Elevation Capital Advisory LLC Sells 17,424 Shares of Invesco QQQ (NASDAQ:QQQ)

Key Points

• Elevation Capital Advisory LLC significantly reduced its holdings in Invesco QQQ by 57.2%, owning 13,031 shares valued at approximately $6.11 million.
• Other institutional investors have also modified their positions, with notable increases from AIA Group Ltd and First American Trust FSB, showing growing interest in Invesco QQQ.
• Invesco QQQ recently cut its quarterly dividend to $0.5911 per share, representing a 0.4% dividend yield.

Elevation Capital Advisory LLC lessened its position in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 57.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,031 shares of the exchange traded fund's stock after selling 17,424 shares during the period. Invesco QQQ comprises 2.7% of Elevation Capital Advisory LLC's holdings, making the stock its 17th largest position. Elevation Capital Advisory LLC's holdings in Invesco QQQ were worth $6,111,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in QQQ. Laird Norton Wetherby Wealth Management LLC grew its position in Invesco QQQ by 0.3% in the 4th quarter. Laird Norton Wetherby Wealth Management LLC now owns 6,024 shares of the exchange traded fund's stock worth $3,080,000 after purchasing an additional 20 shares in the last quarter. Willis Johnson & Associates Inc. grew its position in Invesco QQQ by 2.6% in the 4th quarter. Willis Johnson & Associates Inc. now owns 814 shares of the exchange traded fund's stock worth $416,000 after purchasing an additional 21 shares in the last quarter. MTM Investment Management LLC grew its position in Invesco QQQ by 1.6% in the 1st quarter. MTM Investment Management LLC now owns 1,297 shares of the exchange traded fund's stock worth $613,000 after purchasing an additional 21 shares in the last quarter. Cutler Investment Counsel LLC grew its position in Invesco QQQ by 1.4% in the 1st quarter. Cutler Investment Counsel LLC now owns 1,513 shares of the exchange traded fund's stock worth $710,000 after purchasing an additional 21 shares in the last quarter. Finally, Tobias Financial Advisors Inc. grew its position in Invesco QQQ by 2.8% in the 4th quarter. Tobias Financial Advisors Inc. now owns 812 shares of the exchange traded fund's stock worth $415,000 after purchasing an additional 22 shares in the last quarter. Institutional investors own 44.58% of the company's stock.

Invesco QQQ Trading Up 1.3%

QQQ stock traded up $7.20 during trading on Tuesday, reaching $580.05. The stock had a trading volume of 42,061,779 shares, compared to its average volume of 44,394,500. Invesco QQQ has a one year low of $402.39 and a one year high of $580.35. The company's 50 day moving average is $551.05 and its two-hundred day moving average is $512.86.

Invesco QQQ Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 23rd were given a dividend of $0.5911 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, June 23rd.

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.