Flutter Entertainment (NYSE:FLUT) to Repurchase $5.00 billion in Shares

Flutter Entertainment (NYSE:FLUT) declared that its Board of Directors has initiated a share repurchase plan on Wednesday, September 25th, RTT News reports. The company plans to buyback $5.00 billion in outstanding shares. This buyback authorization allows the company to buy up to 11.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Flutter Entertainment Stock Performance

Shares of Flutter Entertainment stock opened at $238.33 on Friday. The business has a 50-day moving average of $208.64 and a 200 day moving average of $200.99. Flutter Entertainment has a 12 month low of $148.00 and a 12 month high of $252.84.

Flutter Entertainment (NYSE:FLUT) last announced its earnings results on Tuesday, August 13th. The company reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $1.07 by $1.26. The firm had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $3.41 billion. Research analysts predict that Flutter Entertainment will post 4.75 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FLUT. Berenberg Bank upgraded Flutter Entertainment to a “strong-buy” rating in a research report on Tuesday, August 27th. Morgan Stanley initiated coverage on Flutter Entertainment in a research note on Thursday, August 22nd. They issued an “overweight” rating and a $247.00 price objective for the company. Susquehanna increased their price objective on Flutter Entertainment from $222.00 to $230.00 and gave the company a “positive” rating in a research note on Wednesday, August 14th. Barclays increased their price objective on Flutter Entertainment from $263.00 to $275.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, BTIG Research increased their price objective on Flutter Entertainment from $245.00 to $249.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. One investment analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $260.45.

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.