Nordea Investment Management AB Has $1.96 Million Position in Flutter Entertainment PLC $FLUT

Nordea Investment Management AB lessened its stake in Flutter Entertainment PLC (NYSE:FLUT) by 53.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,059 shares of the company’s stock after selling 10,252 shares during the period. Nordea Investment Management AB’s holdings in Flutter Entertainment were worth $1,963,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Flutter Entertainment by 1.7% during the third quarter. Vanguard Group Inc. now owns 17,559,354 shares of the company’s stock worth $4,460,076,000 after acquiring an additional 301,879 shares during the last quarter. Parvus Asset Management Jersey Ltd bought a new position in Flutter Entertainment in the second quarter valued at about $2,231,266,000. Wellington Management Group LLP increased its position in Flutter Entertainment by 5.5% in the third quarter. Wellington Management Group LLP now owns 3,519,434 shares of the company’s stock worth $903,694,000 after purchasing an additional 182,594 shares during the period. Capital International Investors raised its holdings in Flutter Entertainment by 4.9% during the 3rd quarter. Capital International Investors now owns 3,256,764 shares of the company’s stock worth $827,841,000 after purchasing an additional 153,390 shares during the last quarter. Finally, Norges Bank bought a new stake in Flutter Entertainment during the 2nd quarter worth about $930,349,000.

Flutter Entertainment Price Performance

Shares of FLUT opened at $100.84 on Friday. The stock has a market cap of $17.68 billion, a P/E ratio of -56.02, a price-to-earnings-growth ratio of 0.68 and a beta of 2.30. Flutter Entertainment PLC has a 1 year low of $99.96 and a 1 year high of $313.68. The stock’s 50-day moving average price is $132.02 and its two-hundred day moving average price is $196.87. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 1.31.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings results on Friday, February 27th. The company reported $1.74 EPS for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.37). The company had revenue of $4.76 billion during the quarter, compared to the consensus estimate of $4.87 billion. Flutter Entertainment had a negative net margin of 1.89% and a positive return on equity of 12.12%. The business’s revenue was up 24.9% compared to the same quarter last year. During the same period last year, the company earned $2.94 earnings per share. On average, equities analysts predict that Flutter Entertainment PLC will post 4.17 earnings per share for the current year.

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

Analysts Set New Price Targets

Several brokerages have recently issued reports on FLUT. Morgan Stanley reduced their target price on shares of Flutter Entertainment from $352.00 to $315.00 and set an “overweight” rating on the stock in a research note on Friday, December 12th. Benchmark dropped their price target on shares of Flutter Entertainment from $285.00 to $175.00 and set a “buy” rating for the company in a research note on Friday, February 27th. Needham & Company LLC cut their price objective on shares of Flutter Entertainment from $300.00 to $150.00 and set a “buy” rating on the stock in a report on Friday, February 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Flutter Entertainment in a research note on Monday, December 29th. Finally, UBS Group lowered their target price on shares of Flutter Entertainment from $300.00 to $160.00 and set a “buy” rating for the company in a report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $227.50.

Insider Activity at Flutter Entertainment

In related news, CEO Jeremy Peter Jackson sold 4,326 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $108.00, for a total transaction of $467,208.00. Following the completion of the transaction, the chief executive officer owned 36,788 shares in the company, valued at approximately $3,973,104. The trade was a 10.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Robert Coldrake sold 4,613 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $106.45, for a total transaction of $491,053.85. Following the completion of the sale, the chief financial officer directly owned 10,006 shares of the company’s stock, valued at $1,065,138.70. The trade was a 31.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 17,834 shares of company stock worth $1,900,331. 0.09% of the stock is currently owned by company insiders.

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.