Morningstar (NASDAQ:MORN) declared that its board has initiated a share buyback program, which authorizes the company to buyback $500.00 million in shares on Friday, December 8th, EventVestor reports. This buyback authorization authorizes the business services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Separately, BidaskClub raised shares of Morningstar from a “buy” rating to a “strong-buy” rating in a research note on Monday, August 14th.

Shares of Morningstar (NASDAQ:MORN) traded down $1.26 during mid-day trading on Friday, hitting $92.53. 53,606 shares of the stock traded hands, compared to its average volume of 42,140. Morningstar has a 52 week low of $68.43 and a 52 week high of $95.07. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.69 and a current ratio of 1.69. The stock has a market capitalization of $3,988.86, a P/E ratio of 35.66 and a beta of 0.78.

In other news, Director Gail S. Landis sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $85.00, for a total value of $42,500.00. Following the completion of the transaction, the director now directly owns 7,381 shares in the company, valued at $627,385. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven N. Kaplan sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $91.85, for a total transaction of $229,625.00. Following the completion of the transaction, the director now owns 44,821 shares of the company’s stock, valued at $4,116,808.85. The disclosure for this sale can be found here. Insiders have sold 23,500 shares of company stock valued at $2,024,825 in the last quarter. Company insiders own 57.40% of the company’s stock.

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Morningstar Company Profile

Morningstar, Inc is a provider of independent investment research in North America, Europe, Australia, and Asia. The Company focuses to create products that help investors reach their financial goals. It offers a range of data, software, research, and investment management offerings for financial advisors, asset managers, sponsors, and individual investors.

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