Cantillon Capital Management LLC Has $568.85 Million Stake in Flutter Entertainment plc (NYSE:FLUT)

Cantillon Capital Management LLC increased its stake in shares of Flutter Entertainment plc (NYSE:FLUT) by 3,827.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 2,397,384 shares of the company’s stock after acquiring an additional 2,336,347 shares during the quarter. Flutter Entertainment accounts for 3.5% of Cantillon Capital Management LLC’s portfolio, making the stock its 7th biggest position. Cantillon Capital Management LLC’s holdings in Flutter Entertainment were worth $568,851,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in FLUT. Capital World Investors bought a new stake in shares of Flutter Entertainment during the 1st quarter worth $2,880,796,000. Capital Research Global Investors purchased a new stake in shares of Flutter Entertainment during the first quarter worth $2,418,032,000. Vanguard Group Inc. purchased a new stake in Flutter Entertainment during the 1st quarter worth about $1,578,442,000. Hsbc Holdings PLC increased its holdings in Flutter Entertainment by 10.9% during the 2nd quarter. Hsbc Holdings PLC now owns 6,189,639 shares of the company’s stock worth $1,131,079,000 after acquiring an additional 608,003 shares during the period. Finally, Capital International Investors bought a new position in shares of Flutter Entertainment in the first quarter worth $507,170,000.

Flutter Entertainment Trading Up 0.6 %

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 business’s 50-day moving average is $233.95 and its 200 day moving average is $210.32.

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on FLUT shares. UBS Group began coverage on Flutter Entertainment in a research report on Friday, November 8th. They set a “buy” rating and a $306.00 price target on the stock. JMP Securities upped their price objective on shares of Flutter Entertainment from $287.00 to $299.00 and gave the company a “market outperform” rating in a research note on Wednesday, November 13th. Needham & Company LLC raised their price target on Flutter Entertainment from $270.00 to $300.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Oppenheimer upped their target price on Flutter Entertainment from $300.00 to $305.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Finally, Berenberg Bank raised shares of Flutter Entertainment to a “strong-buy” rating in a research report on Tuesday, August 27th. Fourteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $296.08.

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.