Iridian Asset Management LLC CT Has $14.80 Million Stake in Travel + Leisure Co. $TNL

Key Points

• Iridian Asset Management cut its stake in Travel + Leisure by 31.3% in Q4 to 209,844 shares worth about $14.8 million, representing roughly 5.4% of Iridian’s portfolio and the stock as its 7th-largest holding.
• Wall Street sentiment is broadly positive — the stock has a consensus rating of “Moderate Buy” with an average price target of $85.90, and several analysts recently raised targets (e.g., Stifel $89, Wells $88, Oppenheimer $85, Morgan Stanley $80).
• Operationally, Travel + Leisure reported Q EPS of $1.83 (in line) and revenue of $1.03B (+5.7% YoY), and raised its quarterly dividend to $0.60 (annualized $2.40, ~3.2% yield), while insiders sold about 99,664 shares last quarter.

Iridian Asset Management LLC CT lessened its holdings in Travel + Leisure Co. (NYSE:TNL - Free Report) by 31.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 209,844 shares of the company's stock after selling 95,571 shares during the quarter. Travel + Leisure accounts for 5.4% of Iridian Asset Management LLC CT's investment portfolio, making the stock its 7th largest position. Iridian Asset Management LLC CT owned approximately 0.33% of Travel + Leisure worth $14,800,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in TNL. Burney Co. lifted its holdings in Travel + Leisure by 24.1% during the 4th quarter. Burney Co. now owns 8,128 shares of the company's stock worth $573,000 after purchasing an additional 1,577 shares in the last quarter. Ritholtz Wealth Management raised its holdings in shares of Travel + Leisure by 25.0% in the 4th quarter. Ritholtz Wealth Management now owns 53,535 shares of the company's stock valued at $3,776,000 after acquiring an additional 10,705 shares in the last quarter. Diversify Advisory Services LLC raised its holdings in shares of Travel + Leisure by 3.0% during the 4th quarter. Diversify Advisory Services LLC now owns 17,673 shares of the company's stock valued at $1,280,000 after buying an additional 515 shares in the last quarter. Venturi Wealth Management LLC raised its holdings in shares of Travel + Leisure by 6.6% during the 4th quarter. Venturi Wealth Management LLC now owns 9,364 shares of the company's stock valued at $660,000 after buying an additional 583 shares in the last quarter. Finally, Aaron Wealth Advisors LLC increased its stake in Travel + Leisure by 7.4% in the 4th quarter. Aaron Wealth Advisors LLC now owns 17,361 shares of the company's stock worth $1,224,000 after purchasing an additional 1,196 shares during the period. Institutional investors own 87.54% of the company's stock.

Wall Street Analyst Weigh In

TNL has been the topic of a number of recent analyst reports. Stifel Nicolaus set a $89.00 price objective on Travel + Leisure in a research report on Wednesday, February 18th. Wall Street Zen upgraded Travel + Leisure from a "hold" rating to a "buy" rating in a research note on Saturday. Oppenheimer restated an "outperform" rating and issued a $85.00 price target on shares of Travel + Leisure in a research note on Wednesday, February 18th. Morgan Stanley upped their price objective on Travel + Leisure from $68.00 to $80.00 and gave the company an "overweight" rating in a research report on Friday, January 16th. Finally, Wells Fargo & Company upped their price objective on Travel + Leisure from $81.00 to $88.00 and gave the company an "overweight" rating in a research report on Thursday, February 19th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $85.90.

Travel + Leisure Stock Performance

NYSE:TNL opened at $75.77 on Monday. The stock has a 50-day simple moving average of $72.17 and a two-hundred day simple moving average of $68.80. Travel + Leisure Co. has a 52-week low of $40.28 and a 52-week high of $81.00. The firm has a market capitalization of $4.73 billion, a PE ratio of 22.22, a P/E/G ratio of 0.57 and a beta of 1.32.

Travel + Leisure (NYSE:TNL - Get Free Report) last released its quarterly earnings results on Wednesday, February 18th. The company reported $1.83 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.83. Travel + Leisure had a negative return on equity of 47.77% and a net margin of 5.74%.The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter in the previous year, the company posted $1.72 earnings per share. Travel + Leisure's revenue for the quarter was up 5.7% on a year-over-year basis. Equities analysts forecast that Travel + Leisure Co. will post 6.46 earnings per share for the current fiscal year.

Travel + Leisure Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 20th were issued a dividend of $0.60 per share. This is a boost from Travel + Leisure's previous quarterly dividend of $0.56. This represents a $2.40 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Friday, March 20th. Travel + Leisure's dividend payout ratio is presently 70.38%.

Insider Buying and Selling at Travel + Leisure

In other Travel + Leisure news, insider Amandine Robin-Caplan sold 3,904 shares of the business's stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $74.61, for a total transaction of $291,277.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director George Herrera sold 1,748 shares of the company's stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $70.31, for a total value of $122,901.88. Following the completion of the transaction, the director directly owned 1,853 shares of the company's stock, valued at approximately $130,284.43. This trade represents a 48.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 99,664 shares of company stock valued at $7,390,847. Company insiders own 3.75% of the company's stock.

About Travel + Leisure

Travel + Leisure Co NYSE: TNL is a leisure travel company headquartered in Orlando, Florida, that specializes in vacation ownership, membership programs and branded travel experiences. The company operates an extensive portfolio of vacation clubs and destination services, offering members access to resorts, hotels, cruises and guided tours in markets around the world. Through its flagship membership brands, Travel + Leisure Co provides curated vacation packages, exchange services and unique travel itineraries that cater to both individual and family travelers.

In addition to its membership offerings, Travel + Leisure Co manages a network of resort properties and hospitality assets across North America, the Caribbean, Europe and Asia-Pacific.

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