Swiss National Bank Lowers Stock Holdings in Flutter Entertainment plc (NYSE:FLUT)

Swiss National Bank trimmed its position in shares of Flutter Entertainment plc (NYSE:FLUT) by 13.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 527,682 shares of the company’s stock after selling 85,468 shares during the quarter. Swiss National Bank’s holdings in Flutter Entertainment were worth $125,208,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Capital World Investors acquired a new stake in Flutter Entertainment in the 1st quarter valued at about $2,880,796,000. Capital Research Global Investors acquired a new stake in Flutter Entertainment in the 1st quarter valued at about $2,418,032,000. Vanguard Group Inc. acquired a new stake in Flutter Entertainment in the 1st quarter valued at about $1,578,442,000. Hsbc Holdings PLC raised its position in Flutter Entertainment by 10.9% in the 2nd quarter. Hsbc Holdings PLC now owns 6,189,639 shares of the company’s stock valued at $1,131,079,000 after purchasing an additional 608,003 shares in the last quarter. Finally, Capital International Investors acquired a new stake in shares of Flutter Entertainment during the 1st quarter worth about $507,170,000.

Flutter Entertainment Price Performance

FLUT stock opened at $267.05 on Tuesday. Flutter Entertainment plc has a 12-month low of $150.65 and a 12-month high of $269.90. The stock has a 50-day moving average price of $233.95 and a two-hundred day moving average price of $210.32.

Flutter Entertainment announced that its Board of Directors has authorized a stock buyback program on Wednesday, September 25th that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the company to buy up to 11.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FLUT. Bank of America began coverage on Flutter Entertainment in a research report on Monday, October 14th. They set a “buy” rating and a $300.00 target price on the stock. Berenberg Bank raised Flutter Entertainment to a “strong-buy” rating in a research report on Tuesday, August 27th. Moffett Nathanson raised their target price on Flutter Entertainment from $245.00 to $275.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Susquehanna lifted their price target on Flutter Entertainment from $273.00 to $286.00 and gave the stock a “positive” rating in a research report on Wednesday, November 13th. Finally, Barclays lifted their price target on Flutter Entertainment from $275.00 to $301.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Fourteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $296.08.

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.