Public Employees Retirement System of Ohio Has $29.32 Million Stake in Flutter Entertainment PLC $FLUT

Key Points

• The Public Employees Retirement System of Ohio increased its stake in Flutter Entertainment PLC by 182.7% during the second quarter, now owning 102,640 shares valued at approximately $29.32 million.
• Analysts have given Flutter Entertainment an average rating of "Moderate Buy" with a target price of $332.70, with recent upgrades indicating confidence in the stock's performance.
• Flutter Entertainment's Board of Directors approved a $245 million stock repurchase program, suggesting they believe the company's shares are currently undervalued.

Public Employees Retirement System of Ohio increased its position in Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 182.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 102,640 shares of the company's stock after buying an additional 66,329 shares during the period. Public Employees Retirement System of Ohio owned 0.06% of Flutter Entertainment worth $29,322,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in Flutter Entertainment by 326.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,243 shares of the company's stock worth $742,000 after buying an additional 2,483 shares during the last quarter. Whalen Wealth Management Inc. acquired a new position in Flutter Entertainment in the first quarter worth approximately $380,000. Rubicon Global Capital Ltd increased its holdings in Flutter Entertainment by 56.1% in the first quarter. Rubicon Global Capital Ltd now owns 70,250 shares of the company's stock worth $15,564,000 after buying an additional 25,250 shares during the last quarter. Bessemer Group Inc. increased its holdings in Flutter Entertainment by 0.6% in the first quarter. Bessemer Group Inc. now owns 397,297 shares of the company's stock worth $88,021,000 after buying an additional 2,478 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its holdings in Flutter Entertainment by 1.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 4,783 shares of the company's stock worth $1,060,000 after buying an additional 67 shares during the last quarter.

Wall Street Analyst Weigh In

FLUT has been the topic of a number of research reports. Kepler Capital Markets upgraded Flutter Entertainment to a "strong-buy" rating in a report on Thursday, August 28th. Bank of America increased their price objective on Flutter Entertainment from $295.00 to $330.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Jefferies Financial Group began coverage on Flutter Entertainment in a report on Tuesday, July 8th. They set a "buy" rating and a $380.00 price target on the stock. Hsbc Global Res upgraded Flutter Entertainment to a "hold" rating in a report on Wednesday, June 18th. Finally, JMP Securities increased their price target on Flutter Entertainment from $323.00 to $345.00 and gave the company a "market outperform" rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $332.70.

Insider Transactions at Flutter Entertainment

In related news, CEO Jeremy Peter Jackson sold 2,112 shares of the firm's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $292.42, for a total value of $617,591.04. Following the completion of the transaction, the chief executive officer directly owned 31,944 shares of the company's stock, valued at $9,341,064.48. This trade represents a 6.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel Mark Taylor sold 15,283 shares of the firm's stock in a transaction on 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 completion of the transaction, the insider directly owned 16,589 shares of the company's stock, valued at approximately $4,724,547.20. This trade represents a 47.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,396 shares of company stock valued at $6,759,745 in the last ninety days. 0.09% of the stock is owned by company insiders.

Flutter Entertainment Stock Down 1.4%

FLUT opened at $280.03 on Thursday. Flutter Entertainment PLC has a 1-year low of $196.88 and a 1-year high of $313.68. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.95. The stock has a market capitalization of $49.31 billion, a price-to-earnings ratio of 137.95 and a beta of 2.29. The business has a 50 day moving average of $295.67 and a 200-day moving average of $264.84.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its quarterly earnings data 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. 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 analysts' expectations of $3.06 billion. Flutter Entertainment's quarterly revenue was up 16.0% compared to the same quarter last year. Flutter Entertainment has set its FY 2025 guidance at EPS. As a group, sell-side 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 approved a stock repurchase program on Friday, August 8th that permits the company to repurchase $245.00 million in shares. This repurchase authorization permits the company to purchase up to 0.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors 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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