Thornburg Investment Management Inc. lowered its holdings in Flutter Entertainment PLC (NYSE:FLUT – Free Report) by 8.3% in the fourth quarter, Holdings Channel reports. The firm owned 66,216 shares of the company’s stock after selling 6,010 shares during the quarter. Thornburg Investment Management Inc.’s holdings in Flutter Entertainment were worth $14,239,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in FLUT. MML Investors Services LLC lifted its stake in Flutter Entertainment by 0.6% in the second quarter. MML Investors Services LLC now owns 7,081 shares of the company’s stock valued at $2,024,000 after acquiring an additional 45 shares during the last quarter. OneDigital Investment Advisors LLC lifted its stake in Flutter Entertainment by 1.2% in the third quarter. OneDigital Investment Advisors LLC now owns 4,057 shares of the company’s stock valued at $1,030,000 after acquiring an additional 49 shares during the last quarter. Stratos Wealth Partners LTD. lifted its stake in Flutter Entertainment by 5.7% in the third quarter. Stratos Wealth Partners LTD. now owns 1,074 shares of the company’s stock valued at $273,000 after acquiring an additional 58 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Flutter Entertainment by 5.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,311 shares of the company’s stock valued at $290,000 after acquiring an additional 69 shares during the last quarter. Finally, Truist Financial Corp lifted its stake in Flutter Entertainment by 2.8% in the fourth quarter. Truist Financial Corp now owns 2,602 shares of the company’s stock valued at $560,000 after acquiring an additional 72 shares during the last quarter.
Insider Activity at Flutter Entertainment
In related news, CEO Daniel Mark Taylor bought 1,611 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was bought at an average price of $94.29 per share, for a total transaction of $151,901.19. Following the purchase, the chief executive officer owned 34,584 shares in the company, valued at $3,260,925.36. This represents a 4.89% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Don H. Liu sold 1,259 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $93.37, for a total transaction of $117,552.83. Following the sale, the insider owned 21,006 shares of the company’s stock, valued at approximately $1,961,330.22. This represents a 5.65% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have acquired 10,453 shares of company stock worth $1,045,526 and have sold 5,994 shares worth $577,293. 0.13% of the stock is owned by corporate insiders.
Flutter Entertainment Stock Performance
Flutter Entertainment (NYSE:FLUT – Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.13. The company had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Flutter Entertainment had a negative net margin of 2.20% and a positive return on equity of 11.60%. Flutter Entertainment’s quarterly revenue was up 17.4% compared to the same quarter last year. During the same quarter last year, the company posted $1.59 EPS. On average, sell-side analysts anticipate that Flutter Entertainment PLC will post 5 EPS for the current year.
Flutter Entertainment announced that its Board of Directors has authorized a stock repurchase program on Wednesday, March 11th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.
Key Headlines Impacting Flutter Entertainment
Here are the key news stories impacting Flutter Entertainment this week:
- Positive Sentiment: Flutter said it will delist from the London Stock Exchange in August and concentrate all trading in New York, a move aimed at lowering costs and simplifying its listing structure. WSJ article
- Positive Sentiment: Investors are also encouraged by World Cup-related optimism, with several reports highlighting Flutter as a potential beneficiary of a betting surge during the tournament and management expecting very strong customer activity. Barron’s article
- Positive Sentiment: Flutter was also mentioned alongside other stocks that could benefit from the World Cup betting boom, reinforcing the market’s view that the company has a major near-term catalyst in its FanDuel-led U.S. business. Invezz article
- Neutral Sentiment: Other coverage focused on the mechanics of the delisting, including the final London trading date and the company’s shift to a sole New York venue, which is important strategically but not a direct earnings update. Proactive Investors article
- Neutral Sentiment: Market commentary before the open also noted Flutter’s delisting news among broader headlines, helping keep the stock in focus with investors. Investopedia article
- Negative Sentiment: Some coverage framed the London exit as another setback for U.K. markets, which could create a modest reputational overhang even though the move is intended to benefit Flutter shareholders. Guardian article
Analysts Set New Price Targets
A number of analysts have commented on FLUT shares. Oppenheimer cut their price target on shares of Flutter Entertainment from $210.00 to $160.00 and set an “outperform” rating for the company in a research note on Monday, April 13th. Citizens Jmp cut their price target on shares of Flutter Entertainment from $188.00 to $165.00 and set a “market outperform” rating for the company in a research note on Thursday, May 7th. Weiss Ratings reiterated a “sell (d)” rating on shares of Flutter Entertainment in a research note on Wednesday, May 27th. Moffett Nathanson cut shares of Flutter Entertainment from a “buy” rating to a “neutral” rating and set a $127.00 price target for the company. in a research note on Friday, April 24th. Finally, Susquehanna cut their price target on shares of Flutter Entertainment from $160.00 to $143.00 and set a “positive” rating for the company in a research note on Tuesday, March 31st. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, Flutter Entertainment currently has an average rating of “Moderate Buy” and a consensus price target of $189.57.
Read Our Latest Stock Analysis on FLUT
About Flutter Entertainment
Flutter Entertainment plc is a global sports betting and gaming company that operates a portfolio of consumer-facing brands and digital platforms. The company’s primary activities include online sports betting, casino gaming, poker, and daily fantasy sports, delivered through web and mobile applications as well as retail betting locations in select markets. Flutter focuses on product development, customer acquisition and engagement, and compliance with local gambling regulations across the jurisdictions where it operates.
Flutter’s brand portfolio includes well-known names in different regional markets, such as FanDuel in the United States, PokerStars, Betfair, Paddy Power and Sky Betting & Gaming in Europe and elsewhere.
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Want to see what other hedge funds are holding FLUT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Flutter Entertainment PLC (NYSE:FLUT – Free Report).
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