Marriott International Repurchases $400M In Q212
After the close, Marriott International (MAR) reported inline earnings and slightly lower revenue. The stock appears to be selling off slighting in after hours. More importantly to Stone Fox Capital was the announcement of spending $400M on share repurchases. This number was slightly above the Q211 numbers helping push up the Net Payout Yield (NPY) just slightly. The fundamental news for Q212 was decent with REVPAR holding up. The company has apparently guided down slightly for the rest of 2012. On a fundamental basis, the stock will likely trade weak for a while. On a NPY basis, the stock is a huge buy on any dips. Marriott clearly isn't worried about any long term weakness from the 2H of the year. The company spent the largest amount on repurchases for the last 3 quarters. The share count has now dropped to 338M from 369.4M in Q211 or roughly 8.4%. The company has 25.8M shares remaining on the authorization which is much higher than the amount spent so far this year. In ...