Brown Capital Management LLC Increases Stake in Flutter Entertainment plc (NYSE:FLUT)

Brown Capital Management LLC raised its stake in Flutter Entertainment plc (NYSE:FLUT) by 0.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 269,783 shares of the company’s stock after purchasing an additional 792 shares during the quarter. Flutter Entertainment accounts for 1.4% of Brown Capital Management LLC’s portfolio, making the stock its 26th biggest position. Brown Capital Management LLC’s holdings in Flutter Entertainment were worth $64,014,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in the stock. US Bancorp DE increased its stake in shares of Flutter Entertainment by 71.7% in the third quarter. US Bancorp DE now owns 237 shares of the company’s stock worth $56,000 after buying an additional 99 shares during the period. Bleakley Financial Group LLC grew its holdings in Flutter Entertainment by 4.6% in the 3rd quarter. Bleakley Financial Group LLC now owns 3,105 shares of the company’s stock worth $737,000 after acquiring an additional 136 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Flutter Entertainment by 3.0% in the second quarter. Assenagon Asset Management S.A. now owns 5,760 shares of the company’s stock valued at $1,053,000 after acquiring an additional 170 shares during the period. Rothschild Investment LLC bought a new position in shares of Flutter Entertainment during the second quarter valued at about $37,000. Finally, CWM LLC purchased a new stake in shares of Flutter Entertainment during the second quarter worth about $40,000.

Flutter Entertainment Price Performance

NYSE:FLUT opened at $263.37 on Thursday. Flutter Entertainment plc has a one year low of $150.65 and a one year high of $269.90. The company’s 50-day simple moving average is $236.65 and its 200 day simple moving average is $211.69.

Flutter Entertainment announced that its Board of Directors has approved a share repurchase 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 generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Craig Hallum boosted their price target on Flutter Entertainment from $275.00 to $350.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Bank of America began coverage on Flutter Entertainment in a research note on Monday, October 14th. They set a “buy” rating and a $300.00 target price on the stock. JMP Securities raised their price target on Flutter Entertainment from $287.00 to $299.00 and gave the stock a “market outperform” rating in a research note on Wednesday, November 13th. Moffett Nathanson lifted their price target on shares of Flutter Entertainment from $245.00 to $275.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Finally, Berenberg Bank upgraded shares of Flutter Entertainment to a “strong-buy” rating in a report on Tuesday, August 27th. Fourteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Flutter Entertainment has a consensus rating of “Buy” and a consensus price target of $296.08.

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.