Automatic Data Processing Inc ADP

Two Wellington Management portfolio managers discuss how they manage risk at Vanguard Wellesley Income, why they’ve taken a liking to busted growth stocks, and where they’re finding durable sources of income.

The moats of these 14 large-cap companies may be wide, but they’re deteriorating.

The financial services and technology sectors each contributed three names to the high-conviction purchases list, and industrials contributed four to the new-money purchases list.

These large companies have sustainable competitive advantages, but their stocks are too pricey for our taste.

We have some concerns about Automatic Data Processing's moat.

We believe Pershing Square's argument for doing so is flawed and nearsighted.

Activist Bill Ackman's claims that ADP can radically boost profitability don't hold water, and shares are already pricing in a rosy scenario.

The firm’s competitive positioning is eroding, leading us to cut our fair value estimate and stewardship ratings.

We are maintaining our fair value estimate amid the bid by Pershing Square to add directors to the ADP board.

Our top managers were net sellers during the most recent period but still found several names worth buying.

Growth in the core payroll business has slowed, but Paychex's wide moat is intact.

A guide to understanding Morningstar analyst-driven stock ratings and how they work together.

These top investment managers put new money to work in several wide-moat names, including United Technologies.

Paychex is one of a few firms with both an abundant capacity to pay a big dividend and a strong willingness to do so, says Morningstar’s Josh Peters.

Despite a fully valued market, stocks are still the best place to be for long-run value creation, and interest rates should have little impact on company fundamentals, says Morningstar's Matt Coffina.

Roundtable Report: At the outset of 2014, Morningstar strategists dig into the market's current valuation and expected return, seek out high-quality U.S. and foreign stock opportunities, size up the role of cash today, assess the Fed's impact on the market, and reveal the best ways to fight inflation.

Morningstar StockInvestor editor Matt Coffina discusses how interest rates, key industry trends, commodity prices, and evaporating margins of safety are impacting StockInvestor's moat-focused Tortoise and Hare portfolios.

Morningstar's top strategists discuss their tips for investing in a rising-rate environment, where equity values lie, and some of their favorite investment ideas right now in this special midyear roundtable.

While credit spreads may tighten modestly, over the longer term the preponderance of credit spread tightening has run its course, says Morningstar's Dave Sekera.

A revitalized housing market, better-than-expected manufacturing data, and favorable seasonal adjustment factors could give a modest boost to September employment, says Morningstar's Bob Johnson.