Geode Capital Management LLC Purchases Shares of 1,846,865 Flutter Entertainment plc (NYSE:FLUT)

Geode Capital Management LLC acquired a new stake in Flutter Entertainment plc (NYSE:FLUT) during the 3rd quarter, Holdings Channel.com reports. The firm acquired 1,846,865 shares of the company’s stock, valued at approximately $436,599,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of FLUT. CWM LLC purchased a new stake in Flutter Entertainment during the 2nd quarter worth about $40,000. Assenagon Asset Management S.A. grew its position in Flutter Entertainment by 3.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 5,760 shares of the company’s stock worth $1,053,000 after purchasing an additional 170 shares during the last quarter. Raymond James & Associates grew its holdings in shares of Flutter Entertainment by 74.2% during the second quarter. Raymond James & Associates now owns 16,685 shares of the company’s stock worth $3,043,000 after buying an additional 7,105 shares during the last quarter. Stableford Capital II LLC purchased a new position in shares of Flutter Entertainment in the 2nd quarter valued at approximately $561,000. Finally, Inlet Private Wealth LLC increased its stake in Flutter Entertainment by 449.2% in the 2nd quarter. Inlet Private Wealth LLC now owns 21,967 shares of the company’s stock valued at $4,006,000 after buying an additional 17,967 shares during the period.

Flutter Entertainment Stock Performance

Shares of FLUT stock opened at $277.51 on Friday. The firm has a fifty day simple moving average of $250.99 and a 200-day simple moving average of $219.56. Flutter Entertainment plc has a twelve month low of $158.43 and a twelve month high of $284.79.

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on FLUT shares. Barclays boosted their target price on Flutter Entertainment from $275.00 to $301.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Benchmark raised their price objective on shares of Flutter Entertainment from $265.00 to $275.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Morgan Stanley initiated coverage on shares of Flutter Entertainment in a research report on Thursday, August 22nd. They issued an “overweight” rating and a $247.00 price objective for the company. Moffett Nathanson upped their target price on Flutter Entertainment from $245.00 to $275.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, Susquehanna upped their price target on shares of Flutter Entertainment from $273.00 to $286.00 and gave the stock a “positive” rating in a research report on Wednesday, November 13th. Sixteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Flutter Entertainment presently has a consensus rating of “Buy” and a consensus price target of $301.53.

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.