HMI Capital Management L.P. Cuts Stock Holdings in Flutter Entertainment PLC $FLUT

HMI Capital Management L.P. cut its stake in Flutter Entertainment PLC (NYSE:FLUT) by 1.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 998,209 shares of the company’s stock after selling 17,000 shares during the period. Flutter Entertainment comprises about 16.2% of HMI Capital Management L.P.’s investment portfolio, making the stock its largest position. HMI Capital Management L.P. owned 0.57% of Flutter Entertainment worth $285,248,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in Flutter Entertainment by 402.4% in the second quarter. Vanguard Group Inc. now owns 17,257,475 shares of the company’s stock worth $4,931,496,000 after acquiring an additional 13,822,673 shares during the period. Parvus Asset Management Jersey Ltd purchased a new position in Flutter Entertainment during the 2nd quarter valued at about $2,231,266,000. Norges Bank bought a new stake in shares of Flutter Entertainment in the 2nd quarter valued at about $930,349,000. State Street Corp raised its holdings in shares of Flutter Entertainment by 120.3% in the 2nd quarter. State Street Corp now owns 3,086,730 shares of the company’s stock valued at $882,064,000 after purchasing an additional 1,685,556 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Flutter Entertainment by 57.4% in the 2nd quarter. Geode Capital Management LLC now owns 3,080,848 shares of the company’s stock worth $877,583,000 after purchasing an additional 1,122,892 shares during the period.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Stifel Nicolaus reduced their price target on Flutter Entertainment from $339.00 to $330.00 and set a “buy” rating for the company in a research report on Thursday, November 13th. Canaccord Genuity Group dropped their price objective on Flutter Entertainment from $340.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday, November 13th. Morgan Stanley reduced their target price on shares of Flutter Entertainment from $352.00 to $315.00 and set an “overweight” rating for the company in a report on Friday. Bank of America reissued a “neutral” rating and set a $250.00 price target (down from $325.00) on shares of Flutter Entertainment in a research report on Tuesday, November 4th. Finally, Oppenheimer lowered their price target on shares of Flutter Entertainment from $350.00 to $330.00 and set an “outperform” rating on the stock in a report on Tuesday, October 14th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Flutter Entertainment presently has an average rating of “Moderate Buy” and an average target price of $304.60.

Flutter Entertainment Price Performance

Shares of FLUT stock opened at $222.60 on Friday. Flutter Entertainment PLC has a fifty-two week low of $189.33 and a fifty-two week high of $313.68. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a market capitalization of $39.00 billion, a price-to-earnings ratio of -171.23 and a beta of 1.92. The stock’s 50-day simple moving average is $224.11 and its 200-day simple moving average is $262.96.

About Flutter Entertainment

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.