Marriott Declares Cash Dividend; Board Approves Increase in Stock Repurchase Authorization by 40 Million Shares
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Marriott Declares Cash Dividend; Board Approves Increase in Stock Repurchase Authorization by 40 Million Shares
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2007-08-03
Marriott International, Inc. (NYSE: MAR) today announced that its board of directors declared a quarterly cash dividend of 7.50 cents ($0.075) per share of common stock. The dividend is payable October 23, 2007, to shareholders of record as of September 6, 2007. The company and its predecessors (old Marriott International, Inc. and Marriott Corporation) have paid a dividend in every quarter since late 1977.
Marriott also announced that the board has increased by 40 million shares the authorization to repurchase the company’s common stock. When combined with the remaining balance in prior share repurchase authorizations, the company is authorized to purchase roughly 51 million shares. Shares may be purchased in the open market or in privately negotiated transactions.
During 2006, the company repurchased approximately 42 million shares for $1.58 billion, and in 2007 through July 31 has repurchased approximately 23 million shares for $1.08 billion. Since the beginning of 2002 and through July 31, 2007, the company has repurchased approximately 181 million shares for $5.6 billion.
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