Allstate Corp Grows Stock Position in Flutter Entertainment PLC $FLUT

Allstate Corp increased its holdings in shares of Flutter Entertainment PLC (NYSE:FLUT) by 94.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 13,203 shares of the company’s stock after purchasing an additional 6,425 shares during the quarter. Allstate Corp’s holdings in Flutter Entertainment were worth $2,839,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in FLUT. MassMutual Private Wealth & Trust FSB lifted its position in Flutter Entertainment by 219.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 115 shares of the company’s stock worth $25,000 after buying an additional 79 shares during the period. JFS Wealth Advisors LLC purchased a new position in Flutter Entertainment during the third quarter worth about $27,000. Atlantic Union Bankshares Corp purchased a new position in Flutter Entertainment during the third quarter worth about $34,000. IFP Advisors Inc raised its holdings in shares of Flutter Entertainment by 93.8% in the 4th quarter. IFP Advisors Inc now owns 186 shares of the company’s stock worth $40,000 after purchasing an additional 90 shares during the period. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA raised its holdings in shares of Flutter Entertainment by 83.3% in the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 165 shares of the company’s stock worth $42,000 after purchasing an additional 75 shares during the period.

Flutter Entertainment Price Performance

FLUT stock opened at $95.73 on Thursday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.90 and a current ratio of 0.90. Flutter Entertainment PLC has a 1 year low of $91.52 and a 1 year high of $313.68. The firm has a market cap of $16.65 billion, a P/E ratio of -44.73, a price-to-earnings-growth ratio of 1.24 and a beta of 1.58. The stock has a 50-day simple moving average of $103.34 and a 200-day simple moving average of $152.11.

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

Flutter Entertainment announced that its board has initiated a share repurchase plan on Wednesday, March 11th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Don H. Liu sold 1,259 shares of the stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $93.37, for a total value of $117,552.83. Following the completion of the sale, the insider owned 21,006 shares in the company, valued at approximately $1,961,330.22. This trade represents a 5.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Daniel Mark Taylor bought 1,611 shares of the stock in a transaction dated Tuesday, May 12th. The stock was bought 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 approximately $3,260,925.36. This represents a 4.89% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have acquired 10,453 shares of company stock valued at $1,045,526 and have sold 22,306 shares valued at $2,333,598. 0.13% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Canaccord Genuity Group cut their price objective on Flutter Entertainment from $270.00 to $220.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. Benchmark cut their price objective on Flutter Entertainment from $175.00 to $132.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Oppenheimer cut their price objective on Flutter Entertainment from $210.00 to $160.00 and set an “outperform” rating on the stock in a report on Monday, April 13th. Citizens Jmp cut their price objective on Flutter Entertainment from $188.00 to $165.00 and set a “market outperform” rating on the stock in a report on Thursday, May 7th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $167.00 price objective on shares of Flutter Entertainment in a report on Friday, May 8th. Two investment 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 assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $189.26.

About Flutter Entertainment

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.