Bank of New York Mellon Corp Grows Stake in Flutter Entertainment PLC (NYSE:FLUT)

Bank of New York Mellon Corp raised its holdings in shares of Flutter Entertainment PLC (NYSE:FLUT) by 3.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 206,551 shares of the company’s stock after purchasing an additional 6,738 shares during the period. Bank of New York Mellon Corp owned 0.12% of Flutter Entertainment worth $45,761,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Jones Financial Companies Lllp boosted its holdings in Flutter Entertainment by 151.0% in the fourth quarter. Jones Financial Companies Lllp now owns 389 shares of the company’s stock worth $101,000 after acquiring an additional 234 shares in the last quarter. Steward Partners Investment Advisory LLC increased its stake in Flutter Entertainment by 895.5% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 438 shares of the company’s stock valued at $113,000 after purchasing an additional 394 shares in the last quarter. Atria Investments Inc purchased a new position in shares of Flutter Entertainment in the fourth quarter worth $204,000. Proficio Capital Partners LLC grew its holdings in shares of Flutter Entertainment by 13.0% during the fourth quarter. Proficio Capital Partners LLC now owns 9,992 shares of the company’s stock valued at $2,582,000 after buying an additional 1,152 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Flutter Entertainment in the 4th quarter valued at $8,006,000.

Flutter Entertainment Trading Up 0.1%

Shares of Flutter Entertainment stock opened at $289.98 on Monday. Flutter Entertainment PLC has a fifty-two week low of $175.59 and a fifty-two week high of $299.73. The stock has a 50 day moving average of $260.42 and a 200 day moving average of $254.24. The firm has a market capitalization of $51.24 billion and a price-to-earnings ratio of 100.34. 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 (NYSE:FLUT) last posted its earnings results on Wednesday, May 7th. The company reported $1.59 EPS for the quarter, missing analysts’ consensus estimates of $1.89 by ($0.30). The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.06 billion. Flutter Entertainment had a net margin of 4.17% and a return on equity of 11.76%. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.10 EPS. As a group, research analysts predict that Flutter Entertainment PLC will post 4.17 earnings per share for the current year.

Insider Buying and Selling at Flutter Entertainment

In other news, COO James Philip Bishop sold 3,000 shares of the stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $243.20, for a total transaction of $729,600.00. Following the sale, the chief operating officer owned 4,712 shares of the company’s stock, valued at approximately $1,145,958.40. This represents a 38.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John A. Bryant sold 418 shares of the firm’s stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $245.71, for a total transaction of $102,706.78. Following the completion of the transaction, the director directly owned 5,956 shares of the company’s stock, valued at approximately $1,463,448.76. The trade was a 6.56% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,770 shares of company stock valued at $1,894,934.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Truist Financial reduced their price objective on Flutter Entertainment from $330.00 to $280.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. Stifel Nicolaus decreased their target price on shares of Flutter Entertainment from $320.00 to $315.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. BTIG Research cut their price target on Flutter Entertainment from $323.00 to $289.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. JMP Securities reissued a “market outperform” rating and issued a $301.00 price objective on shares of Flutter Entertainment in a report on Thursday, June 12th. Finally, Citizens Jmp dropped 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. Two research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $310.10.

Flutter Entertainment 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.