Citigroup Inc. Boosts Stake in Flutter Entertainment PLC (NYSE:FLUT)

Citigroup Inc. lifted its holdings in Flutter Entertainment PLC (NYSE:FLUT) by 90.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 529,831 shares of the company’s stock after buying an additional 251,827 shares during the quarter. Citigroup Inc.’s holdings in Flutter Entertainment were worth $117,384,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. GPS Wealth Strategies Group LLC grew its holdings in Flutter Entertainment by 1,375.0% in the first quarter. GPS Wealth Strategies Group LLC now owns 118 shares of the company’s stock valued at $26,000 after purchasing an additional 110 shares during the last quarter. Parallel Advisors LLC raised its stake in shares of Flutter Entertainment by 78.9% during the 1st quarter. Parallel Advisors LLC now owns 136 shares of the company’s stock worth $30,000 after buying an additional 60 shares during the last quarter. Tower Research Capital LLC TRC acquired a new position in shares of Flutter Entertainment during the 4th quarter worth $33,000. TD Waterhouse Canada Inc. acquired a new position in shares of Flutter Entertainment during the 4th quarter worth $36,000. Finally, Harbor Investment Advisory LLC raised its stake in shares of Flutter Entertainment by 43.8% during the 1st quarter. Harbor Investment Advisory LLC now owns 184 shares of the company’s stock worth $41,000 after buying an additional 56 shares during the last quarter.

Insider Activity at Flutter Entertainment

In other Flutter Entertainment news, Director John A. Bryant sold 418 shares of the company’s stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $245.71, for a total transaction of $102,706.78. Following the completion of the sale, the director directly owned 5,956 shares in the company, valued at $1,463,448.76. This represents a 6.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Alfred F. Hurley, Jr. sold 265 shares of the company’s stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $243.94, for a total value of $64,644.10. Following the sale, the director owned 3,518 shares of the company’s stock, valued at $858,180.92. This represents a 7.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,455 shares of company stock valued at $601,632 over the last three months.

Flutter Entertainment Stock Performance

Flutter Entertainment stock opened at $281.25 on Friday. The firm has a market capitalization of $49.69 billion, a P/E ratio of 138.55, a PEG ratio of 1.13 and a beta of 2.31. The stock has a fifty day moving average price of $283.14 and a 200 day moving average price of $260.30. Flutter Entertainment PLC has a 52 week low of $183.18 and a 52 week high of $313.68. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.67.

Flutter Entertainment (NYSE:FLUT) last released its earnings results on Thursday, August 7th. The company reported $2.95 EPS for the quarter, beating the consensus estimate of $2.08 by $0.87. The firm had revenue of $4.19 billion during the quarter, compared to analyst estimates of $3.06 billion. Flutter Entertainment had a return on equity of 12.28% and a net margin of 2.96%. The firm’s revenue was up 16.0% compared to the same quarter last year. Equities research analysts anticipate that Flutter Entertainment PLC will post 4.17 earnings per share for the current year.

Flutter Entertainment announced that its Board of Directors has authorized a stock buyback program on Friday, August 8th that authorizes the company to repurchase $245.00 million in shares. This repurchase authorization authorizes the company to buy up to 0.5% 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.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FLUT. Hsbc Global Res raised Flutter Entertainment to a “hold” rating in a research note on Wednesday, June 18th. UBS Group lifted their price target on Flutter Entertainment from $340.00 to $360.00 and gave the stock a “buy” rating in a research note on Friday. Canaccord Genuity Group lifted their price target on Flutter Entertainment from $330.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday. Oppenheimer lifted their price target on Flutter Entertainment from $310.00 to $350.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 22nd. Finally, BTIG Research cut their price target on Flutter Entertainment from $323.00 to $289.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Three equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Flutter Entertainment currently has an average rating of “Moderate Buy” and an average price target of $328.62.

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.