SG Americas Securities LLC Takes $13.84 Million Position in Flutter Entertainment plc (NYSE:FLUT)

SG Americas Securities LLC purchased a new position in Flutter Entertainment plc (NYSE:FLUT - Free Report) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 58,328 shares of the company's stock, valued at approximately $13,840,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Capital World Investors acquired a new position in Flutter Entertainment in the first quarter worth approximately $2,880,796,000. Capital Research Global Investors bought a new position in Flutter Entertainment during the first quarter valued at about $2,418,032,000. Vanguard Group Inc. acquired a new stake in shares of Flutter Entertainment in the first quarter worth about $1,578,442,000. Hsbc Holdings PLC boosted its stake in shares of Flutter Entertainment by 10.9% during the 2nd quarter. Hsbc Holdings PLC now owns 6,189,639 shares of the company's stock worth $1,131,079,000 after acquiring an additional 608,003 shares in the last quarter. Finally, Capital International Investors bought a new stake in Flutter Entertainment during the first quarter worth approximately $507,170,000.

Flutter Entertainment Stock Up 1.1 %

FLUT traded up $2.62 during midday trading on Friday, reaching $237.53. 1,014,543 shares of the company's stock were exchanged, compared to its average volume of 1,035,455. Flutter Entertainment plc has a one year low of $148.00 and a one year high of $252.84. The business has a 50-day simple moving average of $213.05 and a two-hundred day simple moving average of $201.57.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $2.33 EPS for the quarter, beating the consensus estimate of $1.07 by $1.26. The company had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.41 billion. Equities analysts predict that Flutter Entertainment plc will post 4.75 EPS for the current fiscal year.

Flutter Entertainment declared that its board has initiated a share repurchase plan on Wednesday, September 25th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the company to reacquire up to 11.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

FLUT has been the topic of a number of research analyst reports. Craig Hallum raised their target price on shares of Flutter Entertainment from $240.00 to $275.00 and gave the company a "buy" rating in a research note on Thursday, September 26th. Morgan Stanley started coverage on Flutter Entertainment in a research report on Thursday, August 22nd. They issued an "overweight" rating and a $247.00 price target on the stock. Benchmark upped their price target on Flutter Entertainment from $255.00 to $265.00 and gave the stock a "buy" rating in a report on Thursday, September 26th. Barclays increased their price target on shares of Flutter Entertainment from $263.00 to $275.00 and gave the company an "overweight" rating in a report on Thursday, September 26th. Finally, Moffett Nathanson boosted their price objective on shares of Flutter Entertainment from $245.00 to $275.00 and gave the stock a "buy" rating in a report on Thursday, September 26th. One research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $260.45.

Flutter Entertainment 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.