at Flutter Entertainment

In related news, Director Nancy Cruickshank sold 281 shares of the business'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 $69,044.51. Following the transaction, the director directly owned 1,797 shares in the company, valued at approximately $441,540.87. The trade was a 13.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Carolan Lennon sold 430 shares of the business'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 owned 769 shares in the company, valued at approximately $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 2,455 shares of company stock valued at $601,632 in the last 90 days.

Flutter Entertainment Stock Down 8.1%

Shares of FLUT stock traded down $24.82 during trading on Friday, reaching $281.25. The company's stock had a trading volume of 7,318,089 shares, compared to its average volume of 2,040,824. The business has a fifty day moving average price of $283.14 and a 200-day moving average price of $260.25. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.67. The company has a market cap of $49.69 billion, a price-to-earnings ratio of 138.55, a price-to-earnings-growth ratio of 1.03 and a beta of 2.31. Flutter Entertainment PLC has a one year low of $183.18 and a one year high of $313.68.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $2.95 EPS for the quarter, topping analysts' consensus estimates of $2.08 by $0.87. The business had revenue of $4.19 billion for the quarter, compared to analyst estimates of $3.06 billion. Flutter Entertainment had a net margin of 2.96% and a return on equity of 12.28%. The business's quarterly revenue was up 16.0% on a year-over-year basis. Analysts anticipate that Flutter Entertainment PLC will post 4.17 earnings per share for the current year.

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