Darrow Company Inc. Has $24.93 Million Stock Position in Invesco QQQ $QQQ

Key Points

• Darrow Company Inc. increased its holdings in Invesco QQQ by 4.4% in the second quarter, bringing the value of its shares to $24.93 million, making QQQ its largest investment.
• Several hedge funds made new purchases of Invesco QQQ, indicating growing institutional interest, with 44.58% of the stock now owned by institutional investors.
• Invesco QQQ announced an increase in its quarterly dividend to $0.694 per share, up from the previous $0.59, representing a dividend yield of 0.5%.

Darrow Company Inc. grew its holdings in Invesco QQQ (NASDAQ:QQQ - Free Report) by 4.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 45,218 shares of the exchange traded fund's stock after buying an additional 1,890 shares during the quarter. Invesco QQQ makes up about 12.6% of Darrow Company Inc.'s investment portfolio, making the stock its largest holding. Darrow Company Inc.'s holdings in Invesco QQQ were worth $24,932,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in QQQ. Morgan Dempsey Capital Management LLC purchased a new stake in Invesco QQQ in the second quarter worth $30,000. Marshall & Sullivan Inc. WA bought a new position in Invesco QQQ in the 2nd quarter worth $41,000. Alpine Bank Wealth Management bought a new position in Invesco QQQ in the 1st quarter worth $50,000. Westend Capital Management LLC purchased a new stake in shares of Invesco QQQ in the 1st quarter worth about $51,000. Finally, Blume Capital Management Inc. boosted its stake in shares of Invesco QQQ by 105.0% during the 1st quarter. Blume Capital Management Inc. now owns 121 shares of the exchange traded fund's stock valued at $57,000 after purchasing an additional 2,536 shares in the last quarter. 44.58% of the stock is owned by hedge funds and other institutional investors.

Invesco QQQ Trading Up 1.3%

Shares of NASDAQ QQQ opened at $611.54 on Tuesday. Invesco QQQ has a 1 year low of $402.39 and a 1 year high of $613.18. The company's 50-day moving average is $588.07 and its 200 day moving average is $542.68.

Invesco QQQ Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 22nd will be issued a dividend of $0.694 per share. This is a positive change from Invesco QQQ's previous quarterly dividend of $0.59. The ex-dividend date is Monday, September 22nd. This represents a $2.78 dividend on an annualized basis and a dividend yield of 0.5%.

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.

Want to see what other hedge funds are holding QQQ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Invesco QQQ (NASDAQ:QQQ - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.