🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Congressman Rick Larsen buys FedEx sells United Parcel Service stock

EditorFrank DeMatteo
Published 04/11/2024, 05:32 PM

Congressman Rick Larsen from Washington's 2nd congressional district has made notable transactions in his investment portfolio, according to a recent congressional trade report. The trades, which were part of a quarterly portfolio rebalancing conducted by his asset manager, involved FedEx Corporation (NYSE:FDX) and United Parcel Service, Inc. (NYSE:NYSE:UPS).

The report highlights that Larsen purchased stock in FedEx Corporation, with the transaction's value falling within the range of $1,001 to $15,000. FedEx Corporation, a multinational delivery services company, has been a significant player in the logistics industry, making it a potential strategic investment for the congressman's portfolio.

Simultaneously, Larsen sold stocks of United Parcel Service, Inc., another major player in the package delivery and supply chain management sector. The sale was also valued between $1,001 and $15,000. The reasons for the sale were not explicitly stated, but it was part of the same portfolio rebalancing strategy.

Both transactions were made through Larsen's Individual Retirement Account (IRA), specifically the Rick Larsen IRA Ameriprise SPS Managed Account. The report clarifies that Larsen does not directly control these transactions, as they are managed by his asset manager.

It's important to note that these transactions do not necessarily reflect Larsen's personal views on the companies involved. Instead, they are part of a broader investment strategy designed to optimize his portfolio's performance. As always, individual investors should conduct their own research and consult with a financial advisor before making investment decisions.

InvestingPro Insights

Amid the portfolio adjustments by Congressman Rick Larsen, FedEx Corporation (NYSE:FDX) has surfaced as a noteworthy holding. With a market capitalization of $67.08 billion, FedEx stands out as a substantial entity in the Air Freight & Logistics industry. The company's commitment to shareholder returns is evident, having raised its dividend for three consecutive years and maintained dividend payments for 23 consecutive years. This consistent dividend history might have contributed to its appeal in Larsen's investment strategy.

From a valuation standpoint, FedEx is trading at a P/E ratio of 15.48, which adjusts to a more attractive 13.74 when considering the last twelve months as of Q3 2024. This is coupled with a low PEG ratio of 0.3, suggesting that the stock is potentially undervalued relative to its near-term earnings growth. For investors seeking stability, FedEx's stock behavior may be enticing, as it generally trades with low price volatility.

While the company has experienced a revenue decline of -5.51% over the last twelve months as of Q3 2024, analysts predict that FedEx will remain profitable this year, a sentiment underpinned by its profitability over the last twelve months. For those interested in further insights and analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/FDX, where users can also utilize the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription. With 13 analysts having revised their earnings downwards for the upcoming period, these tips could provide valuable context for potential changes in the company's outlook.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.