Zurich Insurance Group Ltd FI Buys 235,095 Shares of Flutter Entertainment plc (NYSE:FLUT)

Zurich Insurance Group Ltd FI lifted its stake in shares of Flutter Entertainment plc (NYSE:FLUT) by 869.9% in the fourth quarter, HoldingsChannel reports. The fund owned 262,119 shares of the company’s stock after acquiring an additional 235,095 shares during the period. Zurich Insurance Group Ltd FI’s holdings in Flutter Entertainment were worth $67,745,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in FLUT. Park Avenue Securities LLC bought a new position in shares of Flutter Entertainment during the 4th quarter valued at approximately $669,000. Ritholtz Wealth Management boosted its stake in Flutter Entertainment by 3.5% in the 4th quarter. Ritholtz Wealth Management now owns 1,725 shares of the company’s stock worth $446,000 after purchasing an additional 59 shares during the period. Clarius Group LLC bought a new position in Flutter Entertainment in the 4th quarter worth approximately $212,000. UMB Bank n.a. boosted its stake in Flutter Entertainment by 58.8% in the 4th quarter. UMB Bank n.a. now owns 135 shares of the company’s stock worth $35,000 after purchasing an additional 50 shares during the period. Finally, Harbor Investment Advisory LLC boosted its stake in Flutter Entertainment by 64.1% in the 4th quarter. Harbor Investment Advisory LLC now owns 128 shares of the company’s stock worth $33,000 after purchasing an additional 50 shares during the period.

Flutter Entertainment Stock Performance

NYSE:FLUT opened at $249.16 on Tuesday. The stock’s fifty day moving average is $234.25 and its 200 day moving average is $254.45. Flutter Entertainment plc has a fifty-two week low of $174.03 and a fifty-two week high of $299.73. The firm has a market capitalization of $44.02 billion and a PE ratio of 86.21. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.89 and a current ratio of 0.89.

Flutter Entertainment (NYSE:FLUT) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.59 earnings per share for the quarter, missing the consensus estimate of $1.89 by ($0.30). Flutter Entertainment had a negative net margin of 6.86% and a negative return on equity of 4.52%. The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.06 billion. During the same quarter in the previous year, the company posted $0.10 EPS. The business’s quarterly revenue was up 7.9% on a year-over-year basis. On average, sell-side analysts anticipate that Flutter Entertainment plc will post 4.17 earnings per share for the current year.

Insider Activity at Flutter Entertainment

In other Flutter Entertainment news, CEO Amy Howe sold 2,315 shares of the stock in a transaction on Friday, May 9th. The stock was sold at an average price of $243.50, for a total value of $563,702.50. Following the sale, the chief executive officer now owns 73,947 shares in the company, valued at $18,006,094.50. This trade represents a 3.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jeremy Peter Jackson sold 25,027 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $261.96, for a total value of $6,556,072.92. Following the completion of the sale, the director now owns 21,148 shares in the company, valued at approximately $5,539,930.08. The trade was a 54.20% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,156 shares of company stock worth $10,926,922.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FLUT. Barclays dropped their price target on Flutter Entertainment from $300.00 to $293.00 and set an “overweight” rating for the company in a research note on Thursday, May 8th. Stifel Nicolaus dropped their price target on Flutter Entertainment from $320.00 to $315.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Wells Fargo & Company upped their price target on Flutter Entertainment from $285.00 to $300.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 5th. Needham & Company LLC restated a “buy” rating and issued a $310.00 price target on shares of Flutter Entertainment in a research note on Thursday, May 8th. Finally, Citigroup restated an “outperform” rating on shares of Flutter Entertainment in a research note on Wednesday, March 5th. Twenty equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $306.28.

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.