Invesco QQQ $QQQ Stock Position Cut by Iams Wealth Management LLC

Key Points

• Iams Wealth Management LLC reduced its stake in Invesco QQQ by 2.4% during the second quarter, now holding 25,491 shares worth approximately $14 million, making it their largest holding.
• Invesco QQQ is set to increase its quarterly dividend to $0.694, up from $0.59, with a payment date on October 31st.
• The stock of Invesco QQQ reached $599.35 after a 0.7% rise, while maintaining a 52-week range of $402.39 to $600.05.

Iams Wealth Management LLC cut its position in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 2.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 25,491 shares of the exchange traded fund's stock after selling 617 shares during the period. Invesco QQQ makes up 6.5% of Iams Wealth Management LLC's portfolio, making the stock its largest holding. Iams Wealth Management LLC's holdings in Invesco QQQ were worth $14,062,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Compass Financial Services Inc boosted its stake in shares of Invesco QQQ by 0.4% during the 1st quarter. Compass Financial Services Inc now owns 5,001 shares of the exchange traded fund's stock worth $2,345,000 after purchasing an additional 19 shares during the period. MTM Investment Management LLC boosted its position in Invesco QQQ by 1.6% in the 1st quarter. MTM Investment Management LLC now owns 1,297 shares of the exchange traded fund's stock valued at $613,000 after buying an additional 21 shares during the period. Cutler Investment Counsel LLC boosted its position in Invesco QQQ by 1.4% in the 1st quarter. Cutler Investment Counsel LLC now owns 1,513 shares of the exchange traded fund's stock valued at $710,000 after buying an additional 21 shares during the period. Riverbend Wealth Management LLC raised its holdings in shares of Invesco QQQ by 0.3% in the 1st quarter. Riverbend Wealth Management LLC now owns 8,172 shares of the exchange traded fund's stock valued at $3,832,000 after purchasing an additional 22 shares in the last quarter. Finally, Selective Wealth Management Inc. raised its holdings in shares of Invesco QQQ by 0.6% in the 1st quarter. Selective Wealth Management Inc. now owns 3,814 shares of the exchange traded fund's stock valued at $1,733,000 after purchasing an additional 23 shares in the last quarter. 44.58% of the stock is owned by hedge funds and other institutional investors.

Invesco QQQ Trading Up 0.5%

Shares of NASDAQ QQQ traded up $2.85 during trading hours on Monday, hitting $602.20. 57,065,386 shares of the stock were exchanged, compared to its average volume of 47,450,008. The firm has a fifty day moving average price of $573.11 and a 200-day moving average price of $524.79. Invesco QQQ has a 12 month low of $402.39 and a 12 month high of $602.87.

Invesco QQQ Increases Dividend

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