Westpac Banking Corp Has $1.35 Million Stake in Flutter Entertainment PLC (NYSE:FLUT)

Key Points

• Westpac Banking Corp increased its stake in Flutter Entertainment by 434.2% in Q1, acquiring nearly 5,000 shares, bringing its total to 6,111 shares valued at approximately $1.35 million.
• Flutter Entertainment recently announced a stock repurchase program worth $245 million, allowing the company to buy back up to 0.5% of its shares, signaling a belief that its stock is undervalued.
• The company reported a Q2 earnings per share of $2.95, surpassing expectations, with quarterly revenue of $4.19 billion, up 16% year-over-year.

Westpac Banking Corp grew its holdings in Flutter Entertainment PLC (NYSE:FLUT - Free Report) by 434.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,111 shares of the company's stock after acquiring an additional 4,967 shares during the quarter. Westpac Banking Corp's holdings in Flutter Entertainment were worth $1,354,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Flutter Entertainment by 326.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,243 shares of the company's stock worth $742,000 after acquiring an additional 2,483 shares in the last quarter. Whalen Wealth Management Inc. acquired a new position in shares of Flutter Entertainment during the first quarter worth about $380,000. Rubicon Global Capital Ltd boosted its position in shares of 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 during the period. Bessemer Group Inc. boosted its position in shares of 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 during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its position in shares of 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 during the period.

Insider Activity

In other news, Director John A. Bryant sold 418 shares of Flutter Entertainment stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $245.71, for a total value of $102,706.78. Following the transaction, the director owned 5,956 shares in the company, valued at approximately $1,463,448.76. This trade represents a 6.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Carolan Lennon sold 430 shares of Flutter Entertainment 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 completion of the transaction, the director owned 769 shares in the company, valued at approximately $188,950.99. The trade was a 35.86% 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. 0.09% of the stock is currently owned by insiders.

Flutter Entertainment Price Performance

Flutter Entertainment stock traded down $4.20 during mid-day trading on Thursday, reaching $289.52. 1,791,608 shares of the company were exchanged, compared to its average volume of 2,322,799. The company has a fifty day simple moving average of $286.69 and a 200-day simple moving average of $260.94. Flutter Entertainment PLC has a 12 month low of $196.88 and a 12 month 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 firm has a market cap of $50.98 billion, a PE ratio of 142.62, a PEG ratio of 1.22 and a beta of 2.31.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $2.95 EPS for the quarter, topping analysts' consensus estimates of $2.08 by $0.87. Flutter Entertainment had a return on equity of 12.15% and a net margin of 2.96%. The firm had revenue of $4.19 billion for the quarter, compared to analyst estimates of $3.06 billion. The business's revenue for the quarter was up 16.0% on a year-over-year basis. As a group, equities research analysts expect that Flutter Entertainment PLC will post 4.17 earnings per share for the current fiscal year.

Flutter Entertainment declared that its Board of Directors has initiated a stock buyback plan on Friday, August 8th that allows the company to repurchase $245.00 million in outstanding 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 board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on FLUT. Macquarie upped their price objective on Flutter Entertainment from $320.00 to $340.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Canaccord Genuity Group raised their price target on Flutter Entertainment from $330.00 to $340.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Jefferies Financial Group began coverage on Flutter Entertainment in a research report on Tuesday, July 8th. They set a "buy" rating and a $380.00 price target on the stock. Oppenheimer increased their price objective on Flutter Entertainment from $310.00 to $350.00 and gave the company an "outperform" rating in a report on Tuesday, July 22nd. Finally, UBS Group reissued a "buy" rating and issued a $360.00 target price (up from $340.00) on shares of Flutter Entertainment in a research note 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 issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $328.62.

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.