Employees Retirement System of Texas Has $66.55 Million Stake in Flutter Entertainment PLC $FLUT

Employees Retirement System of Texas lifted its position in Flutter Entertainment PLC (NYSE:FLUT) by 26.8% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 262,000 shares of the company’s stock after buying an additional 55,313 shares during the quarter. Employees Retirement System of Texas owned about 0.15% of Flutter Entertainment worth $66,548,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. JFS Wealth Advisors LLC acquired a new stake in Flutter Entertainment in the third quarter valued at approximately $27,000. JCIC Asset Management Inc. acquired a new position in shares of Flutter Entertainment during the 3rd quarter worth $32,000. Atlantic Union Bankshares Corp bought a new position in shares of Flutter Entertainment during the 3rd quarter valued at $34,000. ORG Partners LLC raised its holdings in shares of Flutter Entertainment by 43.0% during the 3rd quarter. ORG Partners LLC now owns 143 shares of the company’s stock valued at $36,000 after purchasing an additional 43 shares in the last quarter. Finally, Allworth Financial LP lifted its stake in shares of Flutter Entertainment by 116.4% in the 2nd quarter. Allworth Financial LP now owns 145 shares of the company’s stock valued at $41,000 after purchasing an additional 78 shares during the last quarter.

Flutter Entertainment Stock Down 3.6%

Flutter Entertainment stock opened at $105.64 on Friday. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.95 and a quick ratio of 0.95. Flutter Entertainment PLC has a fifty-two week low of $99.96 and a fifty-two week high of $313.68. The firm has a fifty day moving average price of $154.69 and a two-hundred day moving average price of $212.34. The firm has a market cap of $18.52 billion, a price-to-earnings ratio of -58.69, a P/E/G ratio of 0.75 and a beta of 2.30.

Flutter Entertainment (NYSE:FLUT) last issued its quarterly earnings results on Thursday, February 26th. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.37). Flutter Entertainment had a negative net margin of 1.89% and a positive return on equity of 12.12%. The business had revenue of $4.74 billion during the quarter, compared to analyst estimates of $4.87 billion. During the same period in the prior year, the business posted $2.94 earnings per share. The company’s revenue for the quarter was up 24.9% compared to the same quarter last year. As a group, analysts forecast that Flutter Entertainment PLC will post 4.17 earnings per share for the current year.

Flutter Entertainment declared that its Board of Directors has approved a share repurchase program on Wednesday, March 11th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

FLUT has been the subject of a number of recent research reports. Susquehanna reiterated a “positive” rating and issued a $228.00 price objective on shares of Flutter Entertainment in a report on Tuesday, January 27th. Bank of America cut their target price on Flutter Entertainment from $250.00 to $210.00 and set a “neutral” rating on the stock in a report on Thursday, January 22nd. Canaccord Genuity Group decreased their price target on Flutter Entertainment from $270.00 to $220.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. Sanford C. Bernstein reissued a “market perform” rating and set a $170.00 price objective on shares of Flutter Entertainment in a report on Friday, February 6th. Finally, BTIG Research cut their price objective on Flutter Entertainment from $230.00 to $180.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Flutter Entertainment presently has an average rating of “Moderate Buy” and a consensus target price of $234.65.

Flutter Entertainment Company Profile

Flutter Entertainment plc is a global sports betting and gaming company that operates a portfolio of consumer-facing brands and digital platforms. The company’s primary activities include online sports betting, casino gaming, poker, and daily fantasy sports, delivered through web and mobile applications as well as retail betting locations in select markets. Flutter focuses on product development, customer acquisition and engagement, and compliance with local gambling regulations across the jurisdictions where it operates.

Flutter’s brand portfolio includes well-known names in different regional markets, such as FanDuel in the United States, PokerStars, Betfair, Paddy Power and Sky Betting & Gaming in Europe and elsewhere.