Flutter Entertainment (NYSE:FLUT) to Repurchase $245.00 million in Stock

Flutter Entertainment (NYSE:FLUT) announced that its Board of Directors has authorized a share buyback program on Friday, August 8th, RTT News reports. The company plans to repurchase $245.00 million in shares. This repurchase authorization permits the company to repurchase up to 0.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Flutter Entertainment Price Performance

Flutter Entertainment stock opened at $281.25 on Monday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.95 and a current ratio of 0.95. Flutter Entertainment has a 52-week low of $183.18 and a 52-week high of $313.68. The stock’s 50 day moving average price is $283.14 and its two-hundred day moving average price is $260.20. The stock has a market capitalization of $49.53 billion, a price-to-earnings ratio of 138.55, a PEG ratio of 1.12 and a beta of 2.31.

Flutter Entertainment (NYSE:FLUT) last released its quarterly earnings results on Thursday, August 7th. The company reported $2.95 EPS for the quarter, beating analysts’ consensus estimates of $2.08 by $0.87. The business had revenue of $4.19 billion during the quarter, compared to analyst estimates of $3.06 billion. Flutter Entertainment had a return on equity of 12.15% and a net margin of 2.96%. Flutter Entertainment’s revenue was up 16.0% compared to the same quarter last year. On average, equities analysts predict that Flutter Entertainment will post 4.17 earnings per share for the current year.

Analysts Set New Price Targets

FLUT has been the subject of a number of analyst reports. Bank of America boosted their price objective on shares of Flutter Entertainment from $295.00 to $330.00 and gave the stock a “buy” rating in a research note on Friday, July 11th. Canaccord Genuity Group increased their price objective on shares of Flutter Entertainment from $330.00 to $340.00 and gave the company a “buy” rating in a research note on Friday. JMP Securities increased their price objective on shares of Flutter Entertainment from $323.00 to $345.00 and gave the company a “market outperform” rating in a research note on Friday. UBS Group upped their target price on shares of Flutter Entertainment from $340.00 to $360.00 and gave the stock a “buy” rating in a report on Friday. Finally, Macquarie upped their target price on shares of Flutter Entertainment from $320.00 to $340.00 and gave the stock an “outperform” rating in a report on Friday. Three analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Flutter Entertainment currently has a consensus rating of “Moderate Buy” and a consensus target price of $328.62.

Insider Activity at Flutter Entertainment

In other news, Director John A. Bryant sold 418 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $245.71, for a total transaction of $102,706.78. Following the completion of the transaction, the director owned 5,956 shares in the company, valued at approximately $1,463,448.76. This represents a 6.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Nancy Dubuc sold 265 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $244.96, for a total value of $64,914.40. Following the transaction, the director owned 558 shares of the company’s stock, valued at $136,687.68. The trade was a 32.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,455 shares of company stock worth $601,632 in the last three months. Corporate insiders own 0.09% of the company’s stock.

Flutter Entertainment Company Profile

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.