CNO Financial (NYSE:CNO) Group, Inc.'s (NYSE:CNO) Chief Financial Officer, Paul H. McDonough, has recently sold a significant amount of company stock, totaling over $536,000. The transactions were executed on two separate occasions within the same week.
On March 18, 2024, McDonough sold 10,828 shares of CNO Financial's common stock at a weighted average price of $26.362 per share. This sale fell within a price range from $26.275 to $26.50 per share. Following this transaction, he continued to hold 192,134.077 shares in the company.
Two days later, on March 20, the CFO sold an additional 9,410 shares. This time the weighted average sale price was slightly higher at $26.642 per share, with individual sales ranging from $26.547 to $26.72 per share. After this sale, McDonough's ownership in the company was adjusted to 182,724.007 shares.
Both sets of transactions were conducted under a Rule 10b5-1 trading plan, which McDonough had adopted on November 17, 2023. Such plans allow company insiders to establish predetermined trading arrangements for selling stocks at a time when they are not in possession of material non-public information.
The filings indicate that McDonough made these sales as direct transactions, and the full details of the sales, including the number of shares sold at each separate price point, are available upon request by the SEC staff, the issuer, or any security holder of the issuer.
These recent sales by a high-ranking executive of CNO Financial Group are noteworthy events for investors and market watchers, providing insight into the actions of the company's insiders.
InvestingPro Insights
Amid the recent news of CNO Financial Group, Inc.'s (NYSE:CNO) CFO Paul H. McDonough selling company stock, investors may be seeking context to understand the company's current financial health and future outlook. A glance at the real-time data from InvestingPro offers a snapshot of the company's market performance and stability.
CNO Financial's market capitalization stands at $2.95 billion, reflecting the company's substantial presence in the market. With a P/E ratio of 10.67, the company is positioned below the industry average, suggesting that its stock might be undervalued given its earnings. This is further supported by a price to book ratio of 1.33, which can indicate that the market price closely aligns with the company's actual net asset value.
InvestingPro Tips highlight several positive aspects of CNO Financial's financial practices. Notably, the company has a commendable track record of raising its dividend for 12 consecutive years and has maintained dividend payments for 13 consecutive years, signaling a commitment to returning value to shareholders. Additionally, analysts predict the company will be profitable this year, which is corroborated by the company being profitable over the last twelve months.
For investors looking to delve deeper into CNO Financial's performance and stability, additional InvestingPro Tips are available. In total, there are 6 more tips that can be accessed by visiting InvestingPro, providing further insights that could be highly valuable for making informed investment decisions. To enhance your experience, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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