Scott Franklin, a Congressman from Florida, recently reported the purchase of Costco Wholesale stock valued between $51,002 to $115,000 on May 23, 2023, according to a Periodic Transaction Report.
What happened: The clerk’s office of the House of Representatives presented a Periodic Transaction Report on May 23, 2023, indicating the purchase of Costco Wholesale shares by Franklin.
As reported at the time of writing, Costco Wholesale shares are down by 0.53% trading at $482.32 per share.
Significance of Congressional Transactions
Congressional transactions hold some importance for investors. A Congressional transaction occurs when a Senator or Representative either buys or sells an individual stock. The information is publicly available when the Congressperson files a Periodic Transaction Report.
The potential value of these transactions for investors lies in the indication they offer. For instance, when a Senator or Representative acquires new shares, this could indicate that they expect the stock to appreciate in value. However, if they sell their shares, it may not necessarily mean that they believe the stock will perform poorly.
In 2012, former US President Barack Obama signed the STOCK Act which prohibits members of Congress from using insider knowledge for personal gain.
Trade Recap
Representative Scott Franklin of Florida received between $51,002 to $115,000 of Costco Wholesale shares in May, according to a recent filing.
This article was created automatically using Benzinga’s content generation tools and reviewed by an editor before publication.
