BetaInsiders sold $76.3M in the past 12 months.99% was sold under disclosed trading plans, 1% with no plan disclosed. The largest seller, Joseph Mansueto (Executive Chairman, Director), sold $75.8M.Share-of-stake figures for this company are being verified and will be added when that check is finished. Why
A share of stake is shown for 0 of the 4 officers and directors who sold. 14 are left out Disclosed company stock is not an insider's whole wealth.i
Left out: Joseph Mansueto, Kunal Kapoor, Steven Kaplan, William Lyons, Daniel Dunn, Robin Diamonte, Michael Holt, Gail Landis, Caroline Tsay, Conan Wiersema, Cheryl Francis, Stephen Joynt, Doniel Sutton and Anne Bramman (share of stake is being verified).
Officers and directors, past 12 months. Their share of stake is being verified and is not shown yet; amounts and trading plans are below.
Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.
No officer or director trades were reported for the past 30 days. The most recent before that:
| Who | Shares | Price | % of total stake | Total stake after | Trade date | Filed |
|---|---|---|---|---|---|---|
| Michael Holt Chief Financial Officer | 54 | $218.94 | n/a | n/a | Sep 1, 2026 | Sep 2, 2026 |
| Conan Wiersema CAO & Pao | 29 | $218.94 | n/a | n/a | Sep 1, 2026 | Sep 2, 2026 |
Daniel Mansueto reported no open-market sales in the past 12 months. Large shareholders and the funds or companies that board members represent are not part of management, so they are left out of the figures above.
No. Kunal Kapoor reported no open-market sales in the past 12 months.
Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 99% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 0.7% had no disclosed plan. A trading plan schedules sales in advance.
Yes. 1 officer or director reported 1 purchase in the past 12 months (Form 4 code P; rows the filings describe as reinvested dividends, plan purchases, private deals or moves into the person's own trust are not counted).
| Who sold | Amount | % of holdings | Trading plan |
|---|---|---|---|
| Joseph Mansueto Executive Chairman, Director | $75.8M 400K shares | Not confirmedshare of stake is being verified. Why | Disclosed plan |
| William Lyons Director | $324K 1.7K shares | Not confirmedshare of stake is being verified. Why | No plan disclosed |
| Caroline Tsay Director | $131K 600 shares | Not confirmedshare of stake is being verified. Why | No plan disclosed |
| Michael Holt Chief Financial Officer | $45K 270 shares | Not confirmedshare of stake is being verified. Why | No plan disclosed |
Outside holder, reported separately: Daniel Mansueto (a 10% owner, not part of management). No open-market sales reported in the period. Latest filing
Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.
| Insider | Held Oct 13, 2025 | Sold | Held Oct 13, 2026 | Still held |
|---|---|---|---|---|
Joseph Mansueto!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Joseph Mansueto are complete. Executive Chairman, Director | n/a | −400K | n/a | n/a |
Vesting, gifts, unvested awards and holding lines for Joseph MansuetoHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Joseph Mansueto are complete; balances and unit counts will be added when the check is finished. −33Kgifted (net of own trusts) | ||||
Kunal Kapoor!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Kunal Kapoor are complete. CEO, Director | n/a | 0 | n/a | n/a |
Vesting, gifts, unvested awards and holding lines for Kunal KapoorHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Kunal Kapoor are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) −4.5Kwithheld by the company for taxes | ||||
Steven Kaplan!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Steven Kaplan are complete. Director | n/a | 0 | n/a | n/a |
Vesting, gifts, unvested awards and holding lines for Steven KaplanHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Steven Kaplan are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) | ||||
William Lyons!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. See the filing Sales and other transactions for William Lyons are complete. Director | n/a | −1.7K | n/a | n/a |
Vesting, gifts, unvested awards and holding lines for William LyonsHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for William Lyons are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) | ||||
Daniel Dunn!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Daniel Dunn are complete. Chief Revenue Officer | n/a | 0 | n/a | n/a |
Vesting, gifts, unvested awards and holding lines for Daniel DunnHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Daniel Dunn are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) −154withheld by the company for taxes | ||||
Robin Diamonte!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Robin Diamonte are complete. Director | n/a | 0 | n/a | n/a |
Vesting, gifts, unvested awards and holding lines for Robin DiamonteHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Robin Diamonte are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) | ||||
Michael Holt!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. See the filing Sales and other transactions for Michael Holt are complete. Chief Financial Officer | n/a | −270 | n/a | n/a |
Vesting, gifts, unvested awards and holding lines for Michael HoltHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Michael Holt are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) −127withheld by the company for taxes | ||||
Gail Landis!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Gail Landis are complete. Director | n/a | 0 | n/a | n/a |
Vesting, gifts, unvested awards and holding lines for Gail LandisHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Gail Landis are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) | ||||
Caroline Tsay!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Caroline Tsay are complete. Director | n/a | −600 | n/a | n/a |
Vesting, gifts, unvested awards and holding lines for Caroline TsayHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Caroline Tsay are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) | ||||
Conan Wiersema!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. See the filing Sales and other transactions for Conan Wiersema are complete. CAO & Pao | n/a | 0 | n/a | n/a |
Vesting, gifts, unvested awards and holding lines for Conan WiersemaHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Conan Wiersema are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) −162withheld by the company for taxes | ||||
Cheryl Francis!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Cheryl Francis are complete. Director | n/a | 0 | n/a | n/a |
Vesting, gifts, unvested awards and holding lines for Cheryl FrancisHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Cheryl Francis are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) | ||||
Stephen Joynt!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Stephen Joynt are complete. Director | n/a | 0 | n/a | n/a |
Vesting, gifts, unvested awards and holding lines for Stephen JoyntHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Stephen Joynt are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) | ||||
Doniel Sutton!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Doniel Sutton are complete. Director | n/a | 0 | n/a | n/a |
Vesting, gifts, unvested awards and holding lines for Doniel SuttonHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Doniel Sutton are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) | ||||
Anne Bramman!Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Anne Bramman are complete. Director | n/a | 0 | n/a | n/a |
Vesting, gifts, unvested awards and holding lines for Anne BrammanHoldings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Anne Bramman are complete; balances and unit counts will be added when the check is finished. 0gifted (net of own trusts) | ||||
Holdings and share of stake for Morningstar, Inc. are being verified, so no balances, unit counts or percentages are shown. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings.
Officer and director open-market sales: $76.3M across 402,570 shares. Plan status and stated purpose are separate questions, and a sale can have both.
The lighter segment is sales with no plan disclosed in the filing ($500K), including tax-related sales outside a plan.
Sales with no 10b5-1 plan and no tax reference in the filing. $324K of it is William Lyons. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: William Lyons, Aug 3, 2026
4,968 shares ($879K) were withheld by the company for taxes, which isn't a market sale.
1 officer or director bought shares in this period, in 1 trade(Form 4 code P, leaving out rows the filings describe as reinvested dividends, plan purchases, private deals or moves into the person's own trust). Across all their filings on record there are 3 purchase trades.
| Seller | Shares sold | Proceeds | Under a disclosed plan | Share of total | Sales dates |
|---|---|---|---|---|---|
| Joseph Mansueto Executive Chairman, Director | 400K | $75.8M | 100% | 99% | Nov 3, 2025 to Aug 24, 2026 |
| William Lyons Director | 1.7K | $324K | 0% | 0.4% | May 27, 2026 to Aug 3, 2026 |
| Caroline Tsay Director | 600 | $131K | 0% | 0.2% | Dec 29, 2025 to Dec 29, 2025 |
| Michael Holt Chief Financial Officer | 270 | $45K | 0% | 0.1% | May 15, 2026 to May 15, 2026 |
| Month | Sale proceeds | Disclosed plan | To cover taxes | No plan disclosed |
|---|---|---|---|---|
| Oct 2025 | $0 | $0 | $0 | $0 |
| Nov 2025 | $21.2M | $21.2M | $0 | $0 |
| Dec 2025 | $131K | $0 | $0 | $131K |
| Jan 2026 | $0 | $0 | $0 | $0 |
| Feb 2026 | $16.2M | $16.2M | $0 | $0 |
| Mar 2026 | $569K | $569K | $0 | $0 |
| Apr 2026 | $0 | $0 | $0 | $0 |
| May 2026 | $17.4M | $17.2M | $0 | $170K |
| Jun 2026 | $0 | $0 | $0 | $0 |
| Jul 2026 | $0 | $0 | $0 | $0 |
| Aug 2026 | $20.7M | $20.5M | $0 | $199K |
| Sep 2026 | $0 | $0 | $0 | $0 |
| Oct 2026 | $0 | $0 | $0 | $0 |
Less than usual: about half of the 5-year average. 4 insiders sold; the average is 6 a year.
| 12 months ending | Shares sold | Insiders who sold | Proceeds |
|---|---|---|---|
| Oct 13, 2026 Latest 12 months | 403K | 4 | $76.3M |
| Oct 13, 2025 1 year earlier | 455K | 5 | $140M |
| Oct 13, 2024 2 years earlier | 612K | 7 | $177M |
| Oct 14, 2023 3 years earlier | 764K | 5 | $167M |
| Oct 14, 2022 4 years earlier | 1.22M | 6 | $341M |
| Oct 14, 2021 5 years earlier | 1.61M | 9 | $386M |
Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.
Holdings and share of stake are being verified. Balances, unit counts and every share-of-stake figure for Morningstar, Inc. are held back until that check is finished. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings and are complete.
External context: we only cite outside events when a documented connection exists. None is shown for this period.
All 3,609 Forms 3, 4 and 5 on record for Morningstar, Inc. (SEC CIK 1289419), filed from May 2, 2005 to Oct 2, 2026; 59 of them were filed in the 12 months this page covers, retrieved from SEC EDGAR on Oct 13, 2026. Prices are the ones reported in each filing, often weighted averages.
Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.
Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".
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