Resona Asset Management Co. Ltd. Reduces Stake in Flutter Entertainment PLC $FLUT

Resona Asset Management Co. Ltd. reduced its stake in Flutter Entertainment PLC (NYSE:FLUT) by 11.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 40,762 shares of the company’s stock after selling 5,283 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Flutter Entertainment were worth $8,765,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Makena Capital Management LLC purchased a new stake in Flutter Entertainment in the 3rd quarter valued at $11,517,000. TimesSquare Capital Management LLC grew its holdings in Flutter Entertainment by 294.1% in the 3rd quarter. TimesSquare Capital Management LLC now owns 378,878 shares of the company’s stock valued at $96,235,000 after buying an additional 282,736 shares in the last quarter. AGF Management Ltd. purchased a new stake in Flutter Entertainment in the 3rd quarter valued at $9,519,000. Mutual of America Capital Management LLC purchased a new stake in Flutter Entertainment in the 3rd quarter valued at $2,173,000. Finally, Federated Hermes Inc. purchased a new stake in Flutter Entertainment in the 3rd quarter valued at $169,777,000.

Insiders Place Their Bets

In related 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 transaction 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John A. Bryant bought 1,950 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were purchased at an average cost of $102.86 per share, for a total transaction of $200,577.00. Following the purchase, the director owned 9,235 shares in the company, valued at $949,912.10. This represents a 26.77% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have acquired 10,453 shares of company stock worth $1,045,526 and have sold 22,306 shares worth $2,333,598. Company insiders own 0.13% of the company’s stock.

Flutter Entertainment Stock Performance

Shares of Flutter Entertainment stock opened at $97.11 on Friday. Flutter Entertainment PLC has a 52 week low of $91.52 and a 52 week high of $313.68. The business’s fifty day simple moving average is $104.29 and its 200-day simple moving average is $155.65. The firm has a market cap of $16.89 billion, a PE ratio of -45.38, a price-to-earnings-growth ratio of 1.28 and a beta of 1.58. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.27.

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

Flutter Entertainment declared that its board has initiated a stock buyback program on Wednesday, March 11th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages have issued reports on FLUT. Barclays dropped their target price on Flutter Entertainment from $175.00 to $150.00 and set an “overweight” rating for the company in a report on Friday, May 8th. BNP Paribas Exane began coverage on Flutter Entertainment in a report on Thursday, May 14th. They issued an “underperform” rating and a $80.00 target price for the company. Kepler Capital Markets cut Flutter Entertainment from a “strong-buy” rating to a “hold” rating in a report on Monday, March 16th. Moffett Nathanson cut Flutter Entertainment from a “buy” rating to a “neutral” rating and set a $127.00 target price for the company. in a report on Friday, April 24th. Finally, Susquehanna decreased their price target on Flutter Entertainment from $160.00 to $143.00 and set a “positive” rating on the stock in a research note on Tuesday, March 31st. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, Flutter Entertainment currently has an average rating of “Moderate Buy” and an average price target of $189.26.

Flutter Entertainment Company 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.