Wellington Management Group LLP Sells 214,129 Shares of Flutter Entertainment PLC $FLUT

Key Points

• Wellington Management Group LLP reduced its stake in Flutter Entertainment PLC by 8.1%, selling 214,129 shares, and now holds approximately 1.38% of the company valued at $534,454,000.
• Flutter Entertainment's recent earnings report showed $2.95 earnings per share, exceeding estimates by $0.87, with revenue totaling $4.19 billion for the quarter, a year-over-year increase of 16.0%.
• The company has approved a $245 million share buyback plan, indicating management's belief that the shares are currently undervalued.

Wellington Management Group LLP lowered its position in Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 8.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,438,714 shares of the company's stock after selling 214,129 shares during the period. Wellington Management Group LLP owned approximately 1.38% of Flutter Entertainment worth $534,454,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. GPS Wealth Strategies Group LLC raised its stake in shares of Flutter Entertainment by 1,375.0% during the first quarter. GPS Wealth Strategies Group LLC now owns 118 shares of the company's stock valued at $26,000 after acquiring an additional 110 shares in the last quarter. Tower Research Capital LLC TRC bought a new position in Flutter Entertainment in the fourth quarter worth approximately $33,000. Parallel Advisors LLC raised its stake 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 buying an additional 60 shares in the last quarter. TD Waterhouse Canada Inc. bought a new position in Flutter Entertainment in the fourth quarter worth approximately $36,000. Finally, Farther Finance Advisors LLC grew its holdings in Flutter Entertainment by 90.6% in the first quarter. Farther Finance Advisors LLC now owns 183 shares of the company's stock worth $41,000 after purchasing an additional 87 shares during the last quarter.

Analyst Upgrades and Downgrades

Several research firms have issued reports on FLUT. Stifel Nicolaus lifted their price target 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 reaffirmed a "buy" rating on shares of Flutter Entertainment in a report on Thursday. JMP Securities lifted their price target on shares of Flutter Entertainment from $323.00 to $345.00 and gave the stock a "market outperform" rating in a report on Friday, August 8th. UBS Group reaffirmed a "buy" rating and issued a $360.00 price target (up from $340.00) on shares of Flutter Entertainment in a report on Friday, August 8th. Finally, Bank of America lifted their price target on shares of Flutter Entertainment from $295.00 to $330.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Three analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $328.62.

Flutter Entertainment Trading Up 0.3%

NYSE FLUT opened at $294.05 on Tuesday. The company has a market capitalization of $51.78 billion, a PE ratio of 144.85, a P/E/G ratio of 1.22 and a beta of 2.31. The company has a fifty day moving average of $288.17 and a 200 day moving average of $261.18. Flutter Entertainment PLC has a 1 year low of $196.88 and a 1 year 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.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its 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 business had revenue of $4.19 billion for the quarter, compared to analyst estimates of $3.06 billion. The firm's revenue was up 16.0% on a year-over-year basis. Research analysts forecast that Flutter Entertainment PLC will post 4.17 earnings per share for the current year.

Flutter Entertainment announced that its board has approved a share buyback plan on Friday, August 8th that allows the company to repurchase $245.00 million in shares. This repurchase authorization allows the company to buy up to 0.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

Insider Activity

In related news, Director John A. Bryant sold 418 shares of the company'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 completion of the transaction, the director owned 5,956 shares in the company, valued at $1,463,448.76. This represents a 6.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Daniel Mark Taylor sold 15,283 shares of the company's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $284.80, for a total transaction of $4,352,598.40. Following the transaction, the insider 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,642 shares of company stock worth $5,490,473. Company insiders own 0.09% of the company's stock.

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.

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