Altimeter Capital Management LP Purchases Shares of 988,000 Invesco QQQ $QQQ

Key Points

• Altimeter Capital Management LP has invested approximately $463.29 million to acquire 988,000 shares of Invesco QQQ, making it the third largest position in its portfolio, accounting for 9.3% of their holdings.
• Other hedge funds, including Amundi and Ancora Advisors LLC, have also increased their positions in Invesco QQQ, demonstrating growing interest among institutional investors.
• Invesco QQQ declared a quarterly dividend of $0.5911 per share, resulting in an annualized dividend yield of 0.4% as of late June.

Altimeter Capital Management LP purchased a new stake in Invesco QQQ (NASDAQ:QQQ - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 988,000 shares of the exchange traded fund's stock, valued at approximately $463,293,000. Invesco QQQ makes up 9.3% of Altimeter Capital Management LP's holdings, making the stock its 3rd biggest position. Altimeter Capital Management LP owned 0.16% of Invesco QQQ at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in QQQ. Wilkins Miller Wealth Management LLC purchased a new stake in Invesco QQQ during the 4th quarter worth about $1,018,000. Sentinus LLC increased its position in Invesco QQQ by 17.6% during the 4th quarter. Sentinus LLC now owns 6,468 shares of the exchange traded fund's stock worth $3,307,000 after purchasing an additional 970 shares in the last quarter. Sendero Wealth Management LLC purchased a new stake in Invesco QQQ during the 1st quarter worth about $273,000. Griffith & Werner Inc. purchased a new stake in Invesco QQQ during the 4th quarter worth about $583,000. Finally, GSG Advisors LLC increased its position in Invesco QQQ by 8.2% during the 1st quarter. GSG Advisors LLC now owns 7,726 shares of the exchange traded fund's stock worth $3,600,000 after purchasing an additional 585 shares in the last quarter. Hedge funds and other institutional investors own 44.58% of the company's stock.

Invesco QQQ Trading Up 0.9%

Invesco QQQ stock traded up $5.16 during midday trading on Thursday, reaching $575.23. 47,304,907 shares of the company were exchanged, compared to its average volume of 43,876,056. The firm's 50-day simple moving average is $564.69 and its 200-day simple moving average is $518.35. Invesco QQQ has a 1 year low of $402.39 and a 1 year high of $583.32.

Invesco QQQ Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, June 23rd were issued a $0.5911 dividend. The ex-dividend date was Monday, June 23rd. This represents a $2.36 annualized dividend and a yield of 0.4%.

Invesco QQQ Profile

PowerShares QQQ Trust, Series 1 is a unit investment trust that issues securities called Nasdaq-100 Index Tracking Stock. The Trust's investment objective is to provide investment results that generally correspond to the price and yield performance of the Nasdaq-100 Index. The Trust provides investors with the opportunity to purchase units of beneficial interest in the Trust representing proportionate undivided interests in the portfolio of securities held by the Trust, which consists of substantially all of the securities, in substantially the same weighting, as the component securities of the Nasdaq-100 Index.