Resona Asset Management Co. Ltd. Takes $14.12 Million Position in Flutter Entertainment PLC $FLUT

Resona Asset Management Co. Ltd. purchased a new position in shares of Flutter Entertainment PLC (NYSE:FLUT) during the 2nd quarter, Holdings Channel.com reports. The firm purchased 49,414 shares of the company’s stock, valued at approximately $14,121,000.

A number of other hedge funds have also added to or reduced their stakes in FLUT. Bank of New York Mellon Corp raised its position in Flutter Entertainment by 3.4% during the first quarter. Bank of New York Mellon Corp now owns 206,551 shares of the company’s stock valued at $45,761,000 after purchasing an additional 6,738 shares in the last quarter. Axxcess Wealth Management LLC boosted its holdings in shares of Flutter Entertainment by 11.7% in the 1st quarter. Axxcess Wealth Management LLC now owns 2,159 shares of the company’s stock valued at $478,000 after purchasing an additional 227 shares in the last quarter. Xponance Inc. increased its stake in shares of Flutter Entertainment by 1.7% in the 1st quarter. Xponance Inc. now owns 9,183 shares of the company’s stock valued at $2,034,000 after purchasing an additional 150 shares during the last quarter. IFC Advisors LLC acquired a new position in shares of Flutter Entertainment during the 1st quarter worth $2,543,000. Finally, CWM LLC raised its holdings in shares of Flutter Entertainment by 59.6% during the 1st quarter. CWM LLC now owns 217 shares of the company’s stock worth $48,000 after buying an additional 81 shares in the last quarter.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Sanford C. Bernstein reduced their price objective on Flutter Entertainment from $330.00 to $325.00 and set a “market perform” rating on the stock in a research note on Monday, November 3rd. Needham & Company LLC raised their price target on shares of Flutter Entertainment from $340.00 to $355.00 and gave the company a “buy” rating in a research note on Friday, August 8th. 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. Canaccord Genuity Group increased their price objective on shares of Flutter Entertainment from $330.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, August 8th. Finally, Citigroup lowered shares of Flutter Entertainment from a “buy” rating to a “hold” rating in a research report on Tuesday. One research 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 issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $330.47.

Flutter Entertainment Trading Up 3.1%

Shares of NYSE FLUT opened at $223.27 on Friday. The firm has a 50 day moving average price of $261.23 and a two-hundred day moving average price of $268.68. The stock has a market cap of $39.32 billion, a P/E ratio of 109.98 and a beta of 1.84. Flutter Entertainment PLC has a 52-week low of $196.88 and a 52-week high of $313.68. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.95 and a current ratio of 0.95.

Flutter Entertainment (NYSE:FLUT) last issued its quarterly earnings data on Thursday, August 7th. The company reported $2.95 earnings per share for the quarter, topping the consensus estimate of $2.08 by $0.87. The company had revenue of $4.19 billion for the quarter, compared to analysts’ expectations of $3.06 billion. Flutter Entertainment had a net margin of 2.96% and a return on equity of 12.15%. The business’s quarterly revenue was up 16.0% on a year-over-year basis. As a group, equities analysts forecast that Flutter Entertainment PLC will post 4.17 EPS for the current year.

Flutter Entertainment announced that its board has authorized a share repurchase plan on Friday, August 8th that permits the company to buyback $245.00 million in shares. This buyback authorization permits the company to reacquire up to 0.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other news, CEO Jeremy Peter Jackson sold 2,112 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $292.42, for a total transaction of $617,591.04. Following the completion of the transaction, the chief executive officer directly owned 31,944 shares in the company, valued at $9,341,064.48. This trade represents a 6.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Daniel Mark Taylor sold 15,283 shares of Flutter Entertainment stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $284.80, for a total value of $4,352,598.40. Following the completion of the transaction, the insider directly owned 16,589 shares in the company, valued at approximately $4,724,547.20. This represents a 47.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 23,396 shares of company stock valued at $6,759,745 over the last 90 days. 0.09% of the stock is owned by corporate insiders.

Flutter Entertainment 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.