Benson Investment Management Company Inc. Takes $5.12 Million Position in Flutter Entertainment plc (NYSE:FLUT)

Benson Investment Management Company Inc. bought a new position in Flutter Entertainment plc (NYSE:FLUT) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 19,793 shares of the company’s stock, valued at approximately $5,116,000. Flutter Entertainment makes up 2.1% of Benson Investment Management Company Inc.’s holdings, making the stock its 25th largest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. US Bancorp DE raised its holdings in shares of Flutter Entertainment by 71.7% during the 3rd quarter. US Bancorp DE now owns 237 shares of the company’s stock worth $56,000 after acquiring an additional 99 shares in the last quarter. Bleakley Financial Group LLC raised its stake in Flutter Entertainment by 4.6% during the third quarter. Bleakley Financial Group LLC now owns 3,105 shares of the company’s stock valued at $737,000 after purchasing an additional 136 shares in the last quarter. Hohimer Wealth Management LLC lifted its position in Flutter Entertainment by 3.4% during the third quarter. Hohimer Wealth Management LLC now owns 5,506 shares of the company’s stock valued at $1,306,000 after purchasing an additional 181 shares during the last quarter. M&T Bank Corp lifted its position in Flutter Entertainment by 11.3% during the third quarter. M&T Bank Corp now owns 1,995 shares of the company’s stock valued at $469,000 after purchasing an additional 203 shares during the last quarter. Finally, Venturi Wealth Management LLC purchased a new position in shares of Flutter Entertainment in the 3rd quarter worth $82,000.

Flutter Entertainment Stock Up 1.1 %

NYSE:FLUT opened at $256.79 on Tuesday. Flutter Entertainment plc has a 1-year low of $163.00 and a 1-year high of $284.79. The company has a 50-day moving average of $264.16 and a 200 day moving average of $231.45.

Flutter Entertainment declared that its board has initiated a share buyback plan on Wednesday, September 25th that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 11.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FLUT. Needham & Company LLC restated a “buy” rating and set a $300.00 price objective on shares of Flutter Entertainment in a research report on Wednesday, January 8th. BTIG Research increased their price target on Flutter Entertainment from $249.00 to $305.00 and gave the company a “buy” rating in a report on Monday, November 11th. Oppenheimer lifted their price objective on shares of Flutter Entertainment from $300.00 to $305.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Benchmark increased their target price on shares of Flutter Entertainment from $265.00 to $275.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, Wells Fargo & Company dropped their price target on shares of Flutter Entertainment from $300.00 to $285.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Sixteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $303.40.

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.