Sumitomo Mitsui Trust Group Inc. Invests $79.29 Million in Flutter Entertainment plc (NYSE:FLUT)

Sumitomo Mitsui Trust Group Inc. purchased a new position in shares of Flutter Entertainment plc (NYSE:FLUT) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 334,151 shares of the company’s stock, valued at approximately $79,287,000. Sumitomo Mitsui Trust Group Inc. owned about 0.19% of Flutter Entertainment as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Rothschild Investment LLC acquired a new position in Flutter Entertainment in the 2nd quarter valued at $37,000. CWM LLC acquired a new position in Flutter Entertainment in the 2nd quarter valued at $40,000. US Bancorp DE grew its stake in 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 during the last quarter. Venturi Wealth Management LLC acquired a new position in Flutter Entertainment in the 3rd quarter valued at $82,000. Finally, Hilltop National Bank acquired a new position in Flutter Entertainment in the 2nd quarter valued at $101,000.

Flutter Entertainment Price Performance

Shares of FLUT stock opened at $267.00 on Friday. Flutter Entertainment plc has a 12-month low of $149.00 and a 12-month high of $269.90. The firm has a 50-day moving average price of $231.87 and a 200 day moving average price of $209.07.

Flutter Entertainment (NYSE:FLUT) last announced its quarterly earnings results on Tuesday, August 13th. The company reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $1.26. The firm had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $3.41 billion. On average, research analysts predict that Flutter Entertainment plc will post 4.72 EPS for the current year.

Flutter Entertainment announced that its board has authorized a stock repurchase 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 generally a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of research analysts recently issued reports on FLUT shares. Needham & Company LLC raised their target price on shares of Flutter Entertainment from $270.00 to $300.00 and gave the company a “buy” rating in a research note on Wednesday. UBS Group began coverage on shares of Flutter Entertainment in a report on Friday, November 8th. They issued a “buy” rating and a $306.00 price target for the company. 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 report on Wednesday. Susquehanna raised their price objective on shares of Flutter Entertainment from $273.00 to $286.00 and gave the stock a “positive” rating in a report on Wednesday. Finally, JMP Securities raised their price objective on shares of Flutter Entertainment from $287.00 to $299.00 and gave the stock a “market outperform” rating in a report on Wednesday. Fourteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus 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.