Concorde Asset Management LLC Cuts Stake in Invesco QQQ $QQQ

Key Points

• Concorde Asset Management LLC reduced its stake in Invesco QQQ by 84.2%, selling 15,941 shares and now holding 2,998 shares worth approximately $1.4 million.
• Other institutional investors have adjusted their stakes in Invesco QQQ, with Brandywine Trust Co. and AQR Capital Management both significantly increasing their holdings.
• Invesco QQQ recently declared a quarterly dividend of $0.5911 per share, reflecting an annual yield of 0.4%.

Concorde Asset Management LLC cut its stake in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 84.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,998 shares of the exchange traded fund's stock after selling 15,941 shares during the quarter. Invesco QQQ makes up approximately 0.7% of Concorde Asset Management LLC's holdings, making the stock its 16th biggest holding. Concorde Asset Management LLC's holdings in Invesco QQQ were worth $1,402,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Goldman Sachs Group Inc. increased its holdings in Invesco QQQ by 959.6% during the first quarter. Goldman Sachs Group Inc. now owns 24,097,975 shares of the exchange traded fund's stock valued at $11,300,023,000 after buying an additional 21,823,765 shares during the period. Mullooly Asset Management Inc. purchased a new position in Invesco QQQ during the first quarter valued at approximately $2,775,904,000. NWI Management LP grew its holdings in Invesco QQQ by 121.6% in the fourth quarter. NWI Management LP now owns 648,000 shares of the exchange traded fund's stock worth $331,277,000 after purchasing an additional 3,648,000 shares during the last quarter. GAMMA Investing LLC grew its holdings in Invesco QQQ by 55,795.2% in the first quarter. GAMMA Investing LLC now owns 1,871,929 shares of the exchange traded fund's stock worth $8,777,850,000 after purchasing an additional 1,868,580 shares during the last quarter. Finally, Spear Holdings RSC Ltd acquired a new stake in shares of Invesco QQQ during the first quarter worth $474,600,000. 44.58% of the stock is owned by hedge funds and other institutional investors.

Invesco QQQ Trading Up 0.1%

NASDAQ QQQ traded up $0.83 on Friday, reaching $576.06. 68,270,403 shares of the company's stock traded hands, compared to its average volume of 44,029,224. The stock has a 50 day moving average price of $565.25 and a 200-day moving average price of $518.46. Invesco QQQ has a fifty-two week low of $402.39 and a fifty-two week high of $583.32.

Invesco QQQ Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 23rd were given a dividend of $0.5911 per share. The ex-dividend date was Monday, June 23rd. This represents a $2.36 dividend on an annualized basis 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.