Marriott International (NASDAQ:MAR) Updates FY24 Earnings Guidance

Marriott International (NASDAQ:MAR) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $9.23-9.40 for the period, compared to the consensus earnings per share estimate of $9.51. Marriott International also updated its FY 2024 guidance to 9.230-9.400 EPS.

Marriott International Trading Down 2.3 %

Shares of NASDAQ:MAR traded down $5.11 during midday trading on Friday, reaching $213.67. 3,679,065 shares of the company were exchanged, compared to its average volume of 1,579,860. The business’s fifty day moving average is $237.97 and its two-hundred day moving average is $241.79. Marriott International has a one year low of $180.75 and a one year high of $260.57. The stock has a market cap of $60.15 billion, a PE ratio of 22.05, a price-to-earnings-growth ratio of 4.24 and a beta of 1.60.

Marriott International (NASDAQ:MAR) last issued its earnings results on Wednesday, July 31st. The company reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.49 by $0.01. Marriott International had a net margin of 12.01% and a negative return on equity of 239.60%. The firm had revenue of $6.44 billion during the quarter, compared to analyst estimates of $6.47 billion. During the same quarter in the prior year, the business earned $2.26 earnings per share. Marriott International’s revenue for the quarter was up 6.0% on a year-over-year basis. As a group, sell-side analysts expect that Marriott International will post 9.29 EPS for the current year.

Marriott International Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, August 16th will be given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 1.18%. Marriott International’s dividend payout ratio (DPR) is currently 26.01%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of Marriott International from $235.00 to $255.00 and gave the stock a neutral rating in a report on Friday, July 19th. Macquarie restated a neutral rating and issued a $245.00 target price on shares of Marriott International in a report on Friday. Mizuho raised their target price on shares of Marriott International from $260.00 to $265.00 and gave the stock a neutral rating in a report on Thursday, May 2nd. Susquehanna assumed coverage on shares of Marriott International in a report on Friday, June 21st. They issued a neutral rating and a $255.00 target price for the company. Finally, Robert W. Baird reduced their price target on shares of Marriott International from $252.00 to $245.00 and set a neutral rating on the stock in a research note on Thursday. Fifteen analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $241.42.

Marriott International Company Profile

Marriott International, Inc engages in operating, franchising, and licensing hotel, residential, timeshare, and other lodging properties worldwide. It operates its properties under the JW Marriott, The Ritz-Carlton, The Luxury Collection, W Hotels, St. Regis, EDITION, Bvlgari, Marriott Hotels, Sheraton, Westin, Autograph Collection, Renaissance Hotels, Le Méridien, Delta Hotels by Marriott, Tribute Portfolio, Gaylord Hotels, Design Hotels, Marriott Executive Apartments, Apartments by Marriott Bonvoy, Courtyard by Marriott, Fairfield by Marriott, Residence Inn by Marriott, SpringHill Suites by Marriott, Four Points by Sheraton, TownePlace Suites by Marriott, Aloft Hotels, AC Hotels by Marriott, Moxy Hotels, Element Hotels, Protea Hotels by Marriott, and City Express by Marriott brand names, as well as operates residences, timeshares, and yachts.