Greenwood Gearhart Inc. Boosts Stock Position in Invesco QQQ $QQQ

Key Points

• Greenwood Gearhart Inc. increased its stake in Invesco QQQ by 30.1% during the second quarter, owning 82,547 shares valued at approximately $45.5 million.
• Other institutional investors, including Kingstone Capital Partners and Goldman Sachs, have also significantly increased their holdings in Invesco QQQ, demonstrating strong interest in the ETF.
• Invesco QQQ declared a quarterly dividend of $0.694, which marks an increase from its previous dividend, with a yield of 0.5%.

Greenwood Gearhart Inc. increased its stake in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 30.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 82,547 shares of the exchange traded fund's stock after purchasing an additional 19,120 shares during the quarter. Invesco QQQ makes up approximately 2.8% of Greenwood Gearhart Inc.'s holdings, making the stock its 11th largest holding. Greenwood Gearhart Inc.'s holdings in Invesco QQQ were worth $45,536,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in QQQ. Kingstone Capital Partners Texas LLC increased its position in 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 purchasing an additional 67,605,770 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Invesco QQQ by 959.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 24,097,975 shares of the exchange traded fund's stock worth $11,300,023,000 after purchasing an additional 21,823,765 shares in the last quarter. Mullooly Asset Management Inc. purchased a new stake in Invesco QQQ during the 1st quarter worth about $2,775,904,000. Spear Holdings RSC Ltd purchased a new stake in Invesco QQQ during the 1st quarter worth about $474,600,000. Finally, Altimeter Capital Management LP purchased a new stake in Invesco QQQ during the 1st quarter worth about $463,293,000. Hedge funds and other institutional investors own 44.58% of the company's stock.

Invesco QQQ Trading Down 3.5%

Invesco QQQ stock opened at $589.55 on Friday. The stock has a 50-day moving average price of $583.89 and a 200 day moving average price of $536.30. Invesco QQQ has a 52 week low of $402.39 and a 52 week high of $613.18.

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 issued a $0.694 dividend. This is a positive change from Invesco QQQ's previous quarterly dividend of $0.59. The ex-dividend date is Monday, September 22nd. This represents a $2.78 annualized dividend and a yield of 0.5%.

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.

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