Primecap Management Co. CA Sells 4,920 Shares of Marriott International, Inc. (NASDAQ:MAR)

Key Points

• Primecap Management Co. CA reduced its stake in Marriott International by 1.7% to approximately $68.42 million, owning 287,220 shares at the end of the first quarter.
• Marriott reported earnings of $2.65 per share for the last quarter, matching analyst expectations, with revenue of $6.74 billion, surpassing the consensus estimate.
• The company recently announced a quarterly dividend increase to $0.67 per share, reflecting an annualized dividend of $2.68 and a yield of 1.0%.

Primecap Management Co. CA trimmed its holdings in Marriott International, Inc. (NASDAQ:MAR - Free Report) by 1.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 287,220 shares of the company's stock after selling 4,920 shares during the period. Primecap Management Co. CA owned about 0.10% of Marriott International worth $68,416,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Sequoia Financial Advisors LLC increased its position in shares of Marriott International by 11.9% in the first quarter. Sequoia Financial Advisors LLC now owns 13,441 shares of the company's stock valued at $3,202,000 after acquiring an additional 1,432 shares during the last quarter. Financial Gravity Asset Management Inc. bought a new position in Marriott International in the 1st quarter valued at about $2,244,000. Alpha Cubed Investments LLC acquired a new stake in Marriott International during the 1st quarter worth approximately $974,000. Vista Investment Partners II LLC grew its stake in shares of Marriott International by 22.5% in the first quarter. Vista Investment Partners II LLC now owns 7,199 shares of the company's stock valued at $1,715,000 after acquiring an additional 1,322 shares in the last quarter. Finally, Crossmark Global Holdings Inc. increased its holdings in shares of Marriott International by 5.0% during the first quarter. Crossmark Global Holdings Inc. now owns 27,087 shares of the company's stock worth $6,452,000 after purchasing an additional 1,301 shares during the period. 70.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MAR. JPMorgan Chase & Co. initiated coverage on shares of Marriott International in a research report on Monday, June 23rd. They set a "neutral" rating and a $284.00 price objective for the company. UBS Group dropped their price objective on shares of Marriott International from $302.00 to $299.00 and set a "neutral" rating for the company in a report on Wednesday, May 21st. BMO Capital Markets decreased their price objective 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. Stifel Nicolaus dropped their target price on shares of Marriott International from $295.00 to $240.00 and set a "hold" rating on the stock in a research report on Wednesday, April 16th. Finally, Morgan Stanley lowered their target price on Marriott International from $275.00 to $267.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Twelve research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $280.89.

Insider Buying and Selling at Marriott International

In other news, insider Rajeev Menon sold 2,500 shares of the stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $268.28, for a total value of $670,700.00. Following the transaction, the insider owned 5,706 shares of the company's stock, valued at $1,530,805.68. This represents a 30.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Benjamin T. Breland sold 1,000 shares of the company's stock in a transaction on 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 transaction, the executive vice president owned 20,724 shares of the company's stock, valued at $5,599,832.04. This trade represents a 4.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,500 shares of company stock valued at $4,107,710 in the last 90 days. Corporate insiders own 10.68% of the company's stock.

Marriott International Stock Down 0.3%

MAR traded down $0.67 during trading on Friday, hitting $259.92. 1,353,626 shares of the company traded hands, compared to its average volume of 1,544,380. The firm has a market cap of $70.56 billion, a P/E ratio of 29.30, a price-to-earnings-growth ratio of 2.49 and a beta of 1.44. Marriott International, Inc. has a one year low of $205.40 and a one year high of $307.52. The stock's fifty day moving average is $268.78 and its 200 day moving average is $261.61.

Marriott International (NASDAQ:MAR - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $2.65 earnings per share for the quarter, hitting analysts' consensus estimates of $2.65. Marriott International had a net margin of 9.60% and a negative return on equity of 93.44%. The firm had revenue of $6.74 billion during the quarter, compared to analyst estimates of $6.66 billion. During the same quarter last year, the business earned $2.50 earnings per share. The company's quarterly revenue was up 4.7% on a year-over-year basis. On average, equities research analysts forecast that Marriott International, Inc. will post 10.1 EPS for the current fiscal year.

Marriott International Dividend Announcement

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

Marriott International declared that its Board of Directors has authorized 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 repurchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company's management believes its stock is undervalued.

Marriott International Company Profile

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.