Marriott Vacations Worldwide Corporation Announces Increased Share Repurchase Authorization

Rhea-AI Summary

Marriott Vacations Worldwide Corporation (NYSE: VAC) announced an increase in its stock repurchase authorization by $500 million. In the second quarter of 2022, the company repurchased over 1.4 million shares for $193 million at an average price of $135.77 per share. Following the second quarter, approximately 1.1 million shares were repurchased for $131 million at an average price of $124 per share. After the increase, the total remaining capacity for repurchases stands at $528 million.

Positive

• Increased share repurchase authorization by $500 million enhances shareholder value.
• Total remaining capacity for stock buyback now stands at $528 million, demonstrating financial strength.

Negative

• None.

ORLANDO, Fla., Aug. 1, 2022 /PRNewswire/ -- Marriott Vacations Worldwide Corporation (NYSE: VAC) ("the Company") today announced that its board of directors increased its prior authorization to repurchase common stock of the Company by $500 million. 

During the second quarter of 2022, the Company repurchased more than 1.4 million shares of its common stock for $193 million at an average price per share of $135.77.  Subsequent to the end of the second quarter, the Company repurchased approximately 1.1 million additional shares of its common stock for $131 million at an average price per share of $124 through the end of July.

As of July 29, 2022, the Company had approximately $28 million of capacity remaining under its prior authorization, and the increase in authorization provides a total remaining capacity of approximately $528 million.

About Marriott Vacations Worldwide Corporation

Marriott Vacations Worldwide Corporation is a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products and services. The Company has over 120 vacation ownership resorts and approximately 700,000 owner families in a diverse portfolio that includes some of the most iconic vacation ownership brands. The Company also operates exchange networks and membership programs comprised of nearly 3,200 affiliated resorts in over 90 countries and territories, as well as provides management services to other resorts and lodging properties. As a leader and innovator in the vacation industry, the Company upholds the highest standards of excellence in serving its customers, investors and associates while maintaining exclusive, long-term relationships with Marriott International, Inc. and Hyatt Hotels Corporation for the development, sales and marketing of vacation ownership products and services. For more information, please visit www.marriottvacationsworldwide.com.

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SOURCE Marriott Vacations Worldwide Corporation

FAQ

What is the recent stock buyback authorization by Marriott Vacations Worldwide Corporation (VAC)?

Marriott Vacations Worldwide Corporation (VAC) has increased its stock buyback authorization by $500 million.

How many shares did Marriott repurchase in Q2 2022?

In the second quarter of 2022, Marriott repurchased more than 1.4 million shares.

What was the average price per share during Marriott's recent repurchases?

The average price per share for the repurchases in Q2 2022 was $135.77.

What is the total repurchase capacity for VAC after the recent increase?

Following the recent authorization increase, Marriott Vacations has a total repurchase capacity of approximately $528 million.