Flutter Entertainment PLC $FLUT Holdings Decreased by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its stake in shares of Flutter Entertainment PLC (NYSE:FLUT) by 8.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 407,155 shares of the company’s stock after selling 36,653 shares during the quarter. Bank of New York Mellon Corp’s holdings in Flutter Entertainment were worth $87,555,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of FLUT. Norges Bank bought a new stake in shares of Flutter Entertainment during the fourth quarter valued at about $694,009,000. Durable Capital Partners LP raised its stake in shares of Flutter Entertainment by 274.2% during the third quarter. Durable Capital Partners LP now owns 1,243,988 shares of the company’s stock valued at $315,973,000 after purchasing an additional 911,507 shares in the last quarter. Marshall Wace LLP grew its holdings in Flutter Entertainment by 112.8% during the third quarter. Marshall Wace LLP now owns 1,354,073 shares of the company’s stock worth $343,935,000 after acquiring an additional 717,658 shares during the period. Squarepoint Ops LLC bought a new stake in Flutter Entertainment in the third quarter worth about $160,020,000. Finally, SG Americas Securities LLC raised its position in Flutter Entertainment by 2,583.5% in the fourth quarter. SG Americas Securities LLC now owns 579,633 shares of the company’s stock worth $124,644,000 after acquiring an additional 558,033 shares in the last quarter.

Flutter Entertainment Trading Up 4.7%

Shares of FLUT opened at $105.20 on Tuesday. The business’s 50-day moving average price is $102.43 and its 200 day moving average price is $145.80. The stock has a market capitalization of $18.30 billion, a P/E ratio of -49.16, a P/E/G ratio of 1.33 and a beta of 1.40. Flutter Entertainment PLC has a 1-year low of $91.52 and a 1-year high of $313.68. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 1.27.

Flutter Entertainment (NYSE:FLUT) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.13. The firm had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Flutter Entertainment had a positive return on equity of 11.60% and a negative net margin of 2.20%.Flutter Entertainment’s revenue was up 17.4% on a year-over-year basis. During the same quarter last year, the business posted $1.59 EPS. Analysts expect that Flutter Entertainment PLC will post 4.88 earnings per share for the current year.

Flutter Entertainment declared that its board has authorized a stock buyback plan on Wednesday, March 11th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Flutter Entertainment

In related news, CEO Daniel Mark Taylor purchased 1,611 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The shares were purchased at an average price of $94.29 per share, with a total value of $151,901.19. Following the purchase, the chief executive officer owned 34,584 shares of the company’s stock, valued at $3,260,925.36. This trade represents a 4.89% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jeremy Peter Jackson sold 4,326 shares of Flutter Entertainment stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $108.00, for a total value of $467,208.00. Following the completion of the transaction, the chief executive officer directly owned 36,788 shares in the company, valued at $3,973,104. This represents a 10.52% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have bought 10,453 shares of company stock worth $1,045,526 and have sold 23,828 shares worth $2,477,625. Company insiders own 0.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $167.00 price target on shares of Flutter Entertainment in a research report on Friday, May 8th. BTIG Research dropped their price target on shares of Flutter Entertainment from $137.00 to $126.00 and set a “buy” rating on the stock in a research report on Thursday, May 7th. Canaccord Genuity Group cut their target price on shares of Flutter Entertainment from $270.00 to $220.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. Stifel Nicolaus reduced their target price on shares of Flutter Entertainment from $216.00 to $189.00 and set a “buy” rating for the company in a report on Thursday, April 9th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Flutter Entertainment in a report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $189.26.

Flutter Entertainment Profile

Flutter Entertainment plc is a global sports betting and gaming company that operates a portfolio of consumer-facing brands and digital platforms. The company’s primary activities include online sports betting, casino gaming, poker, and daily fantasy sports, delivered through web and mobile applications as well as retail betting locations in select markets. Flutter focuses on product development, customer acquisition and engagement, and compliance with local gambling regulations across the jurisdictions where it operates.

Flutter’s brand portfolio includes well-known names in different regional markets, such as FanDuel in the United States, PokerStars, Betfair, Paddy Power and Sky Betting & Gaming in Europe and elsewhere.