Morningstar (MORN) Raises Quarterly Dividend 8.7% to $0.25, 1.1% Yield; Announces $500M Share Buyback
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Morningstar (NASDAQ: MORN) declared a quarterly dividend of $0.25 per share, or $1 annualized. This is an 8.7% increase from the prior dividend of $0.23.
The dividend will be payable on January 31, 2018, to stockholders of record on January 5, 2018, with an ex-dividend date of January 4, 2018.
The annual yield on the dividend is 1.1 percent.
Morningstar's board also approved a new share repurchase program that authorizes the company to repurchase up to $500 million in shares of the company's outstanding common stock, effective Jan. 1, 2018. The existing program expires on Dec. 31, 2017. The share repurchase authorization permits the company to repurchase shares from time to time at prevailing market prices on the open market or in private transactions in amounts that management deems appropriate.
"Given the momentum in our business, our strong balance sheet, and healthy cash flow, an increased dividend and greater capacity under a new share repurchase program are the appropriate steps in continuing to grow shareholder value," said Kunal Kapoor, chief executive officer of Morningstar.
For a dividend history and other dividend-related data on Morningstar (MORN) click here.
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Create E-mail Alert Related CategoriesCorporate News, Dividend Hike, Dividends, Hot Corp. News, Hot Dividends, Management Comments, Stock Buybacks
Related EntitiesMorningstar, Inc., Dividend, Stock Buyback
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