Marriott Vacations adds $500 million to stock buyback authorization

0
10

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%.

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleNeed to Know: FAANGs ain’t what they used to be, so beware the bear-market bounce says this hedge fund manager
Next articleThe Ratings Game: Comcast, Charter stocks downgraded as Barclays says companies are ‘likely past peak growth’

LEAVE A REPLY

Please enter your comment!
Please enter your name here