Marriott Vacations Worldwide Boosts Share Buyback, Declares Dividend

Yesterday, Marriott Vacations Worldwide Corp VAC announced shareholders' appreciation initiatives.
The Board of Directors raised the remaining share repurchase authorization to up to $600 million (including the $149 million remaining unused capacity as of May 10, 2023) and extended the repurchase authorization through December 31, 2024.
Also, the company declared a quarterly dividend per share of $0.72, payable on or around June 8, 2023, to stockholders of record as on May 25, 2023.
This week, VAC also announced the retirement of its Executive Vice President and CFO, Anthony Terry, later this year.
Last week, VAC announced Q1 2023 revenues of $1.17 billion, beating the consensus of $1.13 billion and adjusted EPS of $2.54, exceeding the consensus of $1.94.
In Q1, the company repurchased shares worth $80 million and paid two quarterly dividends of $54 million.
The company had $306 million of cash and cash equivalents as of March 31, 2023.
Price Action: VAC shares closed lower by 0.50% at $124.39 on Thursday.

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