Marriot International (MAR)

• Market cap: $77B
• 1 day: 0.43%
• 5 days: 2.51%
• 1 month: -4.24%
• 3 months: 4.77%
• 6 months: 11.97%
• Year to date: 0.99%
• 1 year: 21.73%
• 5 years: 84.47%
• 10 years: 263.18%
• Sector: Consumer Discretionary
• Industry: Hotels & Motels

About: Marriott operates 1.7 million rooms across roughly 30 brands. At the end of 2023, luxury represented roughly 10% of total rooms, premium 42%, select service was 46%, midscale 1%, and other 1%. Marriott, Courtyard, and Sheraton are the largest brands, while Autograph, Tribute, Moxy, Aloft, and Element are newer lifestyle brands. Managed and franchised represented 97% of total rooms as of Dec. 31, 2023. North America makes up 63% of total rooms. Managed, franchise, and incentive fees represent the vast majority of revenue and profitability for the company.

Employees: 411,000

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

45% more first-time investments, than exits

New positions opened: 126 | Existing positions closed: 87

19% more call options, than puts

Call options by funds: $644M | Put options by funds: $540M

1% more funds holding

Funds holding: 1,364 [Q2] → 1,380 (+16) [Q3]

4.63% less ownership

Funds ownership: 62.63% [Q2] → 57.99% (-4.63%) [Q3]

6% less capital invested

Capital invested by funds: $43.2B [Q2] → $40.5B (-$2.75B) [Q3]

8% less funds holding in top 10

Funds holding in top 10: 13 [Q2] → 12 (-1) [Q3]

20% less repeat investments, than reductions

Existing positions increased: 429 | Existing positions reduced: 538

Research analyst outlook

16 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $245 12% downside
• Avg. target: $280 1% upside
• High target: $330 19% upside

16 analyst ratings

• positive: 5 31%
• neutral: 11 69%
• negative: 0 0%

Argus Research John Staszak 58% 1-year accuracy 18 / 31 met price target	19% upside $330	Buy Maintained	16 Jan 2025
Jefferies David Katz 50% 1-year accuracy 11 / 22 met price target	6% upside $295	Hold Maintained	2 Jan 2025
Barclays Brandt Montour 45% 1-year accuracy 37 / 83 met price target	3% upside $286	Equal-Weight Maintained	13 Dec 2024
JP Morgan Joseph Greff 28% 1-year accuracy 8 / 29 met price target	3% downside $269	Neutral Maintained	13 Dec 2024
Goldman Sachs Lizzie Dove 56% 1-year accuracy 14 / 25 met price target	13% upside $314	Buy Maintained	10 Dec 2024