SG Americas Securities LLC Has $8.39 Million Holdings in Flutter Entertainment PLC $FLUT

Key Points

• SG Americas Securities cut its Flutter Entertainment stake by 85.8% in the first quarter, leaving it with 82,269 shares valued at about $8.39 million.
• Flutter reported better-than-expected quarterly results, with EPS of $1.22 versus estimates of $1.09 and revenue of $4.30 billion, up 17.4% year over year.
• The company has also authorized a $250 million share buyback, while Wall Street remains broadly positive with a consensus rating of Moderate Buy and an average price target of $187.42.

SG Americas Securities LLC lessened its holdings in Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 85.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 82,269 shares of the company's stock after selling 497,364 shares during the period. SG Americas Securities LLC's holdings in Flutter Entertainment were worth $8,387,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Cibc World Markets Corp acquired a new stake in shares of Flutter Entertainment in the 4th quarter valued at approximately $1,678,841,000. Capital International Investors increased its position in Flutter Entertainment by 146.8% during the 4th quarter. Capital International Investors now owns 8,039,066 shares of the company's stock worth $1,728,772,000 after purchasing an additional 4,782,302 shares in the last quarter. Norges Bank bought a new position in Flutter Entertainment in the 4th quarter valued at approximately $694,009,000. Durable Capital Partners LP lifted its stake in Flutter Entertainment by 274.2% in the 3rd quarter. Durable Capital Partners LP now owns 1,243,988 shares of the company's stock valued at $315,973,000 after purchasing an additional 911,507 shares during the last quarter. Finally, PointState Capital LP boosted its position in Flutter Entertainment by 132.7% in the fourth quarter. PointState Capital LP now owns 1,399,735 shares of the company's stock valued at $300,999,000 after buying an additional 798,302 shares in the last quarter.

Insider Buying and Selling

In related news, COO James Philip Bishop acquired 1,000 shares of the stock in a transaction dated Monday, May 11th. The stock was bought at an average cost of $99.75 per share, for a total transaction of $99,750.00. Following the completion of the transaction, the chief operating officer directly owned 17,605 shares of the company's stock, valued at $1,756,098.75. The trade was a 6.02% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jeremy Peter Jackson sold 3,084 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $98.13, for a total transaction of $302,632.92. Following the sale, the chief executive officer directly owned 74,326 shares of the company's stock, valued at $7,293,610.38. This represents a 3.98% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have acquired 10,453 shares of company stock valued at $1,045,526 and have sold 5,994 shares valued at $577,293. Corporate insiders own 0.13% of the company's stock.

Flutter Entertainment Price Performance

Shares of NYSE:FLUT opened at $104.32 on Friday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.90 and a current ratio of 0.90. Flutter Entertainment PLC has a 52 week low of $91.52 and a 52 week high of $313.68. The firm has a market cap of $18.15 billion, a PE ratio of -48.75, a price-to-earnings-growth ratio of 1.35 and a beta of 1.40. The firm's fifty day moving average is $102.35 and its 200-day moving average is $136.71.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $1.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.13. The business had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.24 billion. Flutter Entertainment had a positive return on equity of 11.60% and a negative net margin of 2.20%.Flutter Entertainment's quarterly revenue was up 17.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.59 earnings per share. Sell-side analysts predict that Flutter Entertainment PLC will post 5 earnings per share for the current year.

Flutter Entertainment announced that its board has approved a share buyback plan on Wednesday, March 11th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FLUT. Stifel Nicolaus lowered their price target on shares of Flutter Entertainment from $216.00 to $189.00 and set a "buy" rating for the company in a report on Thursday, April 9th. Needham & Company LLC cut their price objective on Flutter Entertainment from $150.00 to $135.00 and set a "buy" rating on the stock in a report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $167.00 price objective on shares of Flutter Entertainment in a research report on Friday, May 8th. Oppenheimer lowered their target price on Flutter Entertainment from $210.00 to $160.00 and set an "outperform" rating for the company in a report on Monday, April 13th. Finally, Canaccord Genuity Group dropped their target price on Flutter Entertainment from $270.00 to $220.00 and set a "buy" rating for the company in a research report on Monday, March 2nd. Three research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $187.42.

Flutter Entertainment Company Profile

Flutter Entertainment plc is a global sports betting and gaming company that operates a portfolio of consumer-facing brands and digital platforms. The company's primary activities include online sports betting, casino gaming, poker, and daily fantasy sports, delivered through web and mobile applications as well as retail betting locations in select markets. Flutter focuses on product development, customer acquisition and engagement, and compliance with local gambling regulations across the jurisdictions where it operates.

Flutter's brand portfolio includes well-known names in different regional markets, such as FanDuel in the United States, PokerStars, Betfair, Paddy Power and Sky Betting & Gaming in Europe and elsewhere.

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