Steadfast Capital Management LP Lowers Stock Position in Flutter Entertainment plc (NYSE:FLUT)

Steadfast Capital Management LP lowered its holdings in shares of Flutter Entertainment plc (NYSE:FLUT) by 4.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 566,800 shares of the company’s stock after selling 24,900 shares during the quarter. Flutter Entertainment makes up 3.0% of Steadfast Capital Management LP’s portfolio, making the stock its 11th biggest holding. Steadfast Capital Management LP’s holdings in Flutter Entertainment were worth $146,489,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in FLUT. Parvus Asset Management Europe Ltd purchased a new stake in shares of Flutter Entertainment during the fourth quarter worth about $2,146,227,000. Norges Bank purchased a new position in Flutter Entertainment during the 4th quarter valued at approximately $946,681,000. Invesco Ltd. purchased a new position in Flutter Entertainment during the 4th quarter valued at approximately $621,680,000. Lone Pine Capital LLC purchased a new position in Flutter Entertainment during the 4th quarter valued at approximately $494,291,000. Finally, Capital World Investors grew its holdings in Flutter Entertainment by 11.9% during the 4th quarter. Capital World Investors now owns 15,426,515 shares of the company’s stock valued at $3,986,968,000 after buying an additional 1,635,241 shares in the last quarter.

Insider Activity

In related news, Director Jeremy Peter Jackson sold 25,027 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $261.96, for a total transaction of $6,556,072.92. Following the transaction, the director now directly owns 21,148 shares in the company, valued at $5,539,930.08. The trade was a 54.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Amy Howe sold 11,814 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $260.50, for a total value of $3,077,547.00. Following the transaction, the chief executive officer now owns 62,941 shares in the company, valued at approximately $16,396,130.50. This trade represents a 15.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,156 shares of company stock worth $10,926,922.

Flutter Entertainment Trading Up 2.1%

Shares of NYSE FLUT opened at $249.23 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.66. The business has a fifty day simple moving average of $233.96 and a two-hundred day simple moving average of $254.05. The firm has a market cap of $44.04 billion and a PE ratio of 86.24. Flutter Entertainment plc has a twelve month low of $174.03 and a twelve month high of $299.73.

Flutter Entertainment (NYSE:FLUT) last issued its earnings results on Wednesday, May 7th. The company reported $1.59 earnings per share for the quarter, missing analysts’ consensus estimates of $1.89 by ($0.30). Flutter Entertainment had a negative net margin of 6.86% and a negative return on equity of 4.52%. The firm had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.06 billion. During the same period last year, the firm earned $0.10 earnings per share. The company’s revenue for the quarter was up 7.9% on a year-over-year basis. Analysts expect that Flutter Entertainment plc will post 4.17 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on FLUT. Citigroup restated an “outperform” rating on shares of Flutter Entertainment in a report on Wednesday, March 5th. Macquarie reaffirmed an “outperform” rating and issued a $340.00 price objective (up from $330.00) on shares of Flutter Entertainment in a research note on Thursday, May 8th. Susquehanna lowered their price objective on Flutter Entertainment from $317.00 to $315.00 and set a “positive” rating for the company in a research note on Wednesday, March 5th. Stifel Nicolaus lowered their price objective on Flutter Entertainment from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Finally, Benchmark reaffirmed a “buy” rating and issued a $300.00 price objective on shares of Flutter Entertainment in a research note on Monday, April 21st. Twenty research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $306.28.

Flutter Entertainment Company Profile

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.