Marriott Vacations Worldwide Corporation Announces Increased Share Repurchase Authorization
ORLANDO, Fla., Aug. 1, 2022 /PRNewswire/ -- Marriott Vacations Worldwide Corporation (NYSE: VAC) ("the Company") today announced that its board of directors increased its prior authorization to repurchase common stock of the Company by $500 million.
During the second quarter of 2022, the Company repurchased more than 1.4 million shares of its common stock for $193 million at an average price per share of $135.77. Subsequent to the end of the second quarter, the Company repurchased approximately 1.1 million additional shares of its common stock for $131 million at an average price per share of $124 through the end of July.
As of July 29, 2022, the Company had approximately $28 million of capacity remaining under its prior authorization, and the increase in authorization provides a total remaining capacity of approximately $528 million.
About Marriott Vacations Worldwide Corporation
Marriott Vacations Worldwide Corporation is a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, along with related businesses, products and services. The Company has over 120 vacation ownership resorts and approximately 700,000 owner families in a diverse portfolio that includes some of the most iconic vacation ownership brands. The Company also operates exchange networks and membership programs comprised of nearly 3,200 affiliated resorts in over 90 countries and territories, as well as provides management services to other resorts and lodging properties. As a leader and innovator in the vacation industry, the Company upholds the highest standards of excellence in serving its customers, investors and associates while maintaining exclusive, long-term relationships with Marriott International, Inc. and Hyatt Hotels Corporation for the development, sales and marketing of vacation ownership products and services. For more information, please visit www.marriottvacationsworldwide.com.
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SOURCE Marriott Vacations Worldwide Corporation
