Royal Bank of Canada Trims Stake in Flutter Entertainment PLC $FLUT

Royal Bank of Canada reduced its holdings in Flutter Entertainment PLC (NYSE:FLUT) by 71.0% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 43,710 shares of the company’s stock after selling 106,890 shares during the quarter. Royal Bank of Canada’s holdings in Flutter Entertainment were worth $4,457,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Zions Bancorporation National Association UT grew its holdings in shares of Flutter Entertainment by 1,685.7% during the fourth quarter. Zions Bancorporation National Association UT now owns 125 shares of the company’s stock worth $27,000 after purchasing an additional 118 shares in the last quarter. EFG International AG purchased a new stake in Flutter Entertainment in the fourth quarter valued at approximately $36,000. IFP Advisors Inc raised its stake in Flutter Entertainment by 93.8% in the fourth quarter. IFP Advisors Inc now owns 186 shares of the company’s stock valued at $40,000 after purchasing an additional 90 shares in the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its position in Flutter Entertainment by 83.3% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 165 shares of the company’s stock valued at $42,000 after purchasing an additional 75 shares during the last quarter. Finally, LM Advisors LLC bought a new stake in Flutter Entertainment during the fourth quarter valued at approximately $46,000.

Insider Transactions at Flutter Entertainment

In other Flutter Entertainment news, Director Carolan Lennon sold 439 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $94.63, for a total transaction of $41,542.57. Following the completion of the sale, the director directly owned 1,688 shares in the company, valued at $159,735.44. This represents a 20.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,522 shares of company stock worth $144,027 in the last ninety days. Corporate insiders own 0.13% of the company’s stock.

Flutter Entertainment Trading Up 0.1%

FLUT stock opened at $98.17 on Friday. The company has a market capitalization of $17.04 billion, a PE ratio of -22.83, a price-to-earnings-growth ratio of 1.83 and a beta of 1.28. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.89 and a current ratio of 0.89. Flutter Entertainment PLC has a one year low of $89.71 and a one year high of $309.41. The company’s 50 day moving average price is $104.16 and its two-hundred day moving average price is $110.66.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.05). Flutter Entertainment had a negative net margin of 4.39% and a positive return on equity of 7.27%. The business had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period last year, the company posted $2.95 EPS. Flutter Entertainment’s revenue for the quarter was up 3.3% on a year-over-year basis. As a group, analysts predict that Flutter Entertainment PLC will post 4.72 earnings per share for the current fiscal year.

Analyst Ratings Changes

FLUT has been the subject of a number of research reports. Wedbush cut their price target on shares of Flutter Entertainment from $138.00 to $126.00 and set an “outperform” rating for the company in a research note on Thursday, August 6th. Barclays dropped their price objective on shares of Flutter Entertainment from $151.00 to $133.00 and set an “overweight” rating for the company in a report on Thursday, August 6th. Deutsche Bank Aktiengesellschaft set a $148.00 target price on shares of Flutter Entertainment in a research report on Thursday, August 6th. Freedom Capital upgraded Flutter Entertainment to a “hold” rating in a research report on Monday, June 22nd. Finally, JPMorgan Chase & Co. began coverage on Flutter Entertainment in a research report on Wednesday. They set a “neutral” rating and a $114.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $159.12.

About Flutter Entertainment

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.