Marriott International, Inc. (MAR / NYSE) today announced that its board of directors has declared a quarterly cash dividend of five cents per share of common stock, representing an 11% increase in the per share distribution. The dividend is payable on July 17, 1998 to shareholders of record as of June 26, 1998.
In addition, the company said that its board of directors has approved the purchase of an additional 10.0 million shares of its common stock. The stock will be purchased from time to time on the open market. Marriott International said it has repurchased approximately 2.8 million of its shares since becoming a public company on March 27, 1998, and now has authority to buy back an additional 17.2 million shares.
Marriott International has approximately 253 million shares of its common stock outstanding.