BETHESDA, Md. - Marriott International, Inc. (NASDAQ: NASDAQ:MAR) announced today that its board of directors has approved a 21% increase in the company's quarterly cash dividend. Shareholders will now receive a dividend of 63 cents per share, up from the previous 52 cents per share.
This move comes as a reflection of Marriott's continued earnings growth and robust cash flow. The new dividend will be paid to shareholders of record by the close of business on May 24, 2024, with the payment date set for June 28, 2024.
Marriott International, a hospitality leader with a global footprint, manages a diverse portfolio that includes nearly 8,900 properties across over 30 brands in 141 countries and territories. The company operates and franchises hotels and licenses vacation ownership resorts worldwide. It also promotes the Marriott Bonvoy®, a highly acclaimed travel program.
The dividend increase is a part of Marriott's commitment to delivering value to its shareholders and is indicative of its financial health and optimistic outlook.
This announcement is based on a press release statement from Marriott International, Inc.
InvestingPro Insights
In light of the recent dividend increase by Marriott International, Inc. (NASDAQ: MAR), investors might find the following insights from InvestingPro particularly informative. The company's management has been actively engaging in share buybacks, which is often a sign of confidence in the company's future prospects (InvestingPro Tip 0). Additionally, Marriott has demonstrated impressive gross profit margins, which stand at 81.65% for the last twelve months as of Q1 2024 (InvestingPro Data). This figure is indicative of the company's strong pricing power and cost management efficiency.
Marriott's financial health is further underscored by its market capitalization of $68.2 billion and a P/E ratio of 23.08, adjusted for the last twelve months as of Q1 2024 (InvestingPro Data). While the company is trading at a high revenue valuation multiple (InvestingPro Tip 8), analysts predict that Marriott will remain profitable this year (InvestingPro Tip 9), which may justify the higher valuation. The company's profitability over the last twelve months (InvestingPro Tip 10) and a high return over the last decade (InvestingPro Tip 11) reinforce this positive outlook.
For investors interested in a deeper analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/MAR. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further insights that can help guide investment decisions.
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