Congressman Ditches Blue Chip Stocks for Municipal Bonds: Here Are the Sales
Key takeaways
- Rep. Mike Kelly's recent trades, including the sale of blue-chip stocks and a purchase of a municipal bond, are closely watched by retail investors.
- Kelly has made over 75 trades since 2023, totaling more than $5 million
- Kelly's estimate net worth is $16.7 million according to estimates
- ABT is down 10.9% year-to-date
What happened
Rep. Mike Kelly (R-Penn.) sold $1,000 to $15,000 in Abbott Laboratories, $1,000 to $15,000 in Walt Disney Co (DIS), and $15,000 to $50,000 in PepsiCo stock on July 17. He also purchased a $50,000 to $100,000 California community clean energy municipal bond yielding 5% and expiring Oct. 1, 2023.
Why it matters
Kelly's trades are closely watched by retail investors, especially when he sells well-known blue-chip stocks. The transactions were listed as spouse, which could mean that Kelly's wife placed them without his knowledge. Kelly's wife has ties to the oil and gas industries.
Short-term and longer-term
Short-term. Kelly's trades may indicate a shift in his investment strategy, with a focus on municipal bonds over individual stocks.
Longer-term. Kelly's trades may indicate a shift in his investment strategy, with a focus on municipal bonds over individual stocks.