Bank of America Corp DE Sells 557,532 Shares of Flutter Entertainment plc (NYSE:FLUT)

Bank of America Corp DE lowered its holdings in Flutter Entertainment plc (NYSE:FLUT - Free Report) by 29.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,322,129 shares of the company's stock after selling 557,532 shares during the quarter. Bank of America Corp DE owned 0.74% of Flutter Entertainment worth $341,704,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. Jennison Associates LLC purchased a new stake in Flutter Entertainment during the fourth quarter worth $239,306,000. DJE Kapital AG purchased a new position in Flutter Entertainment during the 4th quarter valued at about $442,000. Benson Investment Management Company Inc. acquired a new position in Flutter Entertainment during the fourth quarter worth about $5,116,000. Bank of New York Mellon Corp lifted its holdings in shares of Flutter Entertainment by 68.3% in the fourth quarter. Bank of New York Mellon Corp now owns 199,813 shares of the company's stock valued at $51,642,000 after purchasing an additional 81,101 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Flutter Entertainment by 6.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 661,301 shares of the company's stock worth $170,913,000 after purchasing an additional 38,800 shares in the last quarter.

Insider Buying and Selling

In related news, CEO Amy Howe sold 11,814 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $260.50, for a total value of $3,077,547.00. Following the completion of the transaction, the chief executive officer now directly owns 62,941 shares in the company, valued at approximately $16,396,130.50. The trade was a 15.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeremy Peter Jackson sold 25,027 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $261.96, for a total transaction of $6,556,072.92. Following the sale, the director now directly owns 21,148 shares of the company's stock, valued at $5,539,930.08. This represents a 54.20 % decrease in their position. The disclosure for this sale can be found here.

Flutter Entertainment Stock Performance

FLUT stock traded down $6.43 on Friday, reaching $234.76. 1,691,383 shares of the company were exchanged, compared to its average volume of 1,864,072. Flutter Entertainment plc has a 12 month low of $174.03 and a 12 month high of $299.73. The firm has a market capitalization of $41.48 billion and a PE ratio of 81.23. The stock's fifty day moving average price is $234.03 and its 200 day moving average price is $253.56. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.89 and a quick ratio of 0.89.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.89 by ($0.30). Flutter Entertainment had a negative return on equity of 4.52% and a negative net margin of 6.86%. The business had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.06 billion. During the same period last year, the company earned $0.10 EPS. The business's revenue for the quarter was up 7.9% on a year-over-year basis. On average, research analysts anticipate that Flutter Entertainment plc will post 4.17 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Citizens Jmp lowered their target price on Flutter Entertainment from $328.00 to $317.00 and set an "outperform" rating on the stock in a report on Monday, April 14th. Needham & Company LLC reiterated a "buy" rating and issued a $310.00 price target on shares of Flutter Entertainment in a report on Thursday. Stifel Nicolaus cut their target price on Flutter Entertainment from $320.00 to $315.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. UBS Group upped their price target on Flutter Entertainment from $335.00 to $340.00 and gave the stock a "buy" rating in a research note on Thursday, March 6th. Finally, Wells Fargo & Company increased their target price on shares of Flutter Entertainment from $285.00 to $300.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 5th. Twenty analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Flutter Entertainment currently has a consensus rating of "Buy" and an average target price of $306.28.

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.