Bank of Nova Scotia Acquires 55,511 Shares of Marriott International, Inc. (NASDAQ:MAR)

Bank of Nova Scotia increased its holdings in shares of Marriott International, Inc. (NASDAQ:MAR - Free Report) by 211.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 81,708 shares of the company's stock after buying an additional 55,511 shares during the quarter. Bank of Nova Scotia's holdings in Marriott International were worth $19,463,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Straightline Group LLC bought a new stake in Marriott International during the 4th quarter worth $495,000. Sequoia Financial Advisors LLC grew its holdings in shares of Marriott International by 11.9% during the first quarter. Sequoia Financial Advisors LLC now owns 13,441 shares of the company's stock worth $3,202,000 after purchasing an additional 1,432 shares during the last quarter. Financial Gravity Asset Management Inc. acquired a new position in shares of Marriott International in the first quarter valued at approximately $2,244,000. Alpha Cubed Investments LLC bought a new position in Marriott International in the 1st quarter valued at approximately $974,000. Finally, Invesco Ltd. grew its holdings in Marriott International by 17.4% during the 4th quarter. Invesco Ltd. now owns 3,469,070 shares of the company's stock worth $967,662,000 after acquiring an additional 512,963 shares during the last quarter. 70.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Robert W. Baird boosted their price objective on shares of Marriott International from $265.00 to $285.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. BMO Capital Markets upped their price target on Marriott International from $250.00 to $265.00 and gave the company a "market perform" rating in a research report on Wednesday, May 7th. Mizuho lowered their price objective on Marriott International from $293.00 to $285.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th. Jefferies Financial Group upgraded Marriott International from a "hold" rating to a "buy" rating and upped their target price for the company from $226.00 to $303.00 in a report on Monday, May 12th. Finally, Truist Financial lowered their price target on shares of Marriott International from $300.00 to $273.00 and set a "hold" rating for the company in a report on Friday, May 30th. Twelve analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $280.11.

Marriott International Trading Down 3.2%

NASDAQ MAR opened at $255.35 on Monday. The company has a fifty day simple moving average of $269.05 and a 200 day simple moving average of $261.98. Marriott International, Inc. has a 12-month low of $204.55 and a 12-month high of $307.52. The company has a market cap of $69.94 billion, a P/E ratio of 29.08, a PEG ratio of 2.45 and a beta of 1.44.

Marriott International (NASDAQ:MAR - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $2.32 earnings per share for the quarter, topping analysts' consensus estimates of $2.25 by $0.07. The company had revenue of $6.26 billion for the quarter, compared to analyst estimates of $6.19 billion. Marriott International had a net margin of 9.75% and a negative return on equity of 100.64%. The firm's revenue was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.13 EPS. Sell-side analysts predict that Marriott International, Inc. will post 10.1 EPS for the current year.

Marriott International Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, May 23rd were paid a dividend of $0.67 per share. This is a boost from Marriott International's previous quarterly dividend of $0.63. The ex-dividend date was Friday, May 23rd. This represents a $2.68 annualized dividend and a yield of 1.0%. Marriott International's dividend payout ratio (DPR) is 30.52%.

Insider Buying and Selling at Marriott International

In other news, insider Rajeev Menon sold 2,500 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $268.28, for a total value of $670,700.00. Following the completion of the sale, the insider owned 5,706 shares in the company, valued at $1,530,805.68. This represents a 30.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Benjamin T. Breland sold 1,000 shares of the company's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $270.21, for a total transaction of $270,210.00. Following the completion of the sale, the executive vice president directly owned 20,724 shares of the company's stock, valued at $5,599,832.04. The trade was a 4.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,500 shares of company stock worth $4,107,710. Corporate 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.

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