Marriott Vacations reports preliminary Q4 results » 08:3201/2001/20/21
Marriott Vacations expects to report these preliminary 4Q20 results. Contract sales for Vacation Ownership increased more than 25% sequentially to $178M. VPG increased 9% year-over-year in Q4 and tours declined 59%. Interval International exchange transactions increased approximately 17% and average revenue per member was down approximately 4% year-over-year. The company ended 2020 with approximately $1.3B of liquidity. The company has not yet completed its financial close processes for 4Q20, so GAAP financial results for the quarter have not yet been finalized. The company expects to report Q4 full financial results on or around February 24, 2021.
US Foods awarded $390M Defense Logistics Agency contract for food distribution » 17:2301/1901/19/21
US Foods has been awarded…
US Foods has been awarded a maximum $390M fixed-price with economic-price-adjustment, indefinite-quantity contract for full-line food distribution. This was a competitive acquisition with two responses received. This is a five-year contract with no option periods. Locations of performance are Florida, Cuba and Bahamas, with a January 18, 2026, ordering period end date. Using military services are Marine Corps, Air Force, Navy and Army. Type of appropriation is FY21 through FY26 defense working capital funds. The contracting agency is the Defense Logistics Agency.
|Over a week ago|
Sysco announces 2025 seafood sustainability commitments » 08:2701/1401/14/21
Sysco Corporation announced an expanded commitment to improve the sustainability of its seafood procurement practices and standards in collaboration with World Wildlife Fund. These new commitments build on past successes and continue to advance Sysco's position as a global leader in seafood sustainability, set high standards for the seafood industry, establish long-term sustainability goals, and build consumer trust. Through its continued collaboration with WWF, Sysco will expand the current responsible sourcing program for its U.S. broadline business to also include sourcing for its specialty and Canadian broadline business, as well as increase the purchase of certified responsible seafood. It also adds new commitments to prohibit the sale of endangered species, advance its traceability work and help address deforestation. Specifically, Sysco's commitments include achieving by the end of 2025: Sourcing 100% of its top 15 wild-caught Sysco Portico Brand seafood species groups from fisheries that are certified by the Marine Stewardship Council, in MSC full assessment, or in a comprehensive Fishery Improvement Project, and source at least 85% of this top 15 volume from fisheries that are MSC certified; Sourcing 100% of Sysco Portico Brand canned or pouched tuna products from fisheries that are MSC certified, in MSC full assessment, in a comprehensive FIP, or from companies that are members of the International Seafood Sustainability Association, and source at least 25% of this volume from fisheries that are MSC certified; Sourcing 100% of its top five aquaculture Sysco Portico Brand seafood species groups from farms that are certified by the Aquaculture Stewardship Council, in ASC full assessment, in a credible Aquaculture Improvement Project , or at a minimum Best Aquaculture Practices 2-star certified, and source at least 20% of this top five volume from farms that are ASC certified; Engaging with suppliers of Sysco Portico Brand farmed shrimp products to ensure supply chains are traceable to the farm's geographic location and address issues of deforestation or conversion of natural ecosystems; Working with WWF to adopt key traceability principles and build on the work of the Global Dialogue on Seafood Traceability; Prohibiting the sale of endangered species for Sysco seafood products globally, already an immaterial portion of Sysco's seafood sales.
US Foods awarded maximum $377.79M Defense Logistics Agency contract » 17:2601/0801/08/21
US Foods has been awarded…
US Foods has been awarded a maximum $377.79M fixed-price with economic-price-adjustment, indefinite-quantity contract for full-line food distribution. This was a competitive acquisition with two responses received. This is a two-year base contract with one one-year option period and one two-year option period. Locations of performance are Virginia and North Carolina, with a January 7, 2023, ordering period end date. Using customers are Army, Navy, Air Force, Marine Corps and Coast Guard. Type of appropriation is FY21 through FY23 defense working capital funds. The contracting agency is the Defense Logistics Agency.
Fly Intel: Top five analyst upgrades » 09:5601/0601/06/21
PFGC, WING, MET, MA, CTAS
Catch up on today's…
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Performance Food Group (PFGC) upgraded to Overweight from Equal Weight at Barclays with analyst Jeffrey Bernstein saying the company offers a "compelling combination" of strong organic sales and EBITDA growth. coupled with significant market share gains and acquisition optionality. 2. Wingstop (WING) upgraded to Overweight from Equal Weight at Barclays with analyst Jeffrey Bernstein saying Wingstop offers an "attractive combination" of outsized comp and unit growth. 3. MetLife (MET) upgraded to Overweight from Neutral at Piper Sandler with analyst John Barnidge saying he's "grown to appreciate" the vision insurance transaction and he notes that MetLife is materially repurchasing stock. Further, the company's property and casualty business sale reduces earnings volatility, Barnidge tells investors in a research note. 4. MasterCard (MA) upgraded to Buy from Neutral at BofA with analyst Jason Kupferberg saying the company is an ideal way to get exposure to macro and consumer spending recovery as vaccine distribution accelerates. 5. Cintas (CTAS) upgraded to Equal Weight from Underweight at Morgan Stanley with analyst Toni Kaplan saying she still views Cintas' valuation as expensive relative to the stock's history, but thinks Cintas could "prove to be a solid compounder" in a cyclical recovery. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Wyndham Destinations price target raised to $63 from $41 at Deutsche Bank » 07:3701/0601/06/21
Deutsche Bank analyst…
Deutsche Bank analyst Chris Woronka raised the firm's price target on Wyndham Destinations (WYND) to $63 from $41 and keeps a Buy rating on the shares. Woronka believes Wyndham Destinations can close the valuation "disconnect" to Marriott Vacations (VAC) over time.
Marriott Vacations price target raised to $128 from $88 at Deutsche Bank » 07:3501/0601/06/21
Deutsche Bank analyst…
Deutsche Bank analyst Chris Woronka raised the firm's price target on Marriott Vacations to $128 from $88 and keeps a Hold rating on the shares. A "healthy dose of optimism" about a post-Covid recovery in timeshare is now in the stocks following the Q4 rally, Woronka tells investors in a research note.
Performance Food upgraded to Overweight with 27% upside at Barclays » 06:0801/0601/06/21
Barclays analyst Jeffrey…
Barclays analyst Jeffrey Bernstein upgraded Performance Food Group to Overweight from Equal Weight with a price target of $60, up from $46. The company offers a "compelling combination" of strong organic sales and EBITDA growth. coupled with significant market share gains and acquisition optionality, Bernstein tells investors in a research note. The analyst sees 27% upside in the shares.
Performance Food Group upgraded to Overweight from Equal Weight at Barclays » 04:4801/0601/06/21
Barclays analyst Jeffrey…
Barclays analyst Jeffrey Bernstein upgraded Performance Food Group to Overweight from Equal Weight with a $60 price target.
Marriott Vacations promotes John Geller, Jr. to President » 08:3401/0401/04/21
Marriott Vacations Worldwide is pleased to announce the promotion of John Geller, Jr. to the position of president of Marriott Vacations Worldwide, along with the continuation of his current role as CFO.