Sumitomo Mitsui Trust Group Inc. Makes New $79.29 Million Investment in Flutter Entertainment plc (NYSE:FLUT)

Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of Flutter Entertainment plc (NYSE:FLUT - Free Report) in the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 334,151 shares of the company's stock, valued at approximately $79,287,000. Sumitomo Mitsui Trust Group Inc. owned approximately 0.19% of Flutter Entertainment at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FLUT. Capital World Investors purchased a new stake in Flutter Entertainment in the first quarter valued at $2,880,796,000. Capital Research Global Investors acquired a new position in Flutter Entertainment in the first quarter valued at approximately $2,418,032,000. Vanguard Group Inc. acquired a new position in Flutter Entertainment in the first quarter valued at $1,578,442,000. Capital International Investors purchased a new position in Flutter Entertainment during the 1st quarter worth approximately $507,170,000. Finally, Marathon Asset Management Ltd purchased a new stake in Flutter Entertainment in the 3rd quarter valued at $451,631,000.

Flutter Entertainment Stock Performance

Shares of FLUT stock traded down $1.56 during mid-day trading on Friday, reaching $265.44. The company's stock had a trading volume of 2,583,089 shares, compared to its average volume of 1,138,311. The company's 50 day simple moving average is $232.91 and its 200-day simple moving average is $209.47. Flutter Entertainment plc has a 12-month low of $149.00 and a 12-month high of $269.90.

Flutter Entertainment (NYSE:FLUT - Get Free Report) last announced its earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.07 by $1.26. The business had revenue of $3.61 billion for the quarter, compared to analysts' expectations of $3.41 billion. As a group, equities research analysts anticipate that Flutter Entertainment plc will post 4.65 EPS for the current year.

Flutter Entertainment announced that its board has initiated a stock repurchase 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 stock is undervalued.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on FLUT shares. Susquehanna boosted their price target on shares of Flutter Entertainment from $273.00 to $286.00 and gave the stock a "positive" rating in a research note on Wednesday. Morgan Stanley started coverage on shares of Flutter Entertainment in a report on Thursday, August 22nd. They issued an "overweight" rating and a $247.00 target price on the stock. JMP Securities boosted their price target on Flutter Entertainment from $287.00 to $299.00 and gave the company a "market outperform" rating in a report on Wednesday. Moffett Nathanson lifted their price objective on Flutter Entertainment from $245.00 to $275.00 and gave the company a "buy" rating in a research report on Thursday, September 26th. Finally, Benchmark increased their target price on Flutter Entertainment from $265.00 to $275.00 and gave the stock a "buy" rating in a research report on Wednesday. Fourteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $296.08.

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.