Marriott Vacations adds $500 million to stock buyback authorization


Marriott Vacations Worldwide Corp. VAC, +2.43% said Monday it has boosted its stock repurchase authorization by $500 million. The vacation ownership, rental and exchange company said it had about $28 million remaining in its stock buyback program as of July 29, prior to increase. The company’s buyback authorization now represents about 9.3% of the company’s market capitalization, which was $5.67 billion as of Friday’s stock closing price. The company said it spent $193 million to buy back stock in the second quarter, and has spent $131 million since then through the end of July. The stock, which was wasn’t active in premarket trading, has lost 8.3% over the past three months, while the S&P 500 SPX, +1.42% has eased less than 0.1%.

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