Prudential PLC Decreases Stock Holdings in Flutter Entertainment PLC (NYSE:FLUT)

Key Points

• Prudential PLC has reduced its holdings in Flutter Entertainment PLC by 12.0%, now owning 26,611 shares valued at approximately $5.9 million.
• Flutter Entertainment reported a quarterly revenue of $4.19 billion, significantly exceeding analyst estimates, and a share buyback plan has been approved for up to $245 million.
• Flutter's stock ratings have been mostly positive, with 21 analysts rating it as a buy and an average price target of $328.62, reflecting strong investor confidence.

Prudential PLC lowered its stake in Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 12.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,611 shares of the company's stock after selling 3,633 shares during the quarter. Prudential PLC's holdings in Flutter Entertainment were worth $5,896,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in FLUT. GPS Wealth Strategies Group LLC lifted its stake in shares of 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 during the period. Parallel Advisors LLC increased its holdings in Flutter Entertainment by 78.9% during the first quarter. Parallel Advisors LLC now owns 136 shares of the company's stock valued at $30,000 after buying an additional 60 shares during the last quarter. Tower Research Capital LLC TRC bought a new position in Flutter Entertainment in the fourth quarter worth approximately $33,000. TD Waterhouse Canada Inc. bought a new position in Flutter Entertainment in the fourth quarter worth approximately $36,000. Finally, Harbor Investment Advisory LLC boosted its stake in shares of Flutter Entertainment by 43.8% during the 1st quarter. Harbor Investment Advisory LLC now owns 184 shares of the company's stock worth $41,000 after acquiring an additional 56 shares during the last quarter.

Analyst Ratings Changes

Several research firms have recently commented on FLUT. Sanford C. Bernstein restated a "market perform" rating on shares of Flutter Entertainment in a research note on Friday, August 8th. Stifel Nicolaus upped their price target on Flutter Entertainment from $353.00 to $356.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Oppenheimer raised 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. Benchmark reiterated a "buy" rating and set a $365.00 price objective (up from $300.00) on shares of Flutter Entertainment in a research note on Friday, August 8th. Finally, Hsbc Global Res upgraded shares of Flutter Entertainment to a "hold" rating in a research note on Wednesday, June 18th. Three investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Flutter Entertainment presently has an average rating of "Moderate Buy" and a consensus price target of $328.62.

Insider Activity

In other Flutter Entertainment news, insider James Philip Bishop sold 1,904 shares of the stock in a transaction on Monday, August 11th. The shares were 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 in the company, valued at $1,327,087.68. This trade 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 is available through this link. Also, Director Nancy Cruickshank sold 281 shares of Flutter Entertainment stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $245.71, for a total transaction of $69,044.51. Following the completion of the transaction, the director directly owned 1,797 shares of the company's stock, valued at $441,540.87. The trade was a 13.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,642 shares of company stock worth $5,490,473. 0.09% of the stock is owned by corporate insiders.

Flutter Entertainment Trading Up 2.0%

Shares of Flutter Entertainment stock opened at $294.16 on Thursday. Flutter Entertainment PLC has a twelve month low of $196.88 and a twelve month 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 price of $285.75 and a 200-day moving average price of $260.75. The firm has a market cap of $51.80 billion, a price-to-earnings ratio of 144.91, a PEG ratio of 1.15 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, beating analysts' consensus estimates of $2.08 by $0.87. Flutter Entertainment had a return on equity of 12.15% and a net margin of 2.96%. The company had revenue of $4.19 billion during the quarter, compared to analyst estimates of $3.06 billion. Flutter Entertainment's revenue was up 16.0% on a year-over-year basis. Equities research analysts anticipate that Flutter Entertainment PLC will post 4.17 EPS for the current fiscal year.

Flutter Entertainment declared that its Board of Directors 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 shares through open market purchases. Shares repurchase plans are generally 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.

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