State of New Jersey Common Pension Fund D Acquires Shares of 70,923 Flutter Entertainment plc (NYSE:FLUT)

State of New Jersey Common Pension Fund D acquired a new stake in Flutter Entertainment plc (NYSE:FLUT) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 70,923 shares of the company’s stock, valued at approximately $16,829,000.

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

Wall Street Analysts Forecast Growth

Several equities analysts have commented on FLUT shares. Barclays upped their price target on Flutter Entertainment from $263.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, September 26th. Berenberg Bank raised Flutter Entertainment to a “strong-buy” rating in a research note on Tuesday, August 27th. Needham & Company LLC initiated coverage on shares of Flutter Entertainment in a report on Monday, September 23rd. They issued a “buy” rating and a $270.00 target price on the stock. Benchmark reaffirmed a “buy” rating and set a $265.00 price target on shares of Flutter Entertainment in a research report on Monday, October 14th. Finally, BTIG Research raised their target price on shares of Flutter Entertainment from $245.00 to $249.00 and gave the stock a “buy” rating in a report on Wednesday, August 14th. Fourteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $278.23.

Flutter Entertainment Stock Performance

Shares of Flutter Entertainment stock traded up $10.06 on Friday, hitting $248.04. 2,675,579 shares of the company traded hands, compared to its average volume of 1,690,016. Flutter Entertainment plc has a 12-month low of $148.00 and a 12-month high of $252.84. The firm’s 50-day simple moving average is $229.28 and its 200 day simple moving average is $207.63.

Flutter Entertainment (NYSE:FLUT) last released its earnings results 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 the consensus estimate of $3.41 billion. On average, equities research analysts expect that Flutter Entertainment plc will post 4.72 earnings per share for the current fiscal year.

Flutter Entertainment announced that its Board of Directors has authorized a stock buyback plan on Wednesday, September 25th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the company to reacquire up to 11.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Flutter Entertainment 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.