Citigroup Inc. Decreases Stock Position in Flutter Entertainment plc (NYSE:FLUT)

Citigroup Inc. trimmed its holdings in shares of Flutter Entertainment plc (NYSE:FLUT) by 45.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,544,755 shares of the company’s stock after selling 2,144,820 shares during the quarter. Flutter Entertainment accounts for approximately 0.3% of Citigroup Inc.’s investment portfolio, making the stock its 24th biggest position. Citigroup Inc.’s holdings in Flutter Entertainment were worth $603,819,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Russell Investments Group Ltd. purchased a new stake in shares of Flutter Entertainment during the 1st quarter valued at about $318,000. Mitsubishi UFJ Trust & Banking Corp purchased a new position in shares of Flutter Entertainment in the 1st quarter worth $130,000. Acadian Asset Management LLC purchased a new stake in Flutter Entertainment during the first quarter valued at $1,272,000. Axxcess Wealth Management LLC bought a new position in Flutter Entertainment in the first quarter valued at about $363,000. Finally, Canada Pension Plan Investment Board purchased a new position in Flutter Entertainment in the first quarter worth about $45,257,000.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on FLUT shares. Needham & Company LLC raised their price objective on shares of Flutter Entertainment from $270.00 to $300.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Craig Hallum lifted their price target on shares of Flutter Entertainment from $275.00 to $350.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. UBS Group assumed coverage on Flutter Entertainment in a research note on Friday, November 8th. They issued a “buy” rating and a $306.00 price objective for the company. Wells Fargo & Company lifted their target price on Flutter Entertainment from $295.00 to $300.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, Morgan Stanley began coverage on Flutter Entertainment in a research report on Thursday, August 22nd. They issued an “overweight” rating and a $247.00 price target for the company. Fifteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $297.79.

Flutter Entertainment Stock Performance

FLUT stock opened at $267.98 on Friday. Flutter Entertainment plc has a 1-year low of $150.65 and a 1-year high of $270.95. The business has a 50 day simple moving average of $237.62 and a two-hundred day simple moving average of $212.08.

Flutter Entertainment declared that its board has approved a stock repurchase plan on Wednesday, September 25th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 11.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Flutter Entertainment 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.