Massachusetts Financial Services Co. MA Buys New Holdings in Flutter Entertainment plc (NYSE:FLUT)

Massachusetts Financial Services Co. MA acquired a new stake in Flutter Entertainment plc (NYSE:FLUT) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,580,047 shares of the company’s stock, valued at approximately $849,474,000.

Other hedge funds also recently made changes to their positions in the company. Rothschild Investment LLC acquired a new stake in Flutter Entertainment during the second quarter worth approximately $37,000. CWM LLC acquired a new stake in Flutter Entertainment during the 2nd quarter worth approximately $40,000. US Bancorp DE boosted its stake in Flutter Entertainment by 71.7% in the 3rd quarter. US Bancorp DE now owns 237 shares of the company’s stock valued at $56,000 after purchasing an additional 99 shares during the period. Venturi Wealth Management LLC acquired a new position in Flutter Entertainment in the 3rd quarter valued at $82,000. Finally, Hilltop National Bank acquired a new stake in shares of Flutter Entertainment during the second quarter worth $101,000.

Flutter Entertainment Stock Performance

Shares of Flutter Entertainment stock opened at $267.98 on Friday. The company’s 50 day moving average price is $236.65 and its two-hundred day moving average price is $211.69. Flutter Entertainment plc has a fifty-two week low of $150.65 and a fifty-two week high of $270.95.

Flutter Entertainment announced that its board has authorized a share buyback program 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 shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Morgan Stanley started coverage on shares of Flutter Entertainment in a research report on Thursday, August 22nd. They set an “overweight” rating and a $247.00 price target on the stock. Craig Hallum lifted their price target on shares of Flutter Entertainment from $275.00 to $350.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Moffett Nathanson increased their price target on Flutter Entertainment from $245.00 to $275.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. BTIG Research upped their target price on Flutter Entertainment from $249.00 to $305.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Finally, Wells Fargo & Company raised their price target on Flutter Entertainment from $295.00 to $300.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Fourteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $296.08.

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.