Jeff Duncan sells stocks in Colgate-Palmolive and JD.com from his Raymond James IRA

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Jeff Duncan sells stocks in Colgate-Palmolive and JD.com from his Raymond James IRA
Credit: © Reuters.

South Carolina's 3rd congressional district representative, Jeff Duncan, has recently made two significant stock transactions. The trades involved stocks of Colgate-Palmolive Company (NYSE: CL ) and JD (NASDAQ: JD ).com, Inc. - American Depositary Shares (NASDAQ:JD).

The transactions, which took place on August 25, 2023, saw Duncan sell shares in both companies. The dollar value of each trade falls within the range of $1,001 to $15,000.

These transactions occurred within Duncan's Individual Retirement Account (IRA) held at Raymond (NS: RYMD ) James. The representative's decision to sell these stocks was prompted by a balance requirement at Raymond James of $10,000. To maintain this balance, Duncan was compelled to sell the stocks.

Following the sale, Duncan rolled the balance into his Thrift Savings Plan (TSP) via the TSP rollover process. He did not have direct access to these funds during the process, ensuring the move remained tax-deferred.

This move is significant as it highlights the shift of Duncan's investments from individual stocks to a more diversified retirement savings plan. It also reflects the necessary adjustments that investors sometimes have to make to comply with the balance requirements of their investment accounts.

InvestingPro Insights

Colgate-Palmolive Company (NYSE:CL), one of the stocks recently sold by Representative Jeff Duncan, has been a topic of interest among analysts. According to InvestingPro Tips, the company has an impressive track record of raising its dividend for 34 consecutive years. This demonstrates a strong commitment to returning value to shareholders over an extended period. Moreover, Colgate-Palmolive operates with a moderate level of debt, which suggests a prudent approach to financial management—a factor that could be reassuring for conservative investors.

On the financial side, the InvestingPro Data metrics reveal a company with a market capitalization of $76.56 billion and a P/E ratio of 29.53, which adjusts to 28.56 for the last twelve months as of Q1 2024. The gross profit margin stands at a robust 59.0%, indicating the company's ability to maintain profitability despite various market conditions. Additionally, Colgate-Palmolive's revenue growth for the last twelve months as of Q1 2024 is reported at 7.71%, showcasing its capacity to expand its business operations.

Investors considering Colgate-Palmolive as part of their portfolio may find these insights particularly valuable, especially in light of recent trading activities by congress members. For those interested in further analysis and additional tips, InvestingPro offers a comprehensive view with a total of 13 InvestingPro Tips for Colgate-Palmolive. To gain deeper insights and access these tips, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

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