AIA Group Ltd Sells 74,497 Shares of Marriott International, Inc. (NASDAQ:MAR)

Key Points

• AIA Group Ltd has reduced its holdings in Marriott International by 41.7%, owning 104,327 shares after selling 74,497 shares in the first quarter.
• Marriott's CEO, Anthony Capuano, sold 12,000 shares at an average price of $263.90, marking an 8.82% decrease in his ownership.
• The company has initiated a stock buyback plan to acquire 25 million shares, indicating the board's belief that the shares are currently undervalued.

AIA Group Ltd decreased its stake in Marriott International, Inc. (NASDAQ:MAR - Free Report) by 41.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,327 shares of the company's stock after selling 74,497 shares during the period. AIA Group Ltd's holdings in Marriott International were worth $24,851,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Motley Fool Asset Management LLC grew its holdings in Marriott International by 0.3% during the first quarter. Motley Fool Asset Management LLC now owns 12,824 shares of the company's stock worth $3,055,000 after purchasing an additional 39 shares during the period. 4J Wealth Management LLC lifted its position in Marriott International by 3.6% during the first quarter. 4J Wealth Management LLC now owns 1,224 shares of the company's stock worth $292,000 after acquiring an additional 43 shares during the last quarter. Obsidian Personal Planning Solutions LLC lifted its position in Marriott International by 2.2% during the fourth quarter. Obsidian Personal Planning Solutions LLC now owns 2,019 shares of the company's stock worth $587,000 after acquiring an additional 44 shares during the last quarter. Harbour Investments Inc. lifted its position in Marriott International by 6.6% during the first quarter. Harbour Investments Inc. now owns 758 shares of the company's stock worth $180,000 after acquiring an additional 47 shares during the last quarter. Finally, Sound Income Strategies LLC lifted its position in Marriott International by 46.7% during the first quarter. Sound Income Strategies LLC now owns 157 shares of the company's stock worth $37,000 after acquiring an additional 50 shares during the last quarter. Institutional investors own 70.70% of the company's stock.

Marriott International Stock Down 1.2%

Shares of NASDAQ:MAR traded down $3.15 during trading on Thursday, hitting $266.55. 1,153,232 shares of the company were exchanged, compared to its average volume of 1,715,433. The business's 50 day moving average is $268.88 and its 200-day moving average is $261.21. The company has a market capitalization of $72.36 billion, a P/E ratio of 30.05, a price-to-earnings-growth ratio of 2.53 and a beta of 1.44. Marriott International, Inc. has a 1-year low of $205.40 and a 1-year high of $307.52.

Marriott International (NASDAQ:MAR - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $2.65 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.65. The company had revenue of $6.74 billion during the quarter, compared to the consensus estimate of $6.66 billion. Marriott International had a net margin of 9.60% and a negative return on equity of 93.44%. The company's revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.50 earnings per share. As a group, sell-side analysts anticipate that Marriott International, Inc. will post 10.1 earnings per share for the current year.

Marriott International Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Thursday, August 21st will be paid a $0.67 dividend. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $2.68 annualized dividend and a dividend yield of 1.0%. Marriott International's payout ratio is currently 30.21%.

Marriott International announced that its Board of Directors has approved a share buyback plan on Thursday, August 7th that permits the company to buyback 25,000,000 outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

MAR has been the subject of several research reports. UBS Group cut their price objective on shares of Marriott International from $302.00 to $299.00 and set a "neutral" rating for the company in a research report on Wednesday, May 21st. Truist Financial dropped their price target on shares of Marriott International from $300.00 to $273.00 and set a "hold" rating for the company in a research report on Friday, May 30th. Robert W. Baird lifted their price target on shares of Marriott International from $265.00 to $285.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. BMO Capital Markets dropped their price target on shares of Marriott International from $285.00 to $280.00 and set a "market perform" rating for the company in a research report on Wednesday, August 6th. Finally, Morgan Stanley dropped their price target on shares of Marriott International from $275.00 to $267.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Twelve equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Marriott International currently has an average rating of "Moderate Buy" and a consensus target price of $280.89.

Insider Buying and Selling at Marriott International

In related news, CEO Anthony Capuano sold 12,000 shares of the business's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $263.90, for a total value of $3,166,800.00. Following the sale, the chief executive officer owned 124,067 shares of the company's stock, valued at $32,741,281.30. The trade was a 8.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Rajeev Menon sold 2,500 shares of the business's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $268.28, for a total transaction of $670,700.00. Following the completion of the sale, the insider directly owned 5,706 shares in the company, valued at approximately $1,530,805.68. This represents a 30.47% decrease in their position. The disclosure for this sale can be found here. Insiders own 10.68% of the company's stock.

About Marriott International

Marriott International, Inc engages in operating, franchising, and licensing hotel, residential, timeshare, and other lodging properties worldwide. It operates its properties under the JW Marriott, The Ritz-Carlton, The Luxury Collection, W Hotels, St. Regis, EDITION, Bvlgari, Marriott Hotels, Sheraton, Westin, Autograph Collection, Renaissance Hotels, Le Méridien, Delta Hotels by Marriott, Tribute Portfolio, Gaylord Hotels, Design Hotels, Marriott Executive Apartments, Apartments by Marriott Bonvoy, Courtyard by Marriott, Fairfield by Marriott, Residence Inn by Marriott, SpringHill Suites by Marriott, Four Points by Sheraton, TownePlace Suites by Marriott, Aloft Hotels, AC Hotels by Marriott, Moxy Hotels, Element Hotels, Protea Hotels by Marriott, City Express by Marriott, and St.