Vanguard Group Inc. Sells 6,156,984 Shares of Flutter Entertainment PLC (NYSE:FLUT)

Vanguard Group Inc. cut its stake in Flutter Entertainment PLC (NYSE:FLUT) by 64.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,434,802 shares of the company’s stock after selling 6,156,984 shares during the period. Vanguard Group Inc. owned approximately 1.94% of Flutter Entertainment worth $760,980,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. GPS Wealth Strategies Group LLC lifted its stake in shares of Flutter Entertainment by 1,375.0% in the first quarter. GPS Wealth Strategies Group LLC now owns 118 shares of the company’s stock valued at $26,000 after buying an additional 110 shares during the period. Parallel Advisors LLC raised its holdings in Flutter Entertainment by 78.9% in the 1st quarter. Parallel Advisors LLC now owns 136 shares of the company’s stock valued at $30,000 after acquiring an additional 60 shares in the last quarter. Tower Research Capital LLC TRC acquired a new position in Flutter Entertainment in the 4th quarter valued at approximately $33,000. TD Waterhouse Canada Inc. acquired a new stake in shares of Flutter Entertainment during the 4th quarter worth approximately $36,000. Finally, Harbor Investment Advisory LLC grew its holdings in shares of Flutter Entertainment by 43.8% during the 1st quarter. Harbor Investment Advisory LLC now owns 184 shares of the company’s stock worth $41,000 after purchasing an additional 56 shares in the last quarter.

Flutter Entertainment Trading Up 1.3%

FLUT stock opened at $288.32 on Wednesday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.95. Flutter Entertainment PLC has a twelve month low of $183.18 and a twelve month high of $313.68. The company has a market cap of $50.77 billion, a P/E ratio of 142.03, a PEG ratio of 1.13 and a beta of 2.31. The business has a fifty day moving average of $284.75 and a 200-day moving average of $260.52.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings data on Thursday, August 7th. The company reported $2.95 EPS for the quarter, topping analysts’ consensus estimates of $2.08 by $0.87. Flutter Entertainment had a return on equity of 12.15% and a net margin of 2.96%. The firm had revenue of $4.19 billion during the quarter, compared to analyst estimates of $3.06 billion. Flutter Entertainment’s revenue was up 16.0% on a year-over-year basis. As a group, equities research analysts expect that Flutter Entertainment PLC will post 4.17 EPS for the current year.

Flutter Entertainment declared that its board has initiated a stock buyback program on Friday, August 8th that authorizes the company to buyback $245.00 million in shares. This buyback authorization authorizes the company to purchase up to 0.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

FLUT has been the topic of several analyst reports. Truist Financial boosted their price target on shares of Flutter Entertainment from $280.00 to $340.00 and gave the company a “buy” rating in a report on Wednesday, July 16th. 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. Stifel Nicolaus set a $356.00 target price on Flutter Entertainment and gave the stock a “buy” rating in a report on Friday, August 8th. JMP Securities boosted their price target on Flutter Entertainment from $323.00 to $345.00 and gave the company a “market outperform” rating in a research note on Friday, August 8th. Finally, UBS Group reiterated a “buy” rating and issued a $360.00 price target (up from $340.00) on shares of Flutter Entertainment in a research report on Friday, August 8th. Three investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $328.62.

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 shares were sold at an average price of $243.94, for a total value of $64,644.10. Following the transaction, the director directly owned 3,518 shares in the company, valued at $858,180.92. This represents a 7.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Holly K. Koeppel sold 267 shares of Flutter Entertainment stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $245.36, for a total transaction of $65,511.12. Following the sale, the director directly owned 2,556 shares of the company’s stock, valued at $627,140.16. This represents a 9.46% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,455 shares of company stock valued at $601,632 over the last 90 days. Company insiders own 0.09% of the company’s stock.

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.