Mediolanum International Funds Ltd Makes New $4.19 Million Investment in Flutter Entertainment plc (NYSE:FLUT)

Mediolanum International Funds Ltd purchased a new position in Flutter Entertainment plc (NYSE:FLUT - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 17,603 shares of the company's stock, valued at approximately $4,194,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Hollencrest Capital Management bought a new stake in shares of Flutter Entertainment during the first quarter worth about $28,000. Rothschild Investment LLC bought a new stake in Flutter Entertainment during the 2nd quarter worth approximately $37,000. CWM LLC bought a new stake in Flutter Entertainment during the 2nd quarter worth approximately $40,000. Hilltop National Bank purchased a new stake in shares of Flutter Entertainment in the second quarter worth approximately $101,000. Finally, Financial Perspectives Inc bought a new position in shares of Flutter Entertainment in the first quarter valued at approximately $102,000.

Flutter Entertainment Price Performance

Flutter Entertainment stock traded down $3.24 during trading on Friday, hitting $224.92. The stock had a trading volume of 1,376,520 shares, compared to its average volume of 1,762,117. The stock's 50 day moving average is $224.42 and its two-hundred day moving average is $204.34. Flutter Entertainment plc has a 1 year low of $148.00 and a 1 year high of $252.84.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $2.33 EPS for the quarter, beating analysts' consensus estimates of $1.07 by $1.26. The firm had revenue of $3.61 billion for the quarter, compared to analysts' expectations of $3.41 billion. Sell-side analysts forecast that Flutter Entertainment plc will post 4.75 EPS for the current year.

Flutter Entertainment declared that its Board of Directors has authorized a share repurchase program on Wednesday, September 25th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the company to buy up to 11.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. JMP Securities upped their price target on Flutter Entertainment from $255.00 to $287.00 and gave the stock a "market outperform" rating in a report on Monday, October 14th. Susquehanna upped their target price on shares of Flutter Entertainment from $230.00 to $273.00 and gave the stock a "positive" rating in a research note on Monday, October 7th. Benchmark reiterated a "buy" rating and issued a $265.00 target price on shares of Flutter Entertainment in a report on Monday, October 14th. Berenberg Bank upgraded shares of Flutter Entertainment to a "strong-buy" rating in a report on Tuesday, August 27th. Finally, Wells Fargo & Company raised shares of Flutter Entertainment from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $224.00 to $295.00 in a research report on Monday, October 14th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $275.92.

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.