Mackenzie Financial Corp Reduces Stock Position in Travel + Leisure Co. (NYSE:TNL)

Key Points

• Mackenzie Financial Corp reduced its holdings in Travel + Leisure Co. by 27.1%, selling 17,571 shares during the first quarter, and currently owns approximately 0.07% of the company worth $2.19 million.
• Travel + Leisure received favorable analyst ratings, with Wall Street Zen upgrading it from a "hold" to a "buy," while the average target price for the stock is currently $62.30.
• The company recently declared a quarterly dividend of $0.56, representing an annualized yield of 3.8% and a payout ratio of 38.62%.

Mackenzie Financial Corp lessened its stake in Travel + Leisure Co. (NYSE:TNL - Free Report) by 27.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 47,347 shares of the company's stock after selling 17,571 shares during the quarter. Mackenzie Financial Corp owned approximately 0.07% of Travel + Leisure worth $2,192,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TNL. Invesco Ltd. increased its stake in Travel + Leisure by 4.8% during the 4th quarter. Invesco Ltd. now owns 3,544,548 shares of the company's stock worth $178,822,000 after buying an additional 163,804 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Travel + Leisure by 4.3% in the fourth quarter. AQR Capital Management LLC now owns 1,424,035 shares of the company's stock valued at $71,358,000 after buying an additional 58,944 shares during the last quarter. Northern Trust Corp boosted its position in Travel + Leisure by 9.6% during the fourth quarter. Northern Trust Corp now owns 1,036,703 shares of the company's stock worth $52,302,000 after acquiring an additional 90,553 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in Travel + Leisure by 25.1% in the 4th quarter. Nuveen Asset Management LLC now owns 897,903 shares of the company's stock valued at $45,299,000 after acquiring an additional 180,059 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in Travel + Leisure by 2.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 455,491 shares of the company's stock worth $22,980,000 after purchasing an additional 12,488 shares in the last quarter. 87.54% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Travel + Leisure news, insider Kimberly Marshall sold 16,500 shares of Travel + Leisure stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $60.00, for a total value of $990,000.00. Following the transaction, the insider directly owned 56,736 shares in the company, valued at approximately $3,404,160. The trade was a 22.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Geoffrey Richards sold 124,454 shares of the business's stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $62.56, for a total value of $7,785,842.24. Following the completion of the transaction, the insider owned 118,718 shares in the company, valued at $7,426,998.08. This trade represents a 51.18% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 323,474 shares of company stock worth $19,908,918. Corporate insiders own 3.75% of the company's stock.

Travel + Leisure Stock Performance

Shares of NYSE:TNL traded down $0.61 on Thursday, hitting $58.89. 291,234 shares of the company's stock were exchanged, compared to its average volume of 701,186. Travel + Leisure Co. has a 1-year low of $37.77 and a 1-year high of $63.31. The company has a market capitalization of $3.82 billion, a PE ratio of 10.16, a P/E/G ratio of 0.57 and a beta of 1.43. The firm's 50-day moving average is $54.34 and its 200 day moving average is $51.06.

Travel + Leisure (NYSE:TNL - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $1.65 earnings per share for the quarter, missing the consensus estimate of $1.66 by ($0.01). Travel + Leisure had a negative return on equity of 47.47% and a net margin of 10.14%. The company had revenue of $1.02 billion for the quarter, compared to analysts' expectations of $1.01 billion. During the same quarter in the prior year, the firm posted $1.52 EPS. The firm's quarterly revenue was up 3.4% compared to the same quarter last year. On average, analysts anticipate that Travel + Leisure Co. will post 6.46 EPS for the current fiscal year.

Travel + Leisure Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend was Friday, June 13th. Travel + Leisure's payout ratio is presently 38.62%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on TNL shares. Mizuho raised Travel + Leisure from a "neutral" rating to an "outperform" rating and boosted their price objective for the stock from $63.00 to $72.00 in a research note on Thursday, July 24th. Wall Street Zen upgraded shares of Travel + Leisure from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. The Goldman Sachs Group decreased their price objective on Travel + Leisure from $62.00 to $44.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Barclays raised their target price on Travel + Leisure from $39.00 to $54.00 and gave the stock an "underweight" rating in a research note on Thursday, July 24th. Finally, Morgan Stanley decreased their price target on Travel + Leisure from $61.00 to $52.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $62.30.

Travel + Leisure Profile

Travel + Leisure Co, together with its subsidiaries, provides hospitality services and travel products in the United States and internationally. The company operates in two segments, Vacation Ownership; and Travel and Membership. The Vacation Ownership segment develops, markets, and sells vacation ownership interests (VOIs) to individual consumers, as well as provides consumer financing in connection with the sale of VOIs; and property management services at resorts.