TimesSquare Capital Management LLC Acquires New Position in Flutter Entertainment PLC $FLUT

TimesSquare Capital Management LLC bought a new stake in shares of Flutter Entertainment PLC (NYSE:FLUT) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 96,142 shares of the company’s stock, valued at approximately $27,474,000.

Several other hedge funds and other institutional investors have also made changes to their positions in FLUT. Massachusetts Financial Services Co. MA lifted its stake in Flutter Entertainment by 5.5% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,230,587 shares of the company’s stock valued at $715,737,000 after buying an additional 167,621 shares during the period. Egerton Capital UK LLP raised its position 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 acquiring an additional 316,411 shares during the period. BNP Paribas Financial Markets boosted its stake in Flutter Entertainment by 196.5% during the 1st quarter. BNP Paribas Financial Markets now owns 1,994,656 shares of the company’s stock worth $441,916,000 after acquiring an additional 1,322,016 shares during the last quarter. Deutsche Bank AG boosted its stake in Flutter Entertainment by 52.2% during the 1st quarter. Deutsche Bank AG now owns 1,849,769 shares of the company’s stock worth $409,816,000 after acquiring an additional 634,497 shares during the last quarter. Finally, Amundi grew 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 purchasing an additional 619,625 shares during the period.

Insider Transactions at Flutter Entertainment

In other news, CEO Amy Howe sold 4,097 shares of the stock in a transaction dated 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 transaction, the chief executive officer directly owned 69,850 shares in the company, valued at $21,367,813.50. This represents a 5.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jeremy Peter Jackson sold 2,112 shares of the firm’s 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 transaction, the chief executive officer owned 31,944 shares of the company’s stock, valued at $9,341,064.48. The trade was a 6.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.09% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on FLUT shares. BTIG Research set a $321.00 target price on shares of Flutter Entertainment in a report on Thursday, October 30th. Oppenheimer lowered their price objective on shares of Flutter Entertainment from $350.00 to $330.00 and set an “outperform” rating for the company in a research report on Tuesday, October 14th. Kepler Capital Markets raised Flutter Entertainment to a “strong-buy” rating in a research note on Thursday, August 28th. Macquarie boosted their target price on Flutter Entertainment from $320.00 to $340.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. Finally, Stifel Nicolaus lowered their price target on Flutter Entertainment from $356.00 to $339.00 and set a “buy” rating for the company in a report on Monday, October 27th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $330.47.

Flutter Entertainment Stock Up 0.8%

FLUT stock opened at $231.78 on Wednesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.95 and a quick ratio of 0.95. The stock has a market capitalization of $40.82 billion, a P/E ratio of 114.18 and a beta of 1.84. Flutter Entertainment PLC has a fifty-two week low of $196.88 and a fifty-two week high of $313.68. The business has a 50-day moving average of $258.33 and a 200-day moving average of $269.22.

Flutter Entertainment declared that its board has authorized a stock 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 reacquire up to 0.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are 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.