State Board of Administration of Florida Retirement System Grows Position in Flutter Entertainment PLC $FLUT

State Board of Administration of Florida Retirement System lifted its stake in shares of Flutter Entertainment PLC (NYSE:FLUT) by 1,257.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 136,247 shares of the company’s stock after buying an additional 126,207 shares during the period. State Board of Administration of Florida Retirement System owned approximately 0.08% of Flutter Entertainment worth $38,934,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in FLUT. Elevation Point Wealth Partners LLC acquired a new stake in Flutter Entertainment during the 2nd quarter valued at approximately $42,000. Vinva Investment Management Ltd purchased a new position in shares of Flutter Entertainment during the second quarter worth $456,000. Employees Retirement System of Texas purchased a new position in shares of Flutter Entertainment during the second quarter worth $59,063,000. Russell Investments Group Ltd. boosted its holdings in Flutter Entertainment by 51.2% in the second quarter. Russell Investments Group Ltd. now owns 25,393 shares of the company’s stock valued at $7,255,000 after purchasing an additional 8,594 shares during the last quarter. Finally, Columbus Hill Capital Management L.P. boosted its holdings in Flutter Entertainment by 292.0% in the second quarter. Columbus Hill Capital Management L.P. now owns 29,178 shares of the company’s stock valued at $8,338,000 after purchasing an additional 21,734 shares during the last quarter.

Flutter Entertainment Price Performance

Flutter Entertainment stock opened at $208.00 on Friday. The stock has a market capitalization of $36.46 billion, a P/E ratio of 102.46 and a beta of 1.84. The company’s fifty day moving average price is $235.52 and its 200 day moving average price is $264.97. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.95 and a current ratio of 0.95. Flutter Entertainment PLC has a 1 year low of $189.33 and a 1 year high of $313.68.

Flutter Entertainment announced that its board has approved a share repurchase program on Friday, August 8th that authorizes the company to buyback $245.00 million in shares. This buyback authorization authorizes the company to reacquire up to 0.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FLUT. Peel Hunt cut Flutter Entertainment from an “add” rating to a “hold” rating in a report on Friday, August 8th. UBS Group reduced their price target on Flutter Entertainment from $340.00 to $320.00 and set a “buy” rating for the company in a research report on Friday. Macquarie boosted their price target on Flutter Entertainment from $320.00 to $340.00 and gave the company an “outperform” rating in a report on Friday, August 8th. Oppenheimer lowered their price objective on Flutter Entertainment from $350.00 to $330.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 14th. Finally, JMP Securities dropped their price objective on shares of Flutter Entertainment from $345.00 to $340.00 and set a “market outperform” rating on the stock in a research note on Wednesday, October 1st. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Flutter Entertainment presently has a consensus rating of “Moderate Buy” and an average target price of $310.84.

Flutter Entertainment Company 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.