Vontobel Holding Ltd. Raises Stock Position in Flutter Entertainment plc (NYSE:FLUT)

Vontobel Holding Ltd. lifted its stake in shares of Flutter Entertainment plc (NYSE:FLUT - Free Report) by 3.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,696,636 shares of the company's stock after purchasing an additional 52,985 shares during the quarter. Flutter Entertainment comprises 1.3% of Vontobel Holding Ltd.'s investment portfolio, making the stock its 22nd biggest holding. Vontobel Holding Ltd. owned about 0.96% of Flutter Entertainment worth $399,614,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently made changes to their positions in the company. Hollencrest Capital Management bought a new stake in Flutter Entertainment during the 1st quarter valued at $28,000. Assenagon Asset Management S.A. increased its position in shares of Flutter Entertainment by 3.0% during the second quarter. Assenagon Asset Management S.A. now owns 5,760 shares of the company's stock worth $1,053,000 after acquiring an additional 170 shares in the last quarter. Rothschild Investment LLC bought a new stake in shares of Flutter Entertainment during the second quarter worth about $37,000. CWM LLC acquired a new stake in shares of Flutter Entertainment in the 2nd quarter worth about $40,000. Finally, Financial Perspectives Inc bought a new position in Flutter Entertainment in the 1st quarter valued at about $102,000.

Flutter Entertainment Price Performance

NYSE FLUT traded up $2.03 on Wednesday, hitting $227.99. 1,120,929 shares of the stock traded hands, compared to its average volume of 1,067,399. The business's fifty day moving average is $218.99 and its two-hundred day moving average is $202.57. Flutter Entertainment plc has a 12 month low of $148.00 and a 12 month high of $252.84.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $1.07 by $1.26. The firm had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.41 billion. Analysts anticipate that Flutter Entertainment plc will post 4.75 earnings per share for the current year.

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

Analysts Set New Price Targets

A number of analysts have commented on the company. Bank of America initiated coverage on Flutter Entertainment in a report on Monday. They set a "buy" rating and a $300.00 price objective for the company. Morgan Stanley started coverage on Flutter Entertainment in a report on Thursday, August 22nd. They set an "overweight" rating and a $247.00 price target for the company. JMP Securities raised their price objective on Flutter Entertainment from $255.00 to $287.00 and gave the company a "market outperform" rating in a research note on Monday. Moffett Nathanson upped their target price on shares of Flutter Entertainment from $245.00 to $275.00 and gave the stock a "buy" rating in a research note on Thursday, September 26th. Finally, Berenberg Bank upgraded shares of Flutter Entertainment to a "strong-buy" rating in a report on Tuesday, August 27th. Thirteen 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 a consensus price target of $275.92.

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.