State of New Jersey Common Pension Fund D Invests $16.83 Million in Flutter Entertainment plc (NYSE:FLUT)

State of New Jersey Common Pension Fund D bought a new stake in shares of Flutter Entertainment plc (NYSE:FLUT - Free Report) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 70,923 shares of the company's stock, valued at approximately $16,829,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Capital World Investors bought a new stake in shares of Flutter Entertainment during the 1st quarter valued at $2,880,796,000. Capital Research Global Investors bought a new stake in Flutter Entertainment during the first quarter valued at about $2,418,032,000. Vanguard Group Inc. purchased a new position in shares of Flutter Entertainment in the first quarter valued at about $1,578,442,000. Capital International Investors purchased a new position in shares of Flutter Entertainment in the first quarter valued at about $507,170,000. Finally, Marathon Asset Management Ltd bought a new position in shares of Flutter Entertainment in the third quarter worth about $451,631,000.

Flutter Entertainment Price Performance

FLUT stock traded up $10.06 during mid-day trading on Friday, reaching $248.04. The company had a trading volume of 2,675,579 shares, compared to its average volume of 1,690,016. The firm has a 50 day moving average of $229.28 and a 200 day moving average of $207.63. 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 issued its 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 during the quarter, compared to analysts' expectations of $3.41 billion. As a group, equities analysts anticipate that Flutter Entertainment plc will post 4.72 EPS for the current year.

Flutter Entertainment declared that its board has approved a stock repurchase program on Wednesday, September 25th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the company to reacquire up to 11.7% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts recently weighed in on FLUT shares. JMP Securities upped their target price on shares of Flutter Entertainment from $255.00 to $287.00 and gave the stock a "market outperform" rating in a research report on Monday, October 14th. Craig Hallum increased their price objective on shares of Flutter Entertainment from $240.00 to $275.00 and gave the company a "buy" rating in a report on Thursday, September 26th. BTIG Research raised their price objective on Flutter Entertainment from $245.00 to $249.00 and gave the company a "buy" rating in a research report on Wednesday, August 14th. Wells Fargo & Company reiterated an "overweight" rating and issued a $295.00 target price on shares of Flutter Entertainment in a research report on Wednesday, October 30th. Finally, Bank of America began coverage on Flutter Entertainment in a research note on Monday, October 14th. They set a "buy" rating and a $300.00 price target for the company. Fourteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $278.23.

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.