Drake & Associates LLC Has $9.51 Million Stock Position in Invesco QQQ (NASDAQ:QQQ)

Drake & Associates LLC lifted its stake in Invesco QQQ (NASDAQ:QQQ - Free Report) by 4.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,283 shares of the exchange traded fund's stock after purchasing an additional 774 shares during the quarter. Invesco QQQ accounts for 2.7% of Drake & Associates LLC's portfolio, making the stock its 14th largest position. Drake & Associates LLC's holdings in Invesco QQQ were worth $9,511,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bridge Generations Wealth Management LLC acquired a new position in Invesco QQQ during the fourth quarter valued at approximately $35,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in Invesco QQQ during the fourth quarter valued at approximately $36,000. Alpine Bank Wealth Management acquired a new position in Invesco QQQ during the first quarter valued at approximately $50,000. Westend Capital Management LLC acquired a new position in Invesco QQQ during the first quarter valued at approximately $51,000. Finally, Banque Transatlantique SA acquired a new position in Invesco QQQ during the fourth quarter valued at approximately $57,000. Institutional investors own 44.58% of the company's stock.

Invesco QQQ Trading Down 0.8%

Shares of Invesco QQQ stock traded down $4.19 during midday trading on Monday, hitting $552.03. The company had a trading volume of 45,126,311 shares, compared to its average volume of 39,298,673. The business's 50 day simple moving average is $519.53 and its two-hundred day simple moving average is $504.60. Invesco QQQ has a 1-year low of $402.39 and a 1-year high of $557.20.

Invesco QQQ Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 23rd will be paid a dividend of $0.5911 per share. The ex-dividend date of this dividend is Monday, June 23rd. This represents a $2.36 dividend on an annualized basis and a 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.