Marriott Vacations Worldwide Boosts Share Buyback, Declares Dividend

  • Yesterday, Marriott Vacations Worldwide Corp VAC announced shareholders' appreciation initiatives.
  • The Board of Directors raised the remaining share repurchase authorization to up to $600 million (including the $149 million remaining unused capacity as of May 10, 2023) and extended the repurchase authorization through December 31, 2024. 
  • Also, the company declared a quarterly dividend per share of $0.72, payable on or around June 8, 2023, to stockholders of record as on May 25, 2023.
  • This week, VAC also announced the retirement of its Executive Vice President and CFO, Anthony Terry, later this year.
  • Last week, VAC announced Q1 2023 revenues of $1.17 billion, beating the consensus of $1.13 billion and adjusted EPS of $2.54, exceeding the consensus of $1.94.
  • In Q1, the company repurchased shares worth $80 million and paid two quarterly dividends of $54 million. 
  • The company had $306 million of cash and cash equivalents as of March 31, 2023.
  • Price Action: VAC shares closed lower by 0.50% at $124.39 on Thursday.
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