Marriott International (NASDAQ:MAR) Updates FY24 Earnings Guidance

Marriott International (NASDAQ:MAR) updated its FY24 earnings guidance on Wednesday. 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 Up 0.1 %

Marriott International stock opened at $238.77 on Wednesday. The firm has a market capitalization of $68.20 billion, a P/E ratio of 24.64, a P/E/G ratio of 4.49 and a beta of 1.60. The stock’s fifty day simple moving average is $238.87 and its 200-day simple moving average is $242.14. Marriott International has a twelve month low of $180.75 and a twelve month high of $260.57.

Marriott International (NASDAQ:MAR) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $2.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.17 by ($0.04). The company had revenue of $5.98 billion during the quarter, compared to analyst estimates of $5.95 billion. Marriott International had a net margin of 12.00% and a negative return on equity of 376.88%. Marriott International’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the prior year, the business earned $2.09 EPS. Sell-side analysts predict that Marriott International will post 9.56 earnings per share for the current year.

Marriott International Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, May 24th were issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 1.06%. The ex-dividend date was Thursday, May 23rd. This is a boost from Marriott International’s previous quarterly dividend of $0.52. Marriott International’s payout ratio is 26.01%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on MAR shares. JPMorgan Chase & Co. lifted their price objective on shares of Marriott International from $235.00 to $255.00 and gave the stock a neutral rating in a research report on Friday, July 19th. Wells Fargo & Company decreased their price target on Marriott International from $250.00 to $248.00 and set an equal weight rating for the company in a report on Thursday, May 2nd. Barclays increased their price objective on Marriott International from $240.00 to $251.00 and gave the company an equal weight rating in a report on Wednesday, July 17th. Mizuho upped their price target on Marriott International from $260.00 to $265.00 and gave the company a neutral rating in a report on Thursday, May 2nd. Finally, BMO Capital Markets raised their price objective on shares of Marriott International from $235.00 to $240.00 and gave the stock a market perform rating in a report on Thursday, May 2nd. Thirteen analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Hold and a consensus price target of $243.59.

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.