Zurich Insurance Group Ltd FI Decreases Position in Flutter Entertainment plc (NYSE:FLUT)

Zurich Insurance Group Ltd FI lowered its position in Flutter Entertainment plc (NYSE:FLUT) by 32.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,024 shares of the company’s stock after selling 13,124 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in Flutter Entertainment were worth $6,365,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Raymond James & Associates lifted its stake in Flutter Entertainment by 10.0% in the 3rd quarter. Raymond James & Associates now owns 18,348 shares of the company’s stock valued at $4,354,000 after buying an additional 1,663 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd purchased a new stake in shares of Flutter Entertainment in the third quarter valued at $3,888,000. GSA Capital Partners LLP boosted its stake in shares of Flutter Entertainment by 48.3% during the third quarter. GSA Capital Partners LLP now owns 12,034 shares of the company’s stock valued at $2,855,000 after acquiring an additional 3,922 shares during the last quarter. Ovata Capital Management Ltd purchased a new stake in Flutter Entertainment during the 2nd quarter worth about $2,413,000. Finally, Hiddenite Capital Partners LP acquired a new position in Flutter Entertainment in the 3rd quarter valued at about $4,983,000.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Benchmark raised their price target 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. Berenberg Bank raised shares of Flutter Entertainment to a “strong-buy” rating in a research note on Tuesday, August 27th. Susquehanna boosted their price target on Flutter Entertainment from $273.00 to $286.00 and gave the company a “positive” rating in a report on Wednesday, November 13th. UBS Group raised their price objective on Flutter Entertainment from $308.00 to $320.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Finally, Needham & Company LLC upped their target price on Flutter Entertainment from $270.00 to $300.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Fifteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $298.79.

Flutter Entertainment Stock Performance

NYSE:FLUT opened at $280.38 on Friday. The firm’s fifty day simple moving average is $247.70 and its 200 day simple moving average is $217.64. 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 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 buy up to 11.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

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.