A member of Congress recently disclosed numerous stock trades, with some new names bought and some of the Magnificent Seven stocks sold. Here’s a look at the trades and the Congress member’s trading history.
Congressman Buys Consumer Names
Rep. Scott Franklin (R-Fla.) recently made his first stock trades since February, moves that can be viewed on the Benzinga Government Trades page.
Among the transactions disclosed were:
- Aug. 20: Sold $1,000 to $15,000 in Apple Inc (NASDAQ:AAPL) stock
- Aug. 20: Sold $1,000 to $15,000 in Alphabet (NASDAQ:GOOG) stock
- Aug. 20: Sold $1,000 to $15,000 in Alphabet stock
- Aug. 26: Bought $1,000 to $15,000 in McDonald’s Corp (NYSE:MCD) stock
- Aug. 26: Bought $1,000 to $15,000 in PepsiCo (NASDAQ:PEP) stock
- Aug. 26: Bought $1,000 to $15,000 in PepsiCo stock
A look at the trades above show a switch from Magnificent Seven and big technology names to consumer goods like PepsiCo and McDonald’s, a top restaurant.
The moves may be risky given the rising inflation and higher consumer costs on goods at McDonald’s and from PepsiCo. Franklin’s timing may indicate he thinks the worst of inflation is behind consumers and that the companies could be winners moving forward.
Franklin also sold JPMorgan (NYSE:JPM) stock and bought shares of Accenture (NYSE:ACN) and Novo Nordisk (NYSE:NVO).
Franklin’s Trading History
As mentioned above, these were the first disclosed transactions by the congressman since February, but are certainly not among his first overall.
Franklin has made 290 stock trades totaling $80.9 million since 2021, according to data from Quiver Quantitative.
The majority of that trading occurred in 2021, totaling $62.1 million.
Last year, Franklin bought and sold $4.8 million in shares. This year, the total is around $187,000.
In recent years, Franklin has been selling more than buying, which could indicate profit-taking, bearishness, or tax-related activity.
Photo: Shutterstock
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