DAVENPORT & Co LLC Acquires Shares of 731 Flutter Entertainment PLC $FLUT

DAVENPORT & Co LLC acquired a new stake in Flutter Entertainment PLC (NYSE:FLUT) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 731 shares of the company’s stock, valued at approximately $209,000.

Several other hedge funds also recently added to or reduced their stakes in the business. BNP Paribas Financial Markets boosted its position in shares of Flutter Entertainment by 196.5% during the 1st quarter. BNP Paribas Financial Markets now owns 1,994,656 shares of the company’s stock worth $441,916,000 after purchasing an additional 1,322,016 shares during the period. Nuveen LLC purchased a new stake in shares of Flutter Entertainment during the 1st quarter worth $289,627,000. Primecap Management Co. CA acquired a new stake in Flutter Entertainment during the 1st quarter worth $210,940,000. Alliancebernstein L.P. increased its position in shares of Flutter Entertainment by 2,312.7% during the first quarter. Alliancebernstein L.P. now owns 844,855 shares of the company’s stock worth $187,178,000 after purchasing an additional 809,838 shares in the last quarter. Finally, Hsbc Holdings PLC increased its position in shares of Flutter Entertainment by 376.4% during the first quarter. Hsbc Holdings PLC now owns 855,552 shares of the company’s stock worth $187,304,000 after purchasing an additional 675,949 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on FLUT shares. Bank of America upped their target price on shares of Flutter Entertainment from $295.00 to $330.00 and gave the company a “buy” rating in a report on Friday, July 11th. Oppenheimer lifted their price objective on Flutter Entertainment from $310.00 to $350.00 and gave the company an “outperform” rating in a report on Tuesday, July 22nd. Macquarie lifted their price objective on Flutter Entertainment from $320.00 to $340.00 and gave the company an “outperform” rating in a report on Friday, August 8th. BTIG Research lowered their price objective on Flutter Entertainment from $357.00 to $324.00 and set a “buy” rating on the stock in a report on Thursday, October 2nd. Finally, Jefferies Financial Group began coverage on Flutter Entertainment in a report on Tuesday, July 8th. They issued a “buy” rating and a $380.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, Flutter Entertainment has a consensus rating of “Moderate Buy” and a consensus price target of $337.32.

Insider Buying and Selling at Flutter Entertainment

In other Flutter Entertainment news, insider Daniel Mark Taylor sold 15,283 shares of the company’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $284.80, for a total value of $4,352,598.40. Following the completion of the transaction, the insider directly owned 16,589 shares of the company’s stock, valued at $4,724,547.20. This represents a 47.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jeremy Peter Jackson sold 2,112 shares of the company’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $292.42, for a total transaction of $617,591.04. Following the completion of the transaction, the chief executive officer directly owned 31,944 shares of the company’s stock, valued at approximately $9,341,064.48. The trade was a 6.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 23,396 shares of company stock worth $6,759,745. 0.09% of the stock is currently owned by insiders.

Flutter Entertainment Stock Performance

Shares of FLUT opened at $250.02 on Tuesday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.95 and a current ratio of 0.95. The company has a market capitalization of $44.03 billion, a price-to-earnings ratio of 123.16 and a beta of 1.91. The company’s 50 day simple moving average is $283.28 and its 200 day simple moving average is $267.00. Flutter Entertainment PLC has a 1 year low of $196.88 and a 1 year high of $313.68.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings data on Thursday, August 7th. The company reported $2.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.08 by $0.87. The business had revenue of $4.19 billion for the quarter, compared to the consensus estimate of $3.06 billion. Flutter Entertainment had a net margin of 2.96% and a return on equity of 12.15%. The business’s revenue was up 16.0% compared to the same quarter last year. Flutter Entertainment has set its FY 2025 guidance at EPS. On average, sell-side analysts predict that Flutter Entertainment PLC will post 4.17 EPS for the current year.

Flutter Entertainment announced that its board has authorized a stock buyback program on Friday, August 8th that authorizes the company to repurchase $245.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 0.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

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.