Bridges Investment Management Inc. Trims Stock Holdings in Invesco QQQ (NASDAQ:QQQ)

Bridges Investment Management Inc. cut its stake in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 43.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 651 shares of the exchange traded fund's stock after selling 504 shares during the period. Bridges Investment Management Inc.'s holdings in Invesco QQQ were worth $305,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Bridge Generations Wealth Management LLC bought a new position in Invesco QQQ in the fourth quarter worth approximately $35,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in Invesco QQQ during the 4th quarter valued at $36,000. Alpine Bank Wealth Management bought a new stake in Invesco QQQ during the 1st quarter valued at $50,000. Westend Capital Management LLC bought a new stake in Invesco QQQ during the 1st quarter valued at $51,000. Finally, Banque Transatlantique SA bought a new stake in Invesco QQQ during the 4th quarter valued at $57,000. Institutional investors own 44.58% of the company's stock.

Invesco QQQ Stock Performance

Shares of QQQ traded down $1.25 during midday trading on Friday, hitting $554.20. 39,558,757 shares of the company's stock traded hands, compared to its average volume of 39,410,558. Invesco QQQ has a 1 year low of $402.39 and a 1 year high of $557.63. The firm's fifty day moving average is $525.75 and its 200-day moving average is $505.74.

Invesco QQQ Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 23rd will be issued a dividend of $0.5911 per share. The ex-dividend date is Monday, June 23rd. This represents a $2.36 annualized dividend and a dividend yield of 0.43%.

Invesco QQQ Company 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.