Invesco QQQ (NASDAQ:QQQ) Position Trimmed by King Wealth Management Group

Key Points

• King Wealth Management Group decreased its position in Invesco QQQ shares by 0.6%, owning 119,453 shares valued at approximately $56 million, making it the firm's 2nd largest holding.
• Several institutional investors have recently acquired new stakes in Invesco QQQ, contributing to institutional ownership of about 44.58% of the company's stock.
• Invesco QQQ recently declared a quarterly dividend of $0.5911 per share, with an annualized yield of 0.42%, to be paid on July 31st.

King Wealth Management Group decreased its holdings in Invesco QQQ (NASDAQ:QQQ - Free Report) by 0.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 119,453 shares of the exchange traded fund's stock after selling 665 shares during the period. Invesco QQQ comprises about 8.5% of King Wealth Management Group's investment portfolio, making the stock its 2nd biggest holding. King Wealth Management Group's holdings in Invesco QQQ were worth $56,014,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Bridge Generations Wealth Management LLC bought a new stake in shares of Invesco QQQ in the fourth quarter worth $35,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of Invesco QQQ in the fourth quarter worth $36,000. Alpine Bank Wealth Management bought a new stake in shares of Invesco QQQ in the first quarter worth $50,000. Westend Capital Management LLC bought a new stake in shares of Invesco QQQ in the first quarter worth $51,000. Finally, Banque Transatlantique SA bought a new stake in shares of Invesco QQQ in the fourth quarter worth $57,000. Institutional investors own 44.58% of the company's stock.

Invesco QQQ Stock Performance

Shares of QQQ traded down $11.13 during trading hours on Friday, hitting $553.88. The stock had a trading volume of 69,290,965 shares, compared to its average volume of 44,970,789. Invesco QQQ has a 12 month low of $402.39 and a 12 month high of $574.63. The stock has a fifty day moving average price of $543.12 and a 200 day moving average price of $510.39.

Invesco QQQ Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 23rd were issued a $0.5911 dividend. The ex-dividend date of this dividend was Monday, June 23rd. This represents a $2.36 annualized dividend and a dividend yield of 0.4%.

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.