Bank of New York Mellon Corp Purchases 248,109 Shares of Flutter Entertainment PLC $FLUT

Bank of New York Mellon Corp boosted its holdings in shares of Flutter Entertainment PLC (NYSE:FLUT) by 120.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 454,660 shares of the company’s stock after acquiring an additional 248,109 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.26% of Flutter Entertainment worth $129,924,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in FLUT. Massachusetts Financial Services Co. MA increased its stake in shares of Flutter Entertainment by 5.5% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,230,587 shares of the company’s stock worth $715,737,000 after purchasing an additional 167,621 shares during the last quarter. Egerton Capital UK LLP lifted its stake in shares of Flutter Entertainment by 16.9% in the 1st quarter. Egerton Capital UK LLP now owns 2,193,794 shares of the company’s stock valued at $486,035,000 after purchasing an additional 316,411 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in Flutter Entertainment by 196.5% in the first 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 in the last quarter. Deutsche Bank AG increased its position in Flutter Entertainment by 52.2% during the first quarter. Deutsche Bank AG now owns 1,849,769 shares of the company’s stock worth $409,816,000 after buying an additional 634,497 shares during the last quarter. Finally, Amundi raised its holdings in Flutter Entertainment by 77.3% during the first quarter. Amundi now owns 1,421,434 shares of the company’s stock valued at $309,332,000 after buying an additional 619,625 shares in the last quarter.

Flutter Entertainment Stock Up 0.2%

FLUT opened at $216.62 on Friday. The business has a 50 day moving average of $262.92 and a 200-day moving average of $268.67. The stock has a market capitalization of $38.15 billion, a price-to-earnings ratio of 106.71 and a beta of 1.85. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.95. Flutter Entertainment PLC has a 1-year low of $196.88 and a 1-year high of $313.68.

Flutter Entertainment (NYSE:FLUT) last released its earnings results on Thursday, August 7th. The company reported $2.95 EPS for the quarter, beating the consensus estimate of $2.08 by $0.87. The firm had revenue of $4.19 billion during the quarter, compared to analysts’ expectations of $3.06 billion. Flutter Entertainment had a net margin of 2.96% and a return on equity of 12.15%. The firm’s revenue was up 16.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Flutter Entertainment PLC will post 4.17 earnings per share for the current year.

Flutter Entertainment announced that its board has initiated a share repurchase plan on Friday, August 8th that permits the company to buyback $245.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 0.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on FLUT shares. JMP Securities decreased their price target on Flutter Entertainment from $345.00 to $340.00 and set a “market outperform” rating for the company in a research note on Wednesday, October 1st. Benchmark decreased their target price on Flutter Entertainment from $365.00 to $310.00 and set a “buy” rating for the company in a research report on Wednesday, October 15th. BTIG Research set a $321.00 price target on shares of Flutter Entertainment in a research report on Thursday, October 30th. Bank of America restated a “neutral” rating and issued a $250.00 price objective (down from $325.00) on shares of Flutter Entertainment in a research note on Tuesday. Finally, Macquarie raised their target price on shares of Flutter Entertainment from $320.00 to $340.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Flutter Entertainment has an average rating of “Moderate Buy” and an average price target of $330.47.

Insider Activity at Flutter Entertainment

In other news, 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 owned 31,944 shares of the company’s stock, valued at approximately $9,341,064.48. This represents a 6.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Amy Howe sold 4,097 shares of Flutter Entertainment stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $305.91, for a total value of $1,253,313.27. Following the sale, the chief executive officer directly owned 69,850 shares in the company, valued at approximately $21,367,813.50. This trade represents a 5.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 23,396 shares of company stock worth $6,759,745 over the last ninety days. Corporate 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.