Invesco QQQ $QQQ Position Lifted by Sandy Cove Advisors LLC

Key Points

• Sandy Cove Advisors LLC has increased its stake in Invesco QQQ by 2.5% during the 2nd quarter, now holding 17,521 shares valued at approximately $9.67 million, making it the 9th largest position in their portfolio.
• Other institutional investors have also significantly raised their stakes in Invesco QQQ, with Goldman Sachs increasing its holdings by an astounding 959.6% earlier this year, bringing their total to over 24 million shares.
• The quarterly dividend for Invesco QQQ was recently announced at $0.5911 per share, introducing an annualized dividend yield of approximately 0.4% for shareholders.

Sandy Cove Advisors LLC increased its stake in Invesco QQQ (NASDAQ:QQQ - Free Report) by 2.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,521 shares of the exchange traded fund's stock after buying an additional 423 shares during the period. Invesco QQQ accounts for about 3.5% of Sandy Cove Advisors LLC's portfolio, making the stock its 9th largest position. Sandy Cove Advisors LLC's holdings in Invesco QQQ were worth $9,666,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. increased its stake in Invesco QQQ by 959.6% in 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 buying an additional 21,823,765 shares during the period. Mullooly Asset Management Inc. purchased a new position in Invesco QQQ in the 1st quarter worth about $2,775,904,000. Northwestern Mutual Wealth Management Co. increased its stake in Invesco QQQ by 1.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 3,201,107 shares of the exchange traded fund's stock worth $1,501,063,000 after buying an additional 52,234 shares during the period. Commonwealth Equity Services LLC increased its stake in Invesco QQQ by 2.3% in the 1st quarter. Commonwealth Equity Services LLC now owns 2,480,244 shares of the exchange traded fund's stock worth $1,163,036,000 after buying an additional 54,944 shares during the period. Finally, GAMMA Investing LLC grew its holdings in 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 acquiring an additional 1,868,580 shares in the last quarter. Hedge funds and other institutional investors own 44.58% of the company's stock.

Invesco QQQ Trading Up 0.9%

Shares of Invesco QQQ stock opened at $591.68 on Tuesday. Invesco QQQ has a 1 year low of $402.39 and a 1 year high of $591.79. The firm's 50-day moving average is $569.03 and its two-hundred day moving average is $521.27.

Invesco QQQ Cuts Dividend

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

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.

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