Endeavour Group (ASX:EDV) is targeting AU$300 million of cost savings to be delivered by fiscal 2029, according to a Wednesday Australian bourse filing.

The company revised its targeted dividend payout ratio to between 50% and 75% of group underlying net profit after tax, the filing said. It also plans to lift investment in its hotels network via light touch renewals, refurbishments, and whole of venue repositioning.

In the same filing, the company said it will also be exiting the majority of its existing winery and vineyard portfolio, including Chapel Hill, Oakridge, and Josef Chromy, as its Pinnacle Drinks business is repositioned to support retail.

The company's shares fell nearly 4% in recent trading on Wednesday and earlier hit an all-time low.