Swiss National Bank Sells 1,000 Shares of Flutter Entertainment PLC (NYSE:FLUT)

Key Points

• The Swiss National Bank reduced its stake in Flutter Entertainment PLC by 0.2%, owning 501,382 shares valued at approximately $111.08 million after selling 1,000 shares.
• Several analysts have raised their price targets on Flutter Entertainment, with Oppenheimer now setting a target of $350 and a majority rating the stock as a "buy".
• Flutter Entertainment has authorized a $245 million stock buyback plan, indicating management's belief that the shares may be undervalued.

Swiss National Bank reduced its holdings in shares of Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 0.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 501,382 shares of the company's stock after selling 1,000 shares during the quarter. Swiss National Bank owned 0.28% of Flutter Entertainment worth $111,081,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in FLUT. GPS Wealth Strategies Group LLC boosted its holdings in Flutter Entertainment by 1,375.0% during the first 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 last quarter. Parallel Advisors LLC raised its position in Flutter Entertainment by 78.9% in the first quarter. Parallel Advisors LLC now owns 136 shares of the company's stock worth $30,000 after acquiring an additional 60 shares during the period. Tower Research Capital LLC TRC bought a new stake in Flutter Entertainment in the fourth quarter worth about $33,000. TD Waterhouse Canada Inc. bought a new stake in shares of Flutter Entertainment in the fourth quarter valued at approximately $36,000. Finally, Harbor Investment Advisory LLC lifted 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 valued at $41,000 after buying an additional 56 shares in the last quarter.

Flutter Entertainment Trading Up 0.5%

Shares of NYSE:FLUT traded up $1.52 on Wednesday, hitting $289.90. The company had a trading volume of 117,720 shares, compared to its average volume of 2,342,517. The firm's 50-day simple moving average is $284.75 and its two-hundred day simple moving average is $260.52. Flutter Entertainment PLC has a 1 year low of $196.88 and a 1 year 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 firm has a market capitalization of $51.05 billion, a price-to-earnings ratio of 142.58, a P/E/G ratio of 1.13 and a beta of 2.31.

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. The company had revenue of $4.19 billion during the quarter, compared to analyst estimates of $3.06 billion. Flutter Entertainment had a net margin of 2.96% and a return on equity of 12.15%. Flutter Entertainment's revenue was up 16.0% on a year-over-year basis. Equities analysts anticipate that Flutter Entertainment PLC will post 4.17 earnings per share for the current fiscal year.

Flutter Entertainment announced that its Board of Directors has initiated a share repurchase plan on Friday, August 8th that authorizes the company to buyback $245.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 0.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

FLUT has been the topic of a number of recent research reports. Hsbc Global Res upgraded shares of Flutter Entertainment to a "hold" rating in a research note on Wednesday, June 18th. JMP Securities upped their price target on shares of Flutter Entertainment from $323.00 to $345.00 and gave the company a "market outperform" rating in a research note on Friday, August 8th. Stifel Nicolaus upped their target price on shares of Flutter Entertainment from $353.00 to $356.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Citigroup reissued an "outperform" rating on shares of Flutter Entertainment in a report on Friday. Finally, Macquarie increased their price target on shares of Flutter Entertainment from $320.00 to $340.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Three research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $328.62.

Insider Buying and Selling

In other Flutter Entertainment news, Director Holly K. Koeppel sold 267 shares of the firm's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $245.36, for a total transaction of $65,511.12. Following the completion of the sale, the director directly owned 2,556 shares in the company, valued at approximately $627,140.16. This trade represents a 9.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John A. Bryant sold 418 shares of the firm's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $245.71, for a total transaction of $102,706.78. Following the sale, the director owned 5,956 shares of the company's stock, valued at approximately $1,463,448.76. This represents a 6.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,455 shares of company stock worth $601,632 over the last 90 days. Corporate insiders own 0.09% of the company's stock.

Flutter Entertainment 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.