Raymond James & Associates Grows Stake in Flutter Entertainment plc (NYSE:FLUT)

Raymond James & Associates grew its position in Flutter Entertainment plc (NYSE:FLUT) by 10.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,348 shares of the company’s stock after purchasing an additional 1,663 shares during the quarter. Raymond James & Associates’ holdings in Flutter Entertainment were worth $4,354,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of FLUT. Rothschild Investment LLC purchased a new position in Flutter Entertainment in the second quarter worth $37,000. CWM LLC purchased a new position in Flutter Entertainment in the second quarter worth $40,000. Hilltop National Bank acquired a new stake in shares of Flutter Entertainment during the second quarter worth $101,000. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in shares of Flutter Entertainment during the first quarter worth $130,000. Finally, Benjamin F. Edwards & Company Inc. lifted its stake in shares of Flutter Entertainment by 93.4% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,077 shares of the company’s stock worth $197,000 after buying an additional 520 shares during the period.

Wall Street Analyst Weigh In

Several research firms have recently commented on FLUT. Wells Fargo & Company reiterated an “overweight” rating and set a $295.00 price objective on shares of Flutter Entertainment in a research note on Wednesday. BTIG Research lifted their price objective on shares of Flutter Entertainment from $245.00 to $249.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Berenberg Bank upgraded shares of Flutter Entertainment to a “strong-buy” rating in a research note on Tuesday, August 27th. Bank of America began coverage on shares of Flutter Entertainment in a research note on Monday, October 14th. They set a “buy” rating and a $300.00 price objective for the company. Finally, Craig Hallum lifted their price objective on shares of Flutter Entertainment from $240.00 to $275.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Thirteen 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 company currently has a consensus rating of “Buy” and a consensus price target of $275.92.

Flutter Entertainment Stock Performance

NYSE FLUT opened at $231.16 on Friday. The company has a fifty day moving average of $226.63 and a 200 day moving average of $205.83. Flutter Entertainment plc has a 1 year low of $148.00 and a 1 year high of $252.84.

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

Flutter Entertainment declared that its Board of Directors has authorized a share repurchase program on Wednesday, September 25th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the company to buy up to 11.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

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.