Invesco QQQ $QQQ is Avondale Wealth Management's 2nd Largest Position

Key Points

• Avondale Wealth Management increased its stake in Invesco QQQ by 5.9% in Q2, making it the firm's 2nd largest position at approximately 10.4% of its total portfolio.
• Invesco QQQ recently declared a quarterly dividend of $0.694 per share, which represents an increase from the previous dividend of $0.59, providing a yield of 0.5% annually.
• 44.58% of Invesco QQQ's stock is currently owned by hedge funds and institutional investors, reflecting significant interest in the ETF.

Avondale Wealth Management raised its stake in Invesco QQQ (NASDAQ:QQQ - Free Report) by 5.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 33,668 shares of the exchange traded fund's stock after buying an additional 1,888 shares during the quarter. Invesco QQQ makes up approximately 10.4% of Avondale Wealth Management's investment portfolio, making the stock its 2nd largest position. Avondale Wealth Management's holdings in Invesco QQQ were worth $18,573,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Marshall & Sullivan Inc. WA purchased a new position in shares of Invesco QQQ during the 2nd quarter worth $41,000. Alpine Bank Wealth Management purchased a new position in shares of Invesco QQQ during the 1st quarter worth $50,000. Westend Capital Management LLC purchased a new position in shares of Invesco QQQ during the 1st quarter worth $51,000. Blume Capital Management Inc. grew its holdings in shares of Invesco QQQ by 105.0% during the 1st quarter. Blume Capital Management Inc. now owns 121 shares of the exchange traded fund's stock worth $57,000 after purchasing an additional 2,536 shares during the period. Finally, Atlantic Private Wealth LLC grew its holdings in shares of Invesco QQQ by 3,000.0% during the 1st quarter. Atlantic Private Wealth LLC now owns 124 shares of the exchange traded fund's stock worth $58,000 after purchasing an additional 120 shares during the period. 44.58% of the stock is currently owned by hedge funds and other institutional investors.

Invesco QQQ Trading Up 0.5%

NASDAQ QQQ opened at $598.73 on Tuesday. Invesco QQQ has a twelve month low of $402.39 and a twelve month high of $602.87. The stock has a fifty day simple moving average of $576.73 and a 200-day simple moving average of $529.07.

Invesco QQQ Increases Dividend

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

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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