Sumitomo Mitsui DS Asset Management Company Ltd Purchases Shares of 16,384 Flutter Entertainment plc (NYSE:FLUT)

Sumitomo Mitsui DS Asset Management Company Ltd acquired a new position in shares of Flutter Entertainment plc (NYSE:FLUT) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 16,384 shares of the company’s stock, valued at approximately $3,888,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in FLUT. Hollencrest Capital Management acquired a new position in Flutter Entertainment during the 1st quarter valued at about $28,000. Rothschild Investment LLC acquired a new stake in Flutter Entertainment in the second quarter worth approximately $37,000. CWM LLC bought a new position in Flutter Entertainment during the 2nd quarter valued at $40,000. Hilltop National Bank acquired a new position in shares of Flutter Entertainment during the 2nd quarter valued at $101,000. Finally, Financial Perspectives Inc bought a new stake in shares of Flutter Entertainment in the 1st quarter worth $102,000.

Flutter Entertainment Stock Performance

Shares of NYSE FLUT opened at $232.33 on Monday. Flutter Entertainment plc has a one year low of $148.00 and a one year high of $252.84. The business has a 50-day moving average price of $221.60 and a two-hundred day moving average price of $203.32.

Flutter Entertainment (NYSE:FLUT) last posted its quarterly earnings results on Tuesday, August 13th. The company reported $2.33 EPS for the quarter, topping the consensus estimate of $1.07 by $1.26. The company had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.41 billion. As a group, analysts anticipate that Flutter Entertainment plc will post 4.75 earnings per share for the current year.

Flutter Entertainment declared that its board has authorized a share buyback program 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 programs are typically a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on FLUT shares. Craig Hallum raised their target price on Flutter Entertainment from $240.00 to $275.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Benchmark reaffirmed a “buy” rating and issued a $265.00 price objective on shares of Flutter Entertainment in a research note on Monday, October 14th. Berenberg Bank raised shares of Flutter Entertainment to a “strong-buy” rating in a research note on Tuesday, August 27th. Morgan Stanley began coverage on shares of Flutter Entertainment in a research report on Thursday, August 22nd. They issued an “overweight” rating and a $247.00 price target on the stock. Finally, Bank of America initiated coverage on Flutter Entertainment in a research report on Monday, October 14th. They set a “buy” rating and a $300.00 price objective for the company. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $275.92.

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.