Eminence Capital LP Trims Stake in Flutter Entertainment PLC $FLUT

Eminence Capital LP trimmed its position in Flutter Entertainment PLC (NYSE:FLUT) by 78.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 79,151 shares of the company’s stock after selling 293,820 shares during the quarter. Eminence Capital LP’s holdings in Flutter Entertainment were worth $17,021,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Cibc World Markets Corp purchased a new position in shares of Flutter Entertainment during the fourth quarter valued at $1,678,841,000. Capital International Investors boosted its holdings in shares of Flutter Entertainment by 146.8% in the 4th quarter. Capital International Investors now owns 8,039,066 shares of the company’s stock valued at $1,728,772,000 after buying an additional 4,782,302 shares in the last quarter. Norges Bank purchased a new position in Flutter Entertainment in the fourth quarter worth $694,009,000. Durable Capital Partners LP increased its position in Flutter Entertainment by 274.2% during the 3rd quarter. Durable Capital Partners LP now owns 1,243,988 shares of the company’s stock valued at $315,973,000 after buying an additional 911,507 shares in the last quarter. Finally, Marshall Wace LLP raised its position in shares of Flutter Entertainment by 112.8% in the 3rd quarter. Marshall Wace LLP now owns 1,354,073 shares of the company’s stock valued at $343,935,000 after purchasing an additional 717,658 shares during the last quarter.

Insider Transactions at Flutter Entertainment

In related news, COO James Philip Bishop purchased 1,000 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The stock was purchased at an average cost of $99.75 per share, with a total value of $99,750.00. Following the completion of the acquisition, the chief operating officer directly owned 17,605 shares in the company, valued at $1,756,098.75. This trade represents a 6.02% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Daniel Mark Taylor bought 1,611 shares of the stock in a transaction dated Tuesday, May 12th. The stock was purchased at an average cost of $94.29 per share, for a total transaction of $151,901.19. Following the acquisition, the chief executive officer owned 34,584 shares of the company’s stock, valued at approximately $3,260,925.36. This represents a 4.89% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have bought 10,453 shares of company stock worth $1,045,526 and have sold 5,994 shares worth $577,293. Company insiders own 0.13% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Susquehanna cut their price target on shares of Flutter Entertainment from $160.00 to $143.00 and set a “positive” rating on the stock in a report on Tuesday, March 31st. Truist Financial reduced their target price on shares of Flutter Entertainment from $140.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, May 7th. Oppenheimer dropped their target price on Flutter Entertainment from $210.00 to $160.00 and set an “outperform” rating for the company in a report on Monday, April 13th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Flutter Entertainment in a research report on Wednesday, May 27th. Finally, Needham & Company LLC lowered their target price on shares of Flutter Entertainment from $150.00 to $135.00 and set a “buy” rating for the company in a research note on Thursday, May 7th. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, seven have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $187.42.

Flutter Entertainment Stock Performance

NYSE FLUT opened at $101.41 on Thursday. The company has a fifty day moving average of $103.28 and a two-hundred day moving average of $141.56. The company has a market capitalization of $17.64 billion, a PE ratio of -47.39, a P/E/G ratio of 1.41 and a beta of 1.40. Flutter Entertainment PLC has a 1 year low of $91.52 and a 1 year high of $313.68. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.90 and a quick ratio of 0.90.

Flutter Entertainment (NYSE:FLUT) last announced its earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.13. The firm had revenue of $4.30 billion during 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%.The business’s revenue was up 17.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.59 EPS. As a group, analysts expect that Flutter Entertainment PLC will post 5 earnings per share for the current year.

Flutter Entertainment announced that its Board of Directors has approved a share buyback plan on Wednesday, March 11th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

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.