Morningstar, Inc. $MORN Shares Acquired by TD Waterhouse Canada Inc.

Key Points

• TD Waterhouse Canada Inc. increased its Morningstar stake by 2,895.6% in the third quarter, purchasing 12,596 additional shares and ending the period with a position worth approximately $2.49 million. Institutional investors collectively own 57.02% of the company.
• Morningstar shares received generally positive analyst coverage, with an average “Moderate Buy” rating and a consensus price target of $235.67. BMO raised its target to $237, while UBS lowered its target to $260 but maintained a Buy rating.
• The company reported quarterly EPS of $3.10, beating estimates of $2.83, while revenue reached $663.2 million versus expectations of $649.72 million. The stock opened at $211.76 and was up 3.0%.

TD Waterhouse Canada Inc. grew its position in Morningstar, Inc. (NASDAQ:MORN - Free Report) by 2,895.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,031 shares of the business services provider's stock after buying an additional 12,596 shares during the quarter. TD Waterhouse Canada Inc.'s holdings in Morningstar were worth $2,491,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Grove Bank & Trust purchased a new position in shares of Morningstar during the second quarter valued at $25,000. Cassaday & Co Wealth Management LLC bought a new stake in shares of Morningstar in the first quarter valued at about $26,000. Fortitude Family Office LLC lifted its stake in Morningstar by 260.0% in the third quarter. Fortitude Family Office LLC now owns 234 shares of the business services provider's stock worth $44,000 after acquiring an additional 169 shares during the period. Global Retirement Partners LLC purchased a new stake in Morningstar in the second quarter worth about $49,000. Finally, IFP Advisors Inc lifted its stake in Morningstar by 45.2% in the second quarter. IFP Advisors Inc now owns 315 shares of the business services provider's stock worth $49,000 after acquiring an additional 98 shares during the period. Institutional investors own 57.02% of the company's stock.

Insider Buying and Selling at Morningstar

In related news, Chairman Joseph Mansueto sold 5,659 shares of the business's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $218.84, for a total transaction of $1,238,415.56. Following the transaction, the chairman directly owned 7,938,192 shares in the company, valued at $1,737,193,937.28. The trade was a 0.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 86,500 shares of company stock valued at $17,824,451. 38.80% of the stock is owned by company insiders.

Analyst Ratings Changes

MORN has been the topic of several recent research reports. BMO Capital Markets increased their target price on shares of Morningstar from $230.00 to $237.00 and gave the stock an "outperform" rating in a report on Tuesday, October 13th. Wall Street Zen upgraded shares of Morningstar from a "hold" rating to a "buy" rating in a report on Saturday, September 26th. UBS Group lowered their price target on shares of Morningstar from $280.00 to $260.00 and set a "buy" rating for the company in a research report on Tuesday, July 7th. Finally, Weiss Ratings raised shares of Morningstar from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, October 9th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $235.67.

Morningstar Trading Up 3.0%

NASDAQ:MORN opened at $211.76 on Wednesday. The stock has a market capitalization of $7.94 billion, a price-to-earnings ratio of 20.05 and a beta of 1.02. Morningstar, Inc. has a 52 week low of $141.49 and a 52 week high of $223.79. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 1.66. The firm has a 50 day moving average of $203.92 and a 200 day moving average of $185.60.

Morningstar (NASDAQ:MORN - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The business services provider reported $3.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.27. The business had revenue of $663.20 million for the quarter, compared to analyst estimates of $649.72 million. Morningstar had a net margin of 16.43% and a return on equity of 38.57%.

Morningstar Company Profile

Morningstar, Inc is a global provider of independent investment research, data, and financial technology. The company serves asset managers, financial advisors, institutions, retirement plans, and individual investors with information designed to support investment analysis and decision-making.

Its products and services include research and ratings on mutual funds, exchange-traded funds, stocks, bonds, and other investments; portfolio analysis and planning tools; investment-management and advisory services; and software and data solutions for financial professionals and institutions.

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