Southpoint Capital Advisors LP Raises Stock Holdings in Flutter Entertainment PLC $FLUT

Key Points

• Southpoint Capital Advisors LP increased its stake in Flutter Entertainment PLC by 66.7%, now holding approximately 500,000 shares, which accounts for 2.6% of their total holdings.
• Flutter Entertainment reported strong earnings of $2.95 per share, exceeding analyst expectations, with revenue of $4.19 billion, which is a 16.0% year-over-year increase.
• The company's Board of Directors approved a $245 million stock buyback plan, suggesting they believe the stock is currently undervalued.

Southpoint Capital Advisors LP boosted its position in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 66.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 500,000 shares of the company's stock after buying an additional 200,000 shares during the quarter. Flutter Entertainment makes up about 2.6% of Southpoint Capital Advisors LP's holdings, making the stock its 19th biggest holding. Southpoint Capital Advisors LP owned about 0.28% of Flutter Entertainment worth $110,775,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in FLUT. Tower Research Capital LLC TRC bought a new position in shares of Flutter Entertainment during the fourth quarter valued at about $33,000. Stifel Financial Corp purchased a new position in Flutter Entertainment during the 4th quarter valued at about $1,401,000. Voya Investment Management LLC raised its position in Flutter Entertainment by 204.6% during the 4th quarter. Voya Investment Management LLC now owns 7,020 shares of the company's stock valued at $1,822,000 after purchasing an additional 4,715 shares during the last quarter. Ameriprise Financial Inc. raised its position in Flutter Entertainment by 1,159.6% during the 4th quarter. Ameriprise Financial Inc. now owns 228,447 shares of the company's stock valued at $59,042,000 after purchasing an additional 210,310 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in Flutter Entertainment by 24.0% in the 4th quarter. BNP Paribas Financial Markets now owns 672,640 shares of the company's stock worth $173,844,000 after buying an additional 130,313 shares during the period.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Jefferies Financial Group started coverage on Flutter Entertainment in a report on Tuesday, July 8th. They set a "buy" rating and a $380.00 target price for the company. JMP Securities boosted their price objective on shares of Flutter Entertainment from $323.00 to $345.00 and gave the company a "market outperform" rating in a research report on Friday, August 8th. Canaccord Genuity Group raised their target price on shares of Flutter Entertainment from $330.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Barclays lifted their target price on shares of Flutter Entertainment from $350.00 to $352.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Finally, Bank of America increased their price target on shares of Flutter Entertainment from $295.00 to $330.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $332.70.

Flutter Entertainment Stock Performance

Shares of FLUT stock opened at $307.73 on Tuesday. The company's fifty day moving average price is $294.47 and its 200-day moving average price is $263.17. The stock has a market cap of $54.19 billion, a PE ratio of 151.59, a price-to-earnings-growth ratio of 1.49 and a beta of 2.30. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.95. Flutter Entertainment PLC has a 12 month low of $196.88 and a 12 month high of $313.68.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last issued its quarterly 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 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. Flutter Entertainment has set its FY 2025 guidance at EPS. On average, equities analysts expect that Flutter Entertainment PLC will post 4.17 EPS for the current fiscal year.

Flutter Entertainment announced that its Board of Directors has approved a stock buyback plan on Friday, August 8th that permits the company to buyback $245.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 0.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board believes its stock is undervalued.

Insider Activity

In other news, CEO Jeremy Peter Jackson sold 2,112 shares of the 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 sale, the chief executive officer directly owned 31,944 shares of the company's stock, valued at approximately $9,341,064.48. This represents a 6.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Carolan Lennon sold 430 shares of the firm's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $245.71, for a total value of $105,655.30. Following the transaction, the director owned 769 shares of the company's stock, valued at $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. In the last ninety days, insiders sold 25,851 shares of company stock valued at $7,361,377. 0.09% of the stock is currently owned by insiders.

About Flutter Entertainment

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.