In a recent transaction, the DJPS P.G. Trust, associated with Hyatt Hotels Corp (NYSE:H), sold a significant number of shares in the company. The trust disposed of 18,020 shares of Class B Common Stock at a price of $147.75 each, and an additional 246 shares at prices ranging from $148.70 to $149.22, with a weighted average sale price of $149.1621. The total value of the shares sold amounted to over $2.6 million.
This sale took place on June 21, 2024, as reported in a recent filing. Following the transactions, the trust's remaining ownership in Hyatt Hotels Corp consists of 242,677 shares of Class A Common Stock. It's important to note that each share of Class B Common Stock is convertible at any time into one share of Class A Common Stock, as per the issuer's Amended and Restated Certificate of Incorporation.
The transactions were carried out in a direct ownership capacity, and the reporting person has made a disclaimer of beneficial ownership of the securities reported herein, except to the extent of their pecuniary interest.
Investors and stakeholders in Hyatt Hotels Corp may find this information useful as they monitor the movements and decisions of significant shareholders within the company.
In other recent news, Hyatt Hotels Corporation issued $800 million in senior notes, with net proceeds of about $787.5 million earmarked for debt repayment and general corporate purposes. The senior notes comprise two series due in 2029 and 2034, facilitated by BofA Securities, Deutsche Bank (ETR:DBKGn) Securities, J.P. Morgan Securities, and Scotia Capital. In parallel, Hyatt has demonstrated significant growth in its pipeline, expanding by nearly 85% since 2017 to 129,000 rooms. This includes a doubling of luxury rooms, tripling of resort rooms, and a quintupling of lifestyle rooms.
Analysts have also recently adjusted their outlook on the company. Truist Securities revised its price target for Hyatt shares to $168 from $172, while maintaining a Buy rating. Baird raised their price target on Hyatt to $162 from $160, maintaining a Neutral rating. These adjustments reflect updated earnings estimates and the company's strategic transformation.
Lastly, Hyatt's recent financial performance showed consolidated revenue of $1,714 million, surpassing both Mizuho's projection and the consensus estimate. These are the recent developments at Hyatt Hotels Corporation.
InvestingPro Insights
The recent share sale by the DJPS P.G. Trust associated with Hyatt Hotels Corp (NYSE:H) has drawn attention to the company's financial metrics and market performance. According to InvestingPro data, Hyatt Hotels Corp boasts a market capitalization of $15.24 billion and an impressive gross profit margin of 67.12% over the last twelve months as of Q1 2024. These figures highlight the company's ability to maintain profitability in a competitive industry.
InvestingPro Tips suggest that Hyatt has been managing its finances prudently, with a moderate level of debt and a gross profit margin that stands out. Moreover, the company's stock is known to trade with low price volatility, which may provide some reassurance to investors concerned about market fluctuations. It's also worth noting that analysts predict Hyatt will be profitable this year, continuing its positive trajectory.
For those looking to delve deeper into the financial health and future prospects of Hyatt Hotels Corp, InvestingPro offers additional tips and insights. Currently, there are 10 more InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/H. To gain full access to these valuable insights, remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
With a strong return over the last five years and a robust gross profit margin, Hyatt Hotels Corp's financials merit attention from investors. The company's management has also been aggressively buying back shares, which could be a sign of confidence in the company's value and future performance. As the hospitality industry continues to evolve, keeping a close eye on these metrics and utilizing tools like InvestingPro could be beneficial for those invested in the sector.
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