Prudential PLC Increases Stake in Flutter Entertainment plc (NYSE:FLUT)

Prudential PLC raised its stake in Flutter Entertainment plc (NYSE:FLUT - Free Report) by 92.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 30,244 shares of the company's stock after purchasing an additional 14,538 shares during the period. Prudential PLC's holdings in Flutter Entertainment were worth $7,817,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Flutter Entertainment by 3.2% in the 4th quarter. Vanguard Group Inc. now owns 9,591,786 shares of the company's stock valued at $2,479,812,000 after acquiring an additional 299,300 shares in the last quarter. Norges Bank bought a new position in shares of Flutter Entertainment in the fourth quarter valued at approximately $946,681,000. Wellington Management Group LLP boosted its position in shares of Flutter Entertainment by 14.4% during the fourth quarter. Wellington Management Group LLP now owns 2,652,843 shares of the company's stock valued at $688,081,000 after buying an additional 333,294 shares during the last quarter. Cantillon Capital Management LLC grew its holdings in Flutter Entertainment by 0.5% during the fourth quarter. Cantillon Capital Management LLC now owns 2,410,178 shares of the company's stock worth $622,911,000 after buying an additional 12,794 shares in the last quarter. Finally, Egerton Capital UK LLP raised its holdings in shares of Flutter Entertainment by 3.4% in the fourth quarter. Egerton Capital UK LLP now owns 1,877,383 shares of the company's stock valued at $485,210,000 after purchasing an additional 61,833 shares during the last quarter.

Insider Buying and Selling

In other news, CEO Amy Howe sold 11,814 shares of the company's stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $260.50, for a total value of $3,077,547.00. Following the completion of the transaction, the chief executive officer now directly owns 62,941 shares in the company, valued at approximately $16,396,130.50. This represents a 15.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeremy Peter Jackson sold 25,027 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $261.96, for a total transaction of $6,556,072.92. Following the transaction, the director now owns 21,148 shares in the company, valued at $5,539,930.08. The trade was a 54.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. JMP Securities upped their target price on Flutter Entertainment from $299.00 to $311.00 and gave the company a "market outperform" rating in a report on Monday, January 6th. Susquehanna reduced their price objective on Flutter Entertainment from $317.00 to $315.00 and set a "positive" rating for the company in a research note on Wednesday, March 5th. Wells Fargo & Company lifted their target price on Flutter Entertainment from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Wednesday, March 5th. BTIG Research set a $323.00 price target on shares of Flutter Entertainment in a research report on Monday, February 3rd. Finally, UBS Group lifted their price objective on shares of Flutter Entertainment from $335.00 to $340.00 and gave the stock a "buy" rating in a research report on Thursday, March 6th. Nineteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Flutter Entertainment presently has an average rating of "Buy" and an average price target of $311.41.

Flutter Entertainment Price Performance

NYSE:FLUT traded down $8.67 during mid-day trading on Thursday, hitting $228.00. 1,084,058 shares of the stock traded hands, compared to its average volume of 1,714,156. The business's 50-day moving average price is $251.95 and its 200 day moving average price is $253.36. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.66. Flutter Entertainment plc has a 12-month low of $174.03 and a 12-month high of $299.73. The company has a market cap of $40.46 billion and a PE ratio of 1,036.00.

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.