Vestcor Inc Takes $815,000 Position in Flutter Entertainment plc (NYSE:FLUT)

Vestcor Inc bought a new position in shares of Flutter Entertainment plc (NYSE:FLUT - Free Report) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 3,433 shares of the company's stock, valued at approximately $815,000.

A number of other institutional investors and hedge funds also recently modified their holdings of FLUT. Massachusetts Financial Services Co. MA purchased a new stake in shares of Flutter Entertainment in the 3rd quarter valued at approximately $849,474,000. Bank of Montreal Can raised its stake in Flutter Entertainment by 868.5% during the 3rd quarter. Bank of Montreal Can now owns 3,367,022 shares of the company's stock valued at $798,927,000 after purchasing an additional 3,019,376 shares during the period. Cantillon Capital Management LLC lifted its holdings in shares of Flutter Entertainment by 3,827.8% in the third quarter. Cantillon Capital Management LLC now owns 2,397,384 shares of the company's stock valued at $568,851,000 after purchasing an additional 2,336,347 shares in the last quarter. Marathon Asset Management Ltd acquired a new stake in shares of Flutter Entertainment in the third quarter worth $451,631,000. Finally, State Street Corp grew its holdings in shares of Flutter Entertainment by 61,014.6% during the third quarter. State Street Corp now owns 1,011,447 shares of the company's stock valued at $239,996,000 after buying an additional 1,009,792 shares in the last quarter.

Flutter Entertainment Stock Performance

NYSE:FLUT traded down $3.64 during midday trading on Friday, reaching $277.51. The stock had a trading volume of 1,224,500 shares, compared to its average volume of 1,162,734. Flutter Entertainment plc has a 1-year low of $158.43 and a 1-year high of $284.79. The firm's fifty day simple moving average is $250.99 and its 200-day simple moving average is $219.56.

Flutter Entertainment announced that its board has initiated a stock repurchase program on Wednesday, September 25th that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the company to purchase up to 11.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages recently issued reports on FLUT. Bank of America initiated coverage on Flutter Entertainment in a research note on Monday, October 14th. They issued a "buy" rating and a $300.00 price objective for the company. Needham & Company LLC increased their price target on shares of Flutter Entertainment from $270.00 to $300.00 and gave the stock a "buy" rating in a research report on Wednesday, November 13th. JMP Securities raised their price target on shares of Flutter Entertainment from $287.00 to $299.00 and gave the stock a "market outperform" rating in a report on Wednesday, November 13th. Susquehanna upped their price objective on shares of Flutter Entertainment from $273.00 to $286.00 and gave the company a "positive" rating in a research note on Wednesday, November 13th. Finally, Barclays lifted their target price on shares of Flutter Entertainment from $275.00 to $301.00 and gave the company an "overweight" rating in a research note on Wednesday, November 13th. Sixteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $301.53.

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.