Mansueto Joseph D 4

What Happened
Joseph D. Mansueto, a 10% owner of Morningstar, reported open‑market sales of 21,228 shares of MORN between May 18 and May 20, 2026, generating total proceeds of approximately $3,718,526. Individual blocks ranged from 24 to 5,704 shares at reported prices mostly between about $171 and $182 per share; several larger blocks were executed as multiple trades and reported at weighted‑average prices.

Key Details

• Transaction dates: May 18–20, 2026. Report filed May 20, 2026 (appears timely under Form 4 rules).
• Total sold: 21,228 shares for aggregate proceeds ≈ $3,718,526.
• Price range (reported/weighted): roughly $170.84 to $182.13 depending on the trades; many entries note multiple trade executions with weighted averages (see footnotes F2–F16).
• Plan/authorization: Sales were effected pursuant to a Rule 10b5‑1 trading plan adopted Nov 19, 2025 (Footnote F1).
• Ownership structure notes: Some shares are held in grantor retained annuity trusts and trusts for the benefit of the reporting person’s children; the reporting person or spouse serves as trustee (F17, F18).
• Shares owned after the transactions: not disclosed in the provided summary.

Context
These were outright open‑market sales by a 10% owner under a pre‑arranged 10b5‑1 plan. Such planned sales are common for liquidity, tax or estate planning and do not by themselves indicate insider sentiment about the company’s near‑term prospects. For retail investors, purchases by insiders tend to be more informative about confidence than routine sales.