Assenagon Asset Management S.A. Increases Stock Position in Flutter Entertainment PLC (NYSE:FLUT)

Assenagon Asset Management S.A. boosted its position in Flutter Entertainment PLC (NYSE:FLUT) by 1.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,109 shares of the company’s stock after buying an additional 111 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Flutter Entertainment were worth $1,575,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FLUT. Parvus Asset Management Europe Ltd acquired a new stake in Flutter Entertainment in the fourth quarter valued at $2,146,227,000. Norges Bank acquired a new stake in shares of Flutter Entertainment in the 4th quarter valued at about $946,681,000. Invesco Ltd. acquired a new stake in shares of Flutter Entertainment in the 4th quarter valued at about $621,680,000. Lone Pine Capital LLC bought a new position in shares of Flutter Entertainment during the fourth quarter worth about $494,291,000. Finally, Capital World Investors grew its stake in Flutter Entertainment by 11.9% in the fourth quarter. Capital World Investors now owns 15,426,515 shares of the company’s stock worth $3,986,968,000 after purchasing an additional 1,635,241 shares in the last quarter.

Flutter Entertainment Stock Performance

NYSE:FLUT opened at $272.01 on Wednesday. The firm’s 50-day moving average is $243.92 and its 200-day moving average is $253.51. The company has a market cap of $48.06 billion and a price-to-earnings ratio of 94.12. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.95 and a current ratio of 0.95. Flutter Entertainment PLC has a 52-week low of $175.59 and a 52-week high of $299.73.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.59 earnings per share for the quarter, missing the consensus estimate of $1.89 by ($0.30). Flutter Entertainment had a return on equity of 11.76% and a net margin of 4.17%. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.06 billion. During the same period in the previous year, the business posted $0.10 EPS. Flutter Entertainment’s revenue for the quarter was up 7.9% compared to the same quarter last year. Equities research analysts anticipate that Flutter Entertainment PLC will post 4.17 earnings per share for the current year.

Insider Buying and Selling at Flutter Entertainment

In related news, Director Alfred F. Hurley, Jr. sold 265 shares of the stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $243.94, for a total transaction of $64,644.10. Following the sale, the director now directly owns 3,518 shares in the company, valued at $858,180.92. This represents a 7.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Nancy Cruickshank sold 281 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 $69,044.51. Following the completion of the sale, the director now directly owns 1,797 shares of the company’s stock, valued at $441,540.87. This trade represents a 13.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,770 shares of company stock worth $1,894,934 over the last three months.

Analyst Ratings Changes

Several analysts have weighed in on FLUT shares. Benchmark reiterated a “buy” rating and set a $300.00 target price on shares of Flutter Entertainment in a research note on Monday, April 21st. Citigroup reaffirmed an “outperform” rating on shares of Flutter Entertainment in a research report on Wednesday, March 5th. UBS Group increased their price objective on shares of Flutter Entertainment from $335.00 to $340.00 and gave the stock a “buy” rating in a research note on Thursday, March 6th. Barclays decreased their target price on Flutter Entertainment from $300.00 to $293.00 and set an “overweight” rating for the company in a research note on Thursday, May 8th. Finally, Peel Hunt upgraded Flutter Entertainment from a “hold” rating to an “add” rating in a research report on Monday, March 10th. One investment analyst has rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $303.79.

Flutter Entertainment Company Profile

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.