Bank of New York Mellon Corp Acquires 25,803 Shares of Flutter Entertainment PLC $FLUT

Bank of New York Mellon Corp lifted its stake in Flutter Entertainment PLC (NYSE:FLUT) by 6.3% during the 1st quarter, HoldingsChannel reports. The fund owned 432,958 shares of the company’s stock after buying an additional 25,803 shares during the period. Bank of New York Mellon Corp’s holdings in Flutter Entertainment were worth $44,140,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Zions Bancorporation National Association UT raised its position in shares of Flutter Entertainment by 1,685.7% during the fourth quarter. Zions Bancorporation National Association UT now owns 125 shares of the company’s stock valued at $27,000 after buying an additional 118 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its position in Flutter Entertainment by 83.3% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 165 shares of the company’s stock worth $42,000 after buying an additional 75 shares in the last quarter. EFG International AG bought a new position in Flutter Entertainment during the fourth quarter valued at about $36,000. IFP Advisors Inc increased its stake in Flutter Entertainment by 93.8% during the fourth quarter. IFP Advisors Inc now owns 186 shares of the company’s stock valued at $40,000 after acquiring an additional 90 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Flutter Entertainment by 246.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 187 shares of the company’s stock valued at $53,000 after acquiring an additional 133 shares in the last quarter.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FLUT. Citigroup reissued an “outperform” rating on shares of Flutter Entertainment in a report on Wednesday, July 8th. Wedbush reaffirmed an “outperform” rating and issued a $138.00 target price on shares of Flutter Entertainment in a research report on Friday, July 17th. Moffett Nathanson downgraded shares of Flutter Entertainment from a “buy” rating to a “neutral” rating and set a $127.00 price target on the stock. in a research note on Friday, April 24th. Oppenheimer lowered their price target on shares of Flutter Entertainment from $210.00 to $160.00 and set an “outperform” rating on the stock in a report on Monday, April 13th. Finally, Zacks Research upgraded shares of Flutter Entertainment from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $176.26.

Flutter Entertainment Price Performance

Flutter Entertainment stock opened at $101.47 on Friday. The business has a 50 day simple moving average of $103.43 and a 200 day simple moving average of $120.97. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market capitalization of $17.65 billion, a PE ratio of -47.42, a price-to-earnings-growth ratio of 1.38 and a beta of 1.31. Flutter Entertainment PLC has a one year low of $91.52 and a one year high of $313.68.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.13. Flutter Entertainment had a positive return on equity of 11.60% and a negative net margin of 2.20%.The firm had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the prior year, the business posted $1.59 earnings per share. The business’s revenue was up 17.4% compared to the same quarter last year. On average, sell-side analysts forecast that Flutter Entertainment PLC will post 4.72 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Carolan Lennon sold 439 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $94.63, for a total value of $41,542.57. Following the sale, the director owned 1,688 shares of the company’s stock, valued at approximately $159,735.44. This represents a 20.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO James Philip Bishop bought 1,000 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were purchased at an average price of $99.75 per share, with a total value of $99,750.00. Following the transaction, the chief operating officer directly owned 17,605 shares in the company, valued at $1,756,098.75. This represents a 6.02% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, 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 currently owned by company insiders.

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.