Zurich Insurance Group Ltd FI Decreases Stock Position in Flutter Entertainment plc (NYSE:FLUT)

Zurich Insurance Group Ltd FI reduced its position in Flutter Entertainment plc (NYSE:FLUT - Free Report) by 32.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,024 shares of the company's stock after selling 13,124 shares during the quarter. Zurich Insurance Group Ltd FI's holdings in Flutter Entertainment were worth $6,365,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Rothschild Investment LLC bought a new position in Flutter Entertainment in the 2nd quarter worth approximately $37,000. CWM LLC purchased a new stake in shares of Flutter Entertainment during the second quarter worth $40,000. US Bancorp DE boosted its holdings in shares of Flutter Entertainment by 71.7% in the third quarter. US Bancorp DE now owns 237 shares of the company's stock worth $56,000 after acquiring an additional 99 shares during the period. Venturi Wealth Management LLC purchased a new position in shares of Flutter Entertainment in the third quarter valued at $82,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Flutter Entertainment during the 3rd quarter valued at $190,000.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Morgan Stanley started coverage on Flutter Entertainment in a research note on Thursday, August 22nd. They issued an "overweight" rating and a $247.00 target price for the company. JMP Securities boosted their price objective on shares of Flutter Entertainment from $287.00 to $299.00 and gave the company a "market outperform" rating in a research note on Wednesday, November 13th. Berenberg Bank raised shares of Flutter Entertainment to a "strong-buy" rating in a report on Tuesday, August 27th. UBS Group raised their price target on shares of Flutter Entertainment from $308.00 to $320.00 and gave the company a "buy" rating in a report on Tuesday, November 26th. Finally, Wells Fargo & Company upped their price target on shares of Flutter Entertainment from $295.00 to $300.00 and gave the stock an "overweight" rating in a report on Wednesday, November 13th. Fifteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $298.79.

Flutter Entertainment Trading Up 0.3 %

FLUT stock traded up $0.77 during mid-day trading on Friday, hitting $280.38. 1,536,073 shares of the stock were exchanged, compared to its average volume of 1,788,407. The business has a fifty day moving average price of $247.70 and a 200 day moving average price of $217.72. Flutter Entertainment plc has a 12 month low of $158.43 and a 12 month high of $284.79.

Flutter Entertainment declared that its board has approved a stock repurchase program on Wednesday, September 25th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 11.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

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.