Jennison Associates LLC Sells 34,704 Shares of Flutter Entertainment PLC $FLUT

Jennison Associates LLC decreased its holdings in shares of Flutter Entertainment PLC (NYSE:FLUT) by 31.4% during the 4th quarter, Holdings Channel reports. The firm owned 75,975 shares of the company’s stock after selling 34,704 shares during the quarter. Jennison Associates LLC’s holdings in Flutter Entertainment were worth $16,338,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Makena Capital Management LLC bought a new position in shares of Flutter Entertainment during the third quarter valued at $11,517,000. TimesSquare Capital Management LLC lifted its holdings in shares of Flutter Entertainment by 294.1% during the third quarter. TimesSquare Capital Management LLC now owns 378,878 shares of the company’s stock valued at $96,235,000 after purchasing an additional 282,736 shares in the last quarter. AGF Management Ltd. bought a new position in shares of Flutter Entertainment during the third quarter valued at $9,519,000. Mutual of America Capital Management LLC bought a new position in shares of Flutter Entertainment during the third quarter valued at $2,173,000. Finally, Federated Hermes Inc. bought a new position in shares of Flutter Entertainment during the third quarter valued at $169,777,000.

Flutter Entertainment Stock Down 1.6%

FLUT stock opened at $106.19 on Friday. Flutter Entertainment PLC has a fifty-two week low of $98.88 and a fifty-two week high of $313.68. The business’s 50-day moving average is $108.54 and its two-hundred day moving average is $169.73. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.95 and a current ratio of 0.95. The company has a market cap of $18.52 billion, a price-to-earnings ratio of -59.00, a P/E/G ratio of 1.63 and a beta of 1.59.

Flutter Entertainment (NYSE:FLUT) last posted its earnings results on Friday, February 27th. The company reported $1.74 earnings per share for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.37). Flutter Entertainment had a negative net margin of 1.89% and a positive return on equity of 12.12%. The firm had revenue of $4.76 billion during the quarter, compared to the consensus estimate of $4.87 billion. During the same period in the prior year, the company posted $2.94 EPS. The firm’s revenue was up 24.9% compared to the same quarter last year. As a group, analysts forecast that Flutter Entertainment PLC will post 5.14 earnings per share for the current year.

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

Analysts Set New Price Targets

FLUT has been the topic of a number of research analyst reports. Stifel Nicolaus lowered their price target on Flutter Entertainment from $216.00 to $189.00 and set a “buy” rating on the stock in a report on Thursday, April 9th. BTIG Research lowered their price target on Flutter Entertainment from $180.00 to $177.00 and set a “buy” rating on the stock in a report on Thursday, March 26th. Craig Hallum downgraded Flutter Entertainment from a “buy” rating to a “hold” rating and set a $200.00 price target on the stock. in a report on Wednesday, January 21st. Canaccord Genuity Group lowered their price target on Flutter Entertainment from $270.00 to $220.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and set a $228.00 price target (down from $248.00) on shares of Flutter Entertainment in a report on Wednesday, January 14th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $209.29.

Insider Buying and Selling at Flutter Entertainment

In other Flutter Entertainment news, CEO Amy Howe sold 8,895 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $105.91, for a total value of $942,069.45. Following the transaction, the chief executive officer owned 78,889 shares of the company’s stock, valued at approximately $8,355,133.99. This represents a 10.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jeremy Peter Jackson sold 4,326 shares of the stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $108.00, for a total value of $467,208.00. Following the completion of the transaction, the chief executive officer directly owned 36,788 shares in the company, valued at approximately $3,973,104. This represents a 10.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 17,834 shares of company stock valued at $1,900,331. 0.09% of the stock is owned by company insiders.

Flutter Entertainment Profile

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.