Invesco QQQ (NASDAQ:QQQ) Holdings Cut by Drive Wealth Management LLC

Key Points

• Drive Wealth Management LLC has reduced its stake in Invesco QQQ by 41.6%, now holding only 936 shares worth $440,000 after selling 667 shares in the first quarter.
• Multiple institutional investors have increased their positions in Invesco QQQ, with new stakes purchased totaling amounts ranging from $35,000 to $57,000 during recent quarters.
• The quarterly dividend for Invesco QQQ is set at $0.5911 to be paid on July 31, which translates to an annualized yield of 0.42%.

Drive Wealth Management LLC reduced its stake in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 41.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 936 shares of the exchange traded fund's stock after selling 667 shares during the period. Drive Wealth Management LLC's holdings in Invesco QQQ were worth $440,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Caliber Wealth Management LLC KS acquired a new position in Invesco QQQ during the first quarter worth approximately $13,939,000. Denver PWM LLC increased its position in shares of Invesco QQQ by 2.8% during the 1st quarter. Denver PWM LLC now owns 3,361 shares of the exchange traded fund's stock worth $1,576,000 after purchasing an additional 93 shares in the last quarter. USAdvisors Wealth Management LLC grew its position in shares of Invesco QQQ by 0.7% during the 1st quarter. USAdvisors Wealth Management LLC now owns 65,540 shares of the exchange traded fund's stock worth $30,733,000 after buying an additional 455 shares during the period. Nicholas Wealth LLC. lifted its position in shares of Invesco QQQ by 33.1% in the first quarter. Nicholas Wealth LLC. now owns 3,694 shares of the exchange traded fund's stock worth $1,732,000 after purchasing an additional 919 shares in the last quarter. Finally, Avantax Advisory Services Inc. grew its stake in shares of Invesco QQQ by 16.9% in the first quarter. Avantax Advisory Services Inc. now owns 469,678 shares of the exchange traded fund's stock valued at $220,242,000 after acquiring an additional 67,974 shares in the last quarter. 44.58% of the stock is currently owned by institutional investors and hedge funds.

Invesco QQQ Stock Performance

NASDAQ:QQQ traded down $0.00 during mid-day trading on Tuesday, reaching $568.14. The stock had a trading volume of 19,452,767 shares, compared to its average volume of 44,464,977. The firm has a 50 day moving average price of $540.06 and a two-hundred day moving average price of $509.18. Invesco QQQ has a one year low of $402.39 and a one year high of $572.11.

Invesco QQQ Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 23rd will be given a dividend of $0.5911 per share. This represents a $2.36 annualized dividend and a yield of 0.42%. The ex-dividend date of this dividend is Monday, June 23rd.

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.