59 North Capital Management LP Has $87.71 Million Holdings in Flutter Entertainment PLC $FLUT

59 North Capital Management LP boosted its holdings in shares of Flutter Entertainment PLC (NYSE:FLUT) by 186.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 395,887 shares of the company’s stock after acquiring an additional 257,530 shares during the period. Flutter Entertainment makes up approximately 3.2% of 59 North Capital Management LP’s investment portfolio, making the stock its 11th largest holding. 59 North Capital Management LP owned 0.22% of Flutter Entertainment worth $87,709,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Flutter Entertainment by 326.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,243 shares of the company’s stock worth $742,000 after acquiring an additional 2,483 shares in the last quarter. Whalen Wealth Management Inc. bought a new position in Flutter Entertainment during the first quarter worth about $380,000. Rubicon Global Capital Ltd lifted its holdings in Flutter Entertainment by 56.1% during the first quarter. Rubicon Global Capital Ltd now owns 70,250 shares of the company’s stock worth $15,564,000 after acquiring an additional 25,250 shares in the last quarter. Bessemer Group Inc. lifted its holdings in Flutter Entertainment by 0.6% during the first quarter. Bessemer Group Inc. now owns 397,297 shares of the company’s stock worth $88,021,000 after acquiring an additional 2,478 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its holdings in Flutter Entertainment by 1.4% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 4,783 shares of the company’s stock worth $1,060,000 after acquiring an additional 67 shares in the last quarter.

Wall Street Analyst Weigh In

Several research firms have weighed in on FLUT. Canaccord Genuity Group lifted their target price on Flutter Entertainment from $330.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, August 8th. Sanford C. Bernstein reiterated a “market perform” rating on shares of Flutter Entertainment in a report on Friday, August 8th. Bank of America boosted their price target on Flutter Entertainment from $295.00 to $330.00 and gave the company a “buy” rating in a report on Friday, July 11th. Zacks Research upgraded Flutter Entertainment from a “strong sell” rating to a “hold” rating in a report on Friday, August 15th. Finally, Oppenheimer boosted their price target on Flutter Entertainment from $310.00 to $350.00 and gave the company an “outperform” rating in a report on Tuesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $332.70.

Flutter Entertainment Price Performance

NYSE:FLUT opened at $307.73 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 stock’s 50-day simple moving average is $294.47 and its 200 day simple moving average is $263.17. The company has a market cap of $54.19 billion, a P/E ratio of 151.59, a P/E/G ratio of 1.49 and a beta of 2.30. Flutter Entertainment PLC has a 52-week low of $196.88 and a 52-week high of $313.68.

Flutter Entertainment (NYSE:FLUT) last released its earnings results on Thursday, August 7th. The company reported $2.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 12.15% and a net margin of 2.96%.The company’s quarterly revenue was up 16.0% on a year-over-year basis. Flutter Entertainment has set its FY 2025 guidance at EPS. As a group, sell-side analysts forecast that Flutter Entertainment PLC will post 4.17 EPS for the current fiscal year.

Flutter Entertainment declared that its Board of Directors has authorized a share repurchase program on Friday, August 8th that allows the company to buyback $245.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 0.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider James Philip Bishop sold 1,904 shares of Flutter Entertainment stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $281.64, for a total value of $536,242.56. Following the sale, the insider owned 4,712 shares of the company’s stock, valued at approximately $1,327,087.68. The trade was a 28.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jeremy Peter Jackson sold 2,112 shares of Flutter Entertainment stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $292.42, for a total value of $617,591.04. Following the completion of the sale, the chief executive officer directly owned 31,944 shares in the company, valued at approximately $9,341,064.48. This represents a 6.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,851 shares of company stock valued at $7,361,377 in the last quarter. 0.09% of the stock is currently owned by corporate insiders.

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.