Glynn Capital Management LLC Lowers Stock Holdings in Flutter Entertainment PLC $FLUT

Glynn Capital Management LLC decreased its position in shares of Flutter Entertainment PLC (NYSE:FLUT) by 14.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 49,779 shares of the company’s stock after selling 8,316 shares during the period. Flutter Entertainment makes up approximately 3.7% of Glynn Capital Management LLC’s holdings, making the stock its 15th largest holding. Glynn Capital Management LLC’s holdings in Flutter Entertainment were worth $10,704,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. JFS Wealth Advisors LLC bought a new position in shares of Flutter Entertainment during the third quarter valued at about $27,000. MassMutual Private Wealth & Trust FSB grew its stake in shares of Flutter Entertainment by 219.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 115 shares of the company’s stock valued at $25,000 after buying an additional 79 shares during the last quarter. Atlantic Union Bankshares Corp bought a new position in shares of Flutter Entertainment during the third quarter valued at about $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its stake in shares of Flutter Entertainment by 83.3% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 165 shares of the company’s stock valued at $42,000 after buying an additional 75 shares during the last quarter. Finally, IFP Advisors Inc grew its stake in shares of 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 buying an additional 90 shares during the last quarter.

Flutter Entertainment Stock Down 0.1%

NYSE FLUT opened at $95.65 on Friday. 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 stock has a market capitalization of $16.64 billion, a PE ratio of -44.70, a PEG ratio of 1.27 and a beta of 1.58. Flutter Entertainment PLC has a 1 year low of $91.52 and a 1 year high of $313.68. The business’s 50-day moving average is $103.06 and its 200 day moving average is $151.21.

Flutter Entertainment (NYSE:FLUT) last posted its earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.13. The company had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Flutter Entertainment had a positive return on equity of 11.60% and a negative net margin of 2.20%.Flutter Entertainment’s quarterly revenue was up 17.4% on a year-over-year basis. During the same period last year, the firm earned $1.59 earnings per share. Sell-side analysts forecast that Flutter Entertainment PLC will post 4.88 earnings per share for the current year.

Flutter Entertainment announced that its board has initiated a stock buyback program on Wednesday, March 11th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FLUT. Sanford C. Bernstein reduced their price objective on Flutter Entertainment from $125.00 to $115.00 and set a “market perform” rating on the stock in a research note on Thursday, May 7th. Kepler Capital Markets cut Flutter Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 16th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $167.00 price objective on shares of Flutter Entertainment in a research note on Friday, May 8th. Truist Financial reduced their price objective on Flutter Entertainment from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. Finally, Barclays reduced their price objective on Flutter Entertainment from $175.00 to $150.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $189.26.

Insider Buying and Selling

In related news, 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 value of $117,552.83. Following the sale, the insider directly owned 21,006 shares of the company’s stock, valued at $1,961,330.22. This trade represents a 5.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Daniel Mark Taylor bought 1,611 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The stock was acquired at an average cost of $94.29 per share, for a total transaction of $151,901.19. Following the completion of the purchase, the chief executive officer directly owned 34,584 shares of the company’s stock, valued at $3,260,925.36. The trade was a 4.89% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders purchased 10,453 shares of company stock valued at $1,045,526 and sold 22,306 shares valued at $2,333,598. Company insiders own 0.13% of the company’s stock.

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.