In a recent shift of his investment portfolio, Rick Larsen, the representative for Washington's 2nd congressional district, made notable transactions in stocks of several major companies. The trades, as part of a quarterly portfolio rebalance, were conducted through his Individual Retirement Account (IRA), according to the congressional trade report.
Larsen purchased stocks valued between $1,001 and $15,000 from Goldman Sachs Group , Inc. (NYSE:GS) on July 2, 2024. Goldman Sachs, a leading global investment banking, securities, and investment management firm, has been a staple in many investment portfolios.
On the same day, Larsen also sold stocks in the Hartford Financial Services Group, Inc. (NYSE:NYSE:HIG), with the transaction value falling within the same range. Hartford Financial Services Group is a renowned insurance and financial services company.
In addition to these, Larsen made a purchase of stocks from Old Dominion Freight (NASDAQ:ODFL) Line, Inc. - Common Stock (NASDAQ:ODFL), a leading less-than-truckload motor carrier providing regional, inter-regional, and national services. The transaction was valued between $1,001 and $15,000.
Lastly, Larsen sold stocks of Waste Management (NYSE:WM), Inc. Common Stock (NYSE:WM), a comprehensive waste management environmental services company. The transaction was again in the range of $1,001 to $15,000.
InvestingPro Insights
As Rick Larsen adjusts his investment portfolio, it's worth taking a closer look at one of his notable stock picks, Goldman Sachs Group, Inc. (NYSE:GS). According to PRONEWS24, investors can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, which includes an array of additional InvestingPro Tips for Goldman Sachs and other stocks.
Goldman Sachs has demonstrated a strong performance with several positive indicators. The company has a history of rewarding investors, having raised its dividend for 12 consecutive years, which aligns with Larsen's strategy of picking stable and potentially income-generating stocks for his IRA. Moreover, Goldman Sachs has maintained dividend payments for an impressive 26 consecutive years, showcasing its commitment to shareholder returns.
InvestingPro Data also highlights the company's robust financial metrics. Goldman Sachs boasts a market capitalization of 166.9 billion USD, reflecting its significant presence in the capital markets industry. Its P/E ratio stands at 15.66, and when adjusted for the last twelve months as of Q2 2024, it's at an even more attractive 14.16. This is complemented by a PEG ratio of 0.5, suggesting that the stock is potentially undervalued relative to its earnings growth. Additionally, the company's revenue growth is notable, with an 11.74% increase over the last twelve months as of Q2 2024.
For investors looking to delve deeper into Goldman Sachs' performance and prospects, there are 15 additional InvestingPro Tips available, which provide a comprehensive analysis of the company's financial health and market position. These insights could be valuable for those considering following in Larsen's footsteps or looking to make informed investment decisions.
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