Drake & Associates LLC Has $1.07 Million Stock Holdings in Invesco QQQ $QQQ

Key Points

• Drake & Associates LLC significantly reduced its holdings in Invesco QQQ by 90.5%, owning 1,930 shares worth approximately $1.07 million after selling over 18,000 shares in the second quarter.
• Other institutional investors also increased their stakes, with Relyea Zuckerberg Hanson LLC growing its investment by 24.5% to hold over 21,000 shares, reflecting a broader interest in the fund.
• Invesco QQQ announced an increase in its quarterly dividend to $0.694, up from $0.59, indicating positive financial performance and a yield of 0.5% for shareholders.

Drake & Associates LLC trimmed its position in Invesco QQQ (NASDAQ:QQQ - Free Report) by 90.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,930 shares of the exchange traded fund's stock after selling 18,353 shares during the quarter. Drake & Associates LLC's holdings in Invesco QQQ were worth $1,065,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Heck Capital Advisors LLC acquired a new stake in shares of Invesco QQQ in the second quarter worth $1,243,000. Next Level Wealth Planning LLC lifted its stake in shares of Invesco QQQ by 5.7% in the second quarter. Next Level Wealth Planning LLC now owns 595 shares of the exchange traded fund's stock worth $328,000 after buying an additional 32 shares during the last quarter. D.B. Root & Company LLC lifted its stake in shares of Invesco QQQ by 10.2% in the second quarter. D.B. Root & Company LLC now owns 2,016 shares of the exchange traded fund's stock worth $1,112,000 after buying an additional 187 shares during the last quarter. Comprehensive Financial Consultants Institutional Inc. lifted its stake in shares of Invesco QQQ by 11.2% in the second quarter. Comprehensive Financial Consultants Institutional Inc. now owns 13,336 shares of the exchange traded fund's stock worth $7,357,000 after buying an additional 1,344 shares during the last quarter. Finally, Relyea Zuckerberg Hanson LLC lifted its stake in shares of Invesco QQQ by 24.5% in the second quarter. Relyea Zuckerberg Hanson LLC now owns 21,143 shares of the exchange traded fund's stock worth $11,663,000 after buying an additional 4,155 shares during the last quarter. 44.58% of the stock is currently owned by institutional investors and hedge funds.

Invesco QQQ Stock Performance

Shares of Invesco QQQ stock opened at $604.51 on Wednesday. The firm has a fifty day simple moving average of $581.39 and a 200-day simple moving average of $533.92. Invesco QQQ has a 1-year low of $402.39 and a 1-year high of $609.71.

Invesco QQQ Increases Dividend

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

About Invesco QQQ

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.

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