BETHESDA, MARYLAND Marriott International Inc.’s board of directors is increasing its quarterly cash dividend by 14% and will buy back about 25 million additional outstanding shares.
The dividend increase of one and a quarter cent (US$0.0125) brings Marriott’s quarterly per-share payout to 10 cents. The company’s next dividend is payable on June 24 to shareholders of record on May 20.
Marriott’s board has also increased the authorization to repurchase the company’s Class A common stock by 25 million shares. When combined with the approximately 9 million shares remaining from the previous authorization, the company’s total outstanding repurchase authorization is approximately 34 million shares. Year-to-date, the company has repurchased approximately 15 million shares for slightly more than US$540 million. Shares may be purchased in the open market or in privately negotiated transactions.