Eminence Capital LP Sells 293,820 Shares of Flutter Entertainment PLC $FLUT

Eminence Capital LP lowered its position in shares of Flutter Entertainment PLC (NYSE:FLUT) by 78.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Flutter Entertainment by 219.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 115 shares of the company’s stock valued at $25,000 after buying an additional 79 shares in the last quarter. JFS Wealth Advisors LLC bought a new stake in Flutter Entertainment during the third quarter valued at about $27,000. Zions Bancorporation National Association UT lifted its position in shares of Flutter Entertainment by 1,685.7% in the fourth quarter. Zions Bancorporation National Association UT now owns 125 shares of the company’s stock valued at $27,000 after acquiring an additional 118 shares in the last quarter. EFG International AG bought a new position in shares of Flutter Entertainment in the fourth quarter worth about $36,000. Finally, IFP Advisors Inc grew its position in shares of Flutter Entertainment by 93.8% during the fourth quarter. IFP Advisors Inc now owns 186 shares of the company’s stock worth $40,000 after purchasing an additional 90 shares in the last quarter.

Flutter Entertainment Trading Down 6.9%

FLUT opened at $101.41 on Thursday. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.90 and a current ratio of 0.90. The stock’s 50 day moving average price is $103.28 and its 200-day moving average price is $141.56. Flutter Entertainment PLC has a one year low of $91.52 and a one year high of $313.68. The stock has a market cap of $17.64 billion, a price-to-earnings ratio of -47.39, a P/E/G ratio of 1.41 and a beta of 1.40.

Flutter Entertainment (NYSE:FLUT) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $1.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.13. The firm had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.24 billion. Flutter Entertainment had a positive return on equity of 11.60% and a negative net margin of 2.20%.Flutter Entertainment’s quarterly revenue was up 17.4% compared to the same quarter last year. During the same period last year, the company earned $1.59 EPS. On average, equities analysts forecast that Flutter Entertainment PLC will post 5 EPS for the current year.

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

Insider Buying and Selling at Flutter Entertainment

In related news, COO James Philip Bishop purchased 1,000 shares of Flutter Entertainment stock in a transaction that occurred on Monday, May 11th. The shares were bought at an average price of $99.75 per share, with a total value of $99,750.00. Following the purchase, the chief operating officer directly owned 17,605 shares of the company’s stock, valued at approximately $1,756,098.75. This represents a 6.02% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jeremy Peter Jackson sold 3,084 shares of Flutter Entertainment stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $98.13, for a total transaction of $302,632.92. Following the sale, the chief executive officer owned 74,326 shares of the company’s stock, valued at $7,293,610.38. The trade was a 3.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders purchased 10,453 shares of company stock valued at $1,045,526 and sold 5,994 shares valued at $577,293. 0.13% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Susquehanna decreased their price target on shares of Flutter Entertainment from $160.00 to $143.00 and set a “positive” rating on the stock in a research note on Tuesday, March 31st. Citigroup downgraded Flutter Entertainment from a “buy” rating to a “sell” rating in a research report on Thursday, April 16th. Stifel Nicolaus dropped their price objective on shares of Flutter Entertainment from $216.00 to $189.00 and set a “buy” rating for the company in a research note on Thursday, April 9th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $167.00 price objective on shares of Flutter Entertainment in a research note on Friday, May 8th. Finally, Barclays lowered their price objective on Flutter Entertainment from $175.00 to $150.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Three analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $187.42.

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.