Financial Enhancement Group LLC Invests $25.88 Million in Invesco QQQ $QQQ

Key Points

• Financial Enhancement Group LLC acquired 46,700 shares of Invesco QQQ, valued at approximately $25.9 million, making it the firm's 4th largest holding.
• Invesco QQQ recently announced a dividend increase to $0.694 per share, which will be paid on October 31, marking a rise from its previous quarterly dividend of $0.59.
• As of now, institutional investors own 44.58% of Invesco QQQ's stock, indicating a strong interest from large financial entities.

Financial Enhancement Group LLC purchased a new position in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 46,700 shares of the exchange traded fund's stock, valued at approximately $25,881,000. Invesco QQQ comprises about 3.7% of Financial Enhancement Group LLC's portfolio, making the stock its 4th biggest position.

Several other hedge funds also recently made changes to their positions in the business. Kingstone Capital Partners Texas LLC boosted its stake in shares of Invesco QQQ by 704,593.7% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 67,615,365 shares of the exchange traded fund's stock worth $37,299,340,000 after buying an additional 67,605,770 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Invesco QQQ by 959.6% during the first quarter. Goldman Sachs Group Inc. now owns 24,097,975 shares of the exchange traded fund's stock valued at $11,300,023,000 after purchasing an additional 21,823,765 shares during the last quarter. Mullooly Asset Management Inc. bought a new position in Invesco QQQ in the first quarter valued at approximately $2,775,904,000. GAMMA Investing LLC raised its stake in shares of Invesco QQQ by 55,795.2% during the 1st quarter. GAMMA Investing LLC now owns 1,871,929 shares of the exchange traded fund's stock worth $8,777,850,000 after purchasing an additional 1,868,580 shares in the last quarter. Finally, Spear Holdings RSC Ltd bought a new stake in shares of Invesco QQQ during the 1st quarter worth approximately $474,600,000. 44.58% of the stock is owned by institutional investors.

Invesco QQQ Price Performance

Shares of NASDAQ:QQQ traded up $2.85 during midday trading on Monday, hitting $602.20. The stock had a trading volume of 57,065,386 shares, compared to its average volume of 47,450,008. Invesco QQQ has a 12 month low of $402.39 and a 12 month high of $602.87. The business's 50-day simple moving average is $573.11 and its 200-day simple moving average is $524.79.

Invesco QQQ Increases Dividend

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

Invesco QQQ 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.