Assetmark Inc. Sells 249 Shares of Flutter Entertainment plc (NYSE:FLUT)

Assetmark Inc. lowered its position in shares of Flutter Entertainment plc (NYSE:FLUT) by 1.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,677 shares of the company’s stock after selling 249 shares during the quarter. Assetmark Inc.’s holdings in Flutter Entertainment were worth $3,245,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Rothschild Investment LLC bought a new stake in Flutter Entertainment during the second quarter worth $37,000. CWM LLC bought a new stake in shares of Flutter Entertainment during the 2nd quarter worth $40,000. US Bancorp DE boosted its holdings in shares of Flutter Entertainment by 71.7% in the 3rd quarter. US Bancorp DE now owns 237 shares of the company’s stock worth $56,000 after buying an additional 99 shares during the last quarter. Hilltop National Bank bought a new position in Flutter Entertainment during the second quarter valued at about $101,000. Finally, Mitsubishi UFJ Trust & Banking Corp purchased a new stake in Flutter Entertainment during the first quarter worth about $130,000.

Flutter Entertainment Trading Down 1.1 %

Shares of FLUT opened at $248.30 on Wednesday. Flutter Entertainment plc has a 12-month low of $148.30 and a 12-month high of $252.84. The stock has a 50-day moving average price of $230.06 and a 200-day moving average price of $208.23.

Flutter Entertainment (NYSE:FLUT) last released its quarterly earnings results on Tuesday, August 13th. The company reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $1.26. The company had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $3.41 billion. As a group, research analysts expect that Flutter Entertainment plc will post 4.72 earnings per share for the current year.

Flutter Entertainment declared that its board has approved a share buyback plan on Wednesday, September 25th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 11.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FLUT. JMP Securities boosted their target price on shares of Flutter Entertainment from $255.00 to $287.00 and gave the company a “market outperform” rating in a research note on Monday, October 14th. Berenberg Bank upgraded Flutter Entertainment to a “strong-buy” rating in a research note on Tuesday, August 27th. BTIG Research raised their target price on Flutter Entertainment from $249.00 to $305.00 and gave the stock a “buy” rating in a research report on Monday. Morgan Stanley started coverage on Flutter Entertainment in a research report on Thursday, August 22nd. They set an “overweight” rating and a $247.00 price target on the stock. Finally, UBS Group started coverage on Flutter Entertainment in a report on Friday, November 8th. They issued a “buy” rating and a $306.00 price objective for the company. Fourteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $282.54.

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.