Blue Whale Capital LLP Sells 83,824 Shares of Flutter Entertainment PLC $FLUT

Blue Whale Capital LLP cut its stake in shares of Flutter Entertainment PLC (NYSE:FLUT) by 28.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 211,626 shares of the company’s stock after selling 83,824 shares during the period. Flutter Entertainment accounts for about 4.0% of Blue Whale Capital LLP’s portfolio, making the stock its 11th biggest position. Blue Whale Capital LLP owned about 0.12% of Flutter Entertainment worth $60,474,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Flutter Entertainment by 402.4% during the second quarter. Vanguard Group Inc. now owns 17,257,475 shares of the company’s stock valued at $4,931,496,000 after buying an additional 13,822,673 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Flutter Entertainment by 196.5% in the 1st quarter. BNP Paribas Financial Markets now owns 1,994,656 shares of the company’s stock worth $441,916,000 after buying an additional 1,322,016 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Flutter Entertainment in the 1st quarter worth $289,627,000. Geode Capital Management LLC increased its holdings in shares of Flutter Entertainment by 57.4% during the second quarter. Geode Capital Management LLC now owns 3,080,848 shares of the company’s stock valued at $877,583,000 after acquiring an additional 1,122,892 shares in the last quarter. Finally, Primecap Management Co. CA purchased a new position in shares of Flutter Entertainment in the 1st quarter valued at approximately $210,940,000.

Analyst Upgrades and Downgrades

Several analysts have weighed in on FLUT shares. HSBC raised shares of Flutter Entertainment from a “hold” rating to a “buy” rating and dropped their target price for the stock from $265.00 to $228.00 in a research report on Monday. Sanford C. Bernstein lowered their price objective on shares of Flutter Entertainment from $330.00 to $325.00 and set a “market perform” rating for the company in a research note on Monday, November 3rd. UBS Group cut their price objective on shares of Flutter Entertainment from $360.00 to $340.00 and set a “buy” rating on the stock in a research note on Thursday, November 20th. Kepler Capital Markets upgraded shares of Flutter Entertainment to a “strong-buy” rating in a research report on Thursday, August 28th. Finally, Bank of America restated a “neutral” rating and set a $250.00 price objective (down from $325.00) on shares of Flutter Entertainment in a research report on Tuesday, November 4th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Flutter Entertainment has an average rating of “Moderate Buy” and a consensus price target of $311.44.

Insider Activity at Flutter Entertainment

In other news, CEO Amy Howe sold 4,097 shares of the business’s stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $305.91, for a total transaction of $1,253,313.27. Following the completion of the sale, the chief executive officer owned 69,850 shares in the company, valued at approximately $21,367,813.50. The trade was a 5.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.09% of the company’s stock.

Flutter Entertainment Stock Performance

NYSE:FLUT opened at $195.75 on Wednesday. The company has a fifty day simple moving average of $240.28 and a two-hundred day simple moving average of $266.16. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.95. The company has a market cap of $34.31 billion, a price-to-earnings ratio of 96.43 and a beta of 1.84. Flutter Entertainment PLC has a 52 week low of $189.33 and a 52 week high of $313.68.

Flutter Entertainment declared that its board has initiated a share buyback program on Friday, August 8th that authorizes the company to buyback $245.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 0.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is 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.