Stifel Nicolaus Lowers Price Target for Flutter Entertainment to $339

Flutter Entertainment, listed on the New York Stock Exchange under the ticker symbol FLUT, has seen its price target revised downwards by Stifel Nicolaus, dropping from $356.00 to $339.00. This adjustment was detailed in a report published on Monday morning, where Stifel Nicolaus maintained a buy rating for the stock.

Other financial institutions have also recently updated their outlooks on Flutter Entertainment. Truist Financial reduced its price objective from $350.00 to $335.00 while affirming a buy rating in a report released on October 21, 2023. Meanwhile, Jefferies Financial Group initiated coverage on Flutter Entertainment on July 8, 2023, assigning a buy rating along with a price target of $380.00.

In earlier assessments, Needham & Company LLC increased its price target from $340.00 to $355.00 and also gave a buy rating in a report dated August 8, 2023. Barclays made a similar move, slightly raising their price target from $350.00 to $352.00 with an overweight rating. Conversely, Sanford C. Bernstein lowered its price target from $340.00 to $330.00 while assigning a market perform rating on October 15, 2023.

According to MarketBeat, Flutter Entertainment currently holds an average rating of Moderate Buy, with a consensus target price set at $335.11. The company has received one Strong Buy rating, nineteen Buy ratings, and five Hold ratings from analysts.

Recent Financial Performance

Flutter Entertainment released its quarterly earnings report on August 7, 2023, revealing earnings per share of $2.95, exceeding analysts’ expectations of $2.08 by $0.87. The company’s revenue for the quarter stood at $4.19 billion, significantly higher than the anticipated $3.06 billion.

The net margin for Flutter Entertainment was recorded at 2.96%, with a return on equity of 12.15%. The revenue marked a year-over-year increase of 16.0%. Flutter has set its earnings per share guidance for the fiscal year 2025 at $4.17.

On August 8, 2023, the board approved a share repurchase program allowing the company to buy back $245.00 million in shares. This program enables Flutter to reacquire up to 0.5% of its shares through open market purchases, often a sign that the board believes the stock is undervalued.

Insider Transactions and Institutional Trading

In insider trading activities, Daniel Mark Taylor, an insider at Flutter, sold 15,283 shares on August 11, 2023 at an average price of $284.80, amounting to a total of approximately $4.35 million. Post-sale, Taylor held 16,589 shares valued at around $4.72 million, reflecting a 47.95% decrease in his position. The transaction was disclosed in a filing with the Securities and Exchange Commission.

Additionally, CEO Jeremy Peter Jackson sold 2,112 shares on August 19, 2023 at an average price of $292.42, totaling approximately $617,591.04. Following this sale, Jackson retained 31,944 shares valued at about $9.34 million, a decrease of 6.20% in his holdings. Over the last quarter, insiders have sold a combined total of 23,396 shares worth $6.76 million, with insiders currently holding 0.09% of the company’s stock.

Institutional investors have also been active in trading shares of Flutter. Verdence Capital Advisors LLC increased its holdings by 3.2% in the third quarter, now owning 2,305 shares valued at $564,000. Allstate Corp entered a new position valued at $1.72 million, while Wealth Enhancement Advisory Services LLC raised its stake by 3.5%, owning 2,287 shares worth $544,000.

Other notable transactions include JCIC Asset Management Inc. acquiring a new position worth $32,000, and Amalgamated Bank increasing its holdings by 5.2%, now owning 14,074 shares valued at $3.58 million.

Flutter Entertainment, a prominent player in the sports betting and gaming sector, operates across several markets, including the United Kingdom, Ireland, Australia, the United States, Italy, and more. The company provides various services, including sports betting, iGaming, daily fantasy sports, and online racing wagering.

As analysts continue to adjust their ratings and price targets, the performance of Flutter Entertainment remains a focal point for investors and market participants alike.