State of New Jersey Common Pension Fund D Sells 5,397 Shares of Flutter Entertainment PLC $FLUT

Key Points

• The State of New Jersey Common Pension Fund D decreased its stake in Flutter Entertainment PLC by 8.1%, now holding 60,850 shares valued at approximately $13.48 million.
• Analysts have mixed ratings on Flutter Entertainment, with a consensus rating of "Moderate Buy" and an average price target of $328.62.
• Flutter Entertainment reported a significant increase in revenue, with $4.19 billion for the quarter, exceeding analysts' expectations of $3.06 billion.

State of New Jersey Common Pension Fund D lowered its stake in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 8.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,850 shares of the company's stock after selling 5,397 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Flutter Entertainment were worth $13,481,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in Flutter Entertainment by 326.7% during 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 in the last quarter. Whalen Wealth Management Inc. bought a new stake in Flutter Entertainment during the first quarter worth $380,000. Rubicon Global Capital Ltd grew its holdings in Flutter Entertainment by 56.1% during 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 in the last quarter. Bessemer Group Inc. grew its holdings in Flutter Entertainment by 0.6% during 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 in the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its holdings in Flutter Entertainment by 1.4% during 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 in the last quarter.

Analysts Set New Price Targets

A number of brokerages have issued reports on FLUT. Citigroup restated a "buy" rating on shares of Flutter Entertainment in a research note on Thursday, August 14th. Barclays upped their price objective on Flutter Entertainment from $350.00 to $352.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Zacks Research upgraded Flutter Entertainment from a "strong sell" rating to a "hold" rating in a research note on Friday, August 15th. Stifel Nicolaus upped their price objective on Flutter Entertainment from $353.00 to $356.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Finally, Peel Hunt downgraded Flutter Entertainment from an "add" rating to a "hold" rating in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $328.62.

Insider Activity

In other news, insider James Philip Bishop sold 1,904 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $281.64, for a total transaction of $536,242.56. Following the transaction, the insider directly owned 4,712 shares in the company, valued at approximately $1,327,087.68. This represents a 28.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Nancy Cruickshank sold 281 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $245.71, for a total value of $69,044.51. Following the transaction, the director 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 disclosure for this sale can be found here. In the last three months, insiders sold 19,642 shares of company stock worth $5,490,473. 0.09% of the stock is currently owned by insiders.

Flutter Entertainment Stock Performance

Shares of NYSE FLUT traded up $0.4340 during trading on Thursday, reaching $294.9640. 983,358 shares of the stock traded hands, compared to its average volume of 2,315,514. Flutter Entertainment PLC has a 52-week low of $196.88 and a 52-week high of $313.68. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.95 and a quick ratio of 0.95. The company has a 50-day moving average of $289.14 and a 200-day moving average of $261.62. The stock has a market capitalization of $51.94 billion, a P/E ratio of 145.30, a price-to-earnings-growth ratio of 1.21 and a beta of 2.31.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $2.95 earnings per share (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 analysts' expectations of $3.06 billion. Flutter Entertainment had a return on equity of 12.15% and a net margin of 2.96%.The company's revenue for the quarter was up 16.0% compared to the same quarter last year. Flutter Entertainment has set its FY 2025 guidance at EPS. Analysts forecast that Flutter Entertainment PLC will post 4.17 EPS for the current fiscal year.

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