Prudent Investors Network Inc. Has $19.83 Million Stake in Invesco QQQ (NASDAQ:QQQ)

Key Points

• Prudent Investors Network Inc. has reduced its stake in Invesco QQQ (NASDAQ:QQQ) by 29.8%, now holding approximately $19.83 million in shares.
• Other institutional investors have increased their stakes, with Ameriprise Financial raising its holding by 20.2%, and GAMMA Investing LLC seeing a dramatic 55,795.2% increase in its shares.
• Invesco QQQ recently declared a quarterly dividend of $0.5911, with dividends to be paid on July 31st for shareholders on record as of June 23rd.

Prudent Investors Network Inc. decreased its holdings in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 29.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,290 shares of the exchange traded fund's stock after selling 17,962 shares during the quarter. Invesco QQQ comprises approximately 5.6% of Prudent Investors Network Inc.'s holdings, making the stock its 7th biggest holding. Prudent Investors Network Inc.'s holdings in Invesco QQQ were worth $19,831,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. raised its stake in Invesco QQQ by 20.2% during the fourth quarter. Ameriprise Financial Inc. now owns 4,500,368 shares of the exchange traded fund's stock worth $2,300,993,000 after acquiring an additional 756,990 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Invesco QQQ by 34.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,199,820 shares of the exchange traded fund's stock worth $1,124,614,000 after acquiring an additional 568,120 shares during the period. GAMMA Investing LLC raised its stake in Invesco QQQ by 55,795.2% during the first quarter. GAMMA Investing LLC now owns 1,871,929 shares of the exchange traded fund's stock worth $8,777,850,000 after acquiring an additional 1,868,580 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in Invesco QQQ by 1.1% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 1,342,830 shares of the exchange traded fund's stock worth $629,680,000 after acquiring an additional 14,017 shares during the period. Finally, Senator Investment Group LP acquired a new stake in shares of Invesco QQQ in the fourth quarter valued at approximately $679,936,000. Institutional investors and hedge funds own 44.58% of the company's stock.

Invesco QQQ Price Performance

Shares of NASDAQ:QQQ traded up $1.36 during trading hours on Friday, hitting $566.37. The stock had a trading volume of 30,579,821 shares, compared to its average volume of 40,473,144. The stock's fifty day simple moving average is $539.14 and its 200 day simple moving average is $508.84. Invesco QQQ has a 1-year low of $402.39 and a 1-year high of $567.70.

Invesco QQQ Cuts Dividend

The company 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 $0.5911 dividend. The ex-dividend date is Monday, June 23rd. This represents a $2.36 annualized dividend and a dividend yield of 0.42%.

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.