Tesla Shares Have A Supporter in Congress: House Rep. McKinley Also Likes These 2 Dividend Stocks

Zinger Key Points
  • Congressman McKinley purchased $1,000 to $15,000 shares in Tesla.
  • W.W. Grainger has an aristocratic track record of increasing its dividends for 51 consecutive years.

Republican Congressman David McKinley recently purchased $1,000 to $15,000 shares in Tesla TSLA for a price of $300.80 per share, in an undisclosed position, per Capitol Trades.

After McKinley’s purchase, the Austin, Texas-based car maker continued to sink lower, as his position is now down roughly 26.5% in less than a month.

McKinley, who represents West Virginia and sits on the committee for energy and commerce, sold shares in several companies, including Abbott Laboratories ABT, CarMax Inc. KMX, S&P Global Inc. SPGI and Stanley Black & Decker Inc. SWK, in an undisclosed filing. The shares were sold at prices in a range of between $1,000 to $15,000.

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Here are two dividend stocks McKinley likes:

  • W.W. Grainger Inc. GWW offers a dividend yield of 1.34% or $6.88 per share annually, using quarterly payments, with an aristocratic track record of increasing its dividends for 51 consecutive years. W.W. Grainger, an e-commerce retailer serving roughly 5 million customers through its online and electronic purchasing platforms and vending machines, distributes 1.5 million maintenance, repair, and operating products that are sourced from over 4,500 suppliers. On Sept. 21, congressman McKinley in an undisclosed position purchased between $1,000 to $15,000 in shares of W.W. Grainger at a cost of $516.75 per share.
  • Arthur J. Gallagher & Co. AJG is offering a dividend yield of 1.17% or $2.04 per share annually, making quarterly payments, with a strong track record of increasing its dividends for twelve consecutive years. Arthur J. Gallagher provides insurance brokerage and consulting services to middle-market entities around the world, and the company’s main source of revenue stems from its brokerage segment. In an undisclosed position traded on Sept. 21, congressman McKinley purchases between $1,000 to $15,000 in shares of Arthur J. Gallaher for a price of $174.32 per share, according to Capitol Trades.
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