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In a move to avoid potential conflicts of interest with his future Congressional work, George Whitesides, representative of California’s 27th congressional district, has sold off multiple stock holdings, according to a recent congressional trade report. The portfolio restructuring involves several major companies that InvestingPro tracks with comprehensive financial metrics, valuation analysis, and real-time market insights.
Whitesides sold his individual holdings in a wide range of companies, transitioning from single stock, company-specific investments into passive exchange-traded funds (ETFs) and mutual funds. This decision aligns with best practices for avoiding potential conflicts of interest.
The stocks sold by Whitesides include American Electric Power Company, Inc. (NYSE:NASDAQ:AEP) and Bank of America Corporation Common Stock (NYSE:BAC), each valued between $15,001 and $50,000. He also sold his stocks in Chubb Limited Common Stock (NYSE:CB) and Coca-Cola Company (NYSE:KO), each valued between $100,001 and $250,000. For investors looking to make informed decisions about these blue-chip stocks, InvestingPro offers detailed Fair Value assessments, financial health scores, and expert analysis of each company’s market position.
The report also showed the sale of Comcast Corporation - Class A Common Stock (NASDAQ:CMCSA) valued between $50,001 and $100,000, and Diageo (LON:DGE) plc Common Stock (NYSE:DEO) valued between $15,001 and $50,000.
In addition, Whitesides sold his holdings in Home Depot , Inc. (NYSE:HD) and Innoviva, Inc. - Common Stock (NASDAQ:INVA), each valued between $100,001 and $250,000. His holdings in Intel Corporation - Common Stock (NASDAQ:INTC) and Johnson & Johnson Common Stock (NYSE:JNJ) were sold for between $15,001 and $50,000 and $100,001 and $250,000 respectively.
Whitesides’ divestments also included JP Morgan Chase & Co. Common Stock (NYSE:JPM) and Linde (NYSE:LIN) plc - Ordinary Shares (NYSE:LIN), each valued between $50,001 and $100,000 and $100,001 and $250,000 respectively.
The congressional trade report showed that Whitesides’ transactions were made from his individual account. The report also highlighted transactions from the Hummingbird Circle Trust and Loretta Whitesides Individual accounts, suggesting a broad restructuring of the representative’s financial portfolio.
Whitesides’ decision to move from single stock holdings into passive ETFs and mutual funds is a common practice among public officials seeking to avoid potential conflicts of interest. By investing in broad market funds, officials can maintain their investments while reducing the risk of perceived or actual conflicts between their financial interests and their public duties. For investors interested in making similar portfolio transitions, InvestingPro’s advanced screening tools and portfolio analysis features can help identify suitable ETFs and evaluate potential investment alternatives based on comprehensive market data and expert insights.
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