Citigroup Inc. Lowers Stock Holdings in Flutter Entertainment plc (NYSE:FLUT)

Citigroup Inc. reduced its position in Flutter Entertainment plc (NYSE:FLUT) by 45.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,544,755 shares of the company’s stock after selling 2,144,820 shares during the quarter. Flutter Entertainment accounts for about 0.3% of Citigroup Inc.’s holdings, making the stock its 24th largest holding. Citigroup Inc. owned approximately 1.43% of Flutter Entertainment worth $603,819,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the company. Acadian Asset Management LLC purchased a new position in Flutter Entertainment in the 1st quarter worth $1,272,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Flutter Entertainment in the 1st quarter valued at about $22,498,000. Canada Pension Plan Investment Board purchased a new stake in Flutter Entertainment during the 1st quarter valued at about $45,257,000. Raymond James & Associates grew its position in Flutter Entertainment by 10.0% during the 3rd quarter. Raymond James & Associates now owns 18,348 shares of the company’s stock worth $4,354,000 after acquiring an additional 1,663 shares during the last quarter. Finally, Russell Investments Group Ltd. purchased a new position in Flutter Entertainment in the 1st quarter worth approximately $318,000.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on FLUT shares. Wells Fargo & Company increased their price objective on Flutter Entertainment from $295.00 to $300.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Susquehanna increased their price target on shares of Flutter Entertainment from $273.00 to $286.00 and gave the company a “positive” rating in a research report on Wednesday, November 13th. Craig Hallum increased their price objective on Flutter Entertainment from $275.00 to $350.00 and gave the stock a “buy” rating in a report 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 target price for the company. Finally, UBS Group started coverage on shares of Flutter Entertainment in a research report on Friday, November 8th. They set a “buy” rating and a $306.00 price target on the stock. Fifteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $297.79.

Flutter Entertainment Stock Performance

Flutter Entertainment stock opened at $267.98 on Friday. The stock’s 50 day moving average is $237.62 and its 200 day moving average is $212.08. Flutter Entertainment plc has a twelve month low of $150.65 and a twelve month high of $270.95.

Flutter Entertainment declared that its board has initiated a stock repurchase program 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 shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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.