Marriott Vacations Worldwide Corporation (NYSE:VAC) has officially announced the retirement date of one of its top executives, according to a recent filing with the Securities and Exchange Commission (SEC). Jeanette E. Marbert, President of Exchange and Third-Party Management, will retire on August 31, 2024.
The company, which is known for its portfolio of vacation ownership brands and is headquartered in Orlando, FL, disclosed this information in an 8-K filing today. The filing states that Ms. Marbert had previously informed the company of her intention to retire in the coming year, as mentioned in a Form 8-K filed on December 6, 2023.
Ms. Marbert has been instrumental in leading the Exchange and Third-Party Management segment of Marriott Vacations Worldwide, contributing to its operations within the real estate and construction sector. Her planned departure is part of an orderly transition as the company continues to manage its executive team.
The 8-K filing does not detail the reasons for Ms. Marbert's retirement or any arrangements concerning her successor. It also does not specify any changes to the company's strategy or operations following her retirement.
Marriott Vacations Worldwide operates in a competitive industry, alongside other companies offering similar real estate services and vacation experiences. The announcement of Ms. Marbert's retirement is a significant event for the company, marking the end of a chapter for the executive team.
In other recent news, Marriott Vacations Worldwide has experienced notable developments. Mizuho Securities revised its price target for the company to $126, maintaining a buy rating. This adjustment was based on the company's first-quarter performance in 2024 and preliminary information for the second quarter, suggesting that Marriott Vacations would need to accelerate its performance more than initially expected in the second half of 2024.
Meanwhile, Truist Securities increased its price target for the firm to $161, also maintaining a buy rating. The firm adjusted the 2024 Adjusted EBITDA estimate to $786 million, up from $765 million, and the 2025 estimate to $816 million from $803 million.
In addition to these analyst updates, Marriott Vacations reported a 3% increase in contract sales and a 9% rise in first-time buyer tours in its first-quarter 2024 earnings call. The company also announced the opening of a new Marriott Vacation Club Resort in Waikiki, which has seen strong reservations, and the signing of an agreement to develop a new 60-unit resort in Thailand. The company's full-year adjusted EBITDA is expected to remain steady at $760 million to $800 million.
InvestingPro Insights
As Marriott Vacations Worldwide Corporation (NYSE:VAC) prepares for the departure of a key executive, investors might consider several financial metrics and strategic moves by the company to assess its current position and future prospects. The company's market capitalization stands at a solid $3.1 billion USD, and with a P/E ratio of 14.78, it presents itself as a potentially attractive investment based on earnings. Moreover, the adjusted P/E ratio for the last twelve months as of Q1 2024 is lower at 11.75, suggesting improved earnings relative to the company's share price.
Two noteworthy InvestingPro Tips for Marriott Vacations Worldwide include management's proactive share buybacks and a consistent track record of raising dividends for 3 consecutive years, indicating a commitment to returning value to shareholders. Additionally, the company has maintained dividend payments for 11 consecutive years, which provides a measure of reliability and confidence for income-focused investors.
With a dividend yield of 3.45% as of mid-2024 and a dividend growth of 5.56% in the last twelve months as of Q1 2024, the company not only rewards its shareholders but also shows a pattern of growth in its distributions. The InvestingPro platform offers a total of 7 additional tips for Marriott Vacations Worldwide, which interested investors can explore further by using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
As the company navigates through the transition of its executive team, these financial indicators and strategic actions may offer reassurance and guidance to stakeholders looking to understand the impact of leadership changes on the company's performance.
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