Zurcher Kantonalbank Zurich Cantonalbank trimmed its stake in shares of Flutter Entertainment plc (NYSE:FLUT - Free Report) by 66.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 33,973 shares of the company's stock after selling 68,680 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Flutter Entertainment were worth $8,009,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Hilltop National Bank acquired a new stake in Flutter Entertainment in the second quarter worth about $101,000. CWM LLC bought a new stake in Flutter Entertainment in the second quarter valued at approximately $40,000. Simplicity Wealth LLC raised its holdings in Flutter Entertainment by 44.6% in the second quarter. Simplicity Wealth LLC now owns 2,959 shares of the company's stock worth $540,000 after purchasing an additional 912 shares during the period. Artemis Investment Management LLP increased its position in shares of Flutter Entertainment by 115.4% in the 2nd quarter. Artemis Investment Management LLP now owns 319,944 shares of the company's stock valued at $58,494,000 after buying an additional 171,414 shares in the last quarter. Finally, Dnca Finance bought a new position in shares of Flutter Entertainment during the 2nd quarter valued at about $98,147,000.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on FLUT. Morgan Stanley assumed coverage on shares of Flutter Entertainment in a report on Thursday, August 22nd. They issued an "overweight" rating and a $247.00 price target for the company. UBS Group increased their target price on Flutter Entertainment from $308.00 to $320.00 and gave the stock a "buy" rating in a report on Tuesday, November 26th. The Goldman Sachs Group started coverage on Flutter Entertainment in a research note on Friday, November 22nd. They issued a "buy" rating and a $320.00 price target on the stock. Needham & Company LLC upped their price objective on Flutter Entertainment from $270.00 to $300.00 and gave the stock a "buy" rating in a research report on Wednesday, November 13th. Finally, Berenberg Bank raised Flutter Entertainment to a "strong-buy" rating in a research report on Tuesday, August 27th. Fifteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $298.79.
Get Our Latest Research Report on FLUT
Flutter Entertainment Stock Performance
Shares of NYSE FLUT traded up $1.54 during midday trading on Monday, hitting $277.86. 878,559 shares of the company's stock were exchanged, compared to its average volume of 1,154,993. Flutter Entertainment plc has a 12 month low of $152.77 and a 12 month high of $279.04. The company's 50 day moving average price is $243.32 and its 200 day moving average price is $215.19.
Flutter Entertainment declared that its Board of Directors has authorized a stock buyback plan 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 shares through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its shares are undervalued.
Flutter Entertainment Profile
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Free Report)
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.
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