Kennicott Capital Management LLC Has $33.99 Million Stock Position in Invesco QQQ $QQQ

Key Points

• Kennicott Capital Management LLC has reduced its stake in Invesco QQQ by 4.0%, now holding 61,612 shares valued at approximately $33.99 million, making it their largest investment position.
• Invesco QQQ recently announced an increase in its quarterly dividend to $0.694, up from $0.59, which will be paid on October 31st to stockholders of record as of September 22nd.
• Currently, Invesco QQQ shares are trading at $593.53, with a range of a 52-week low of $402.39 and a high of $602.87.

Kennicott Capital Management LLC lessened its stake in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 4.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 61,612 shares of the exchange traded fund's stock after selling 2,534 shares during the quarter. Invesco QQQ accounts for about 19.4% of Kennicott Capital Management LLC's investment portfolio, making the stock its largest position. Kennicott Capital Management LLC's holdings in Invesco QQQ were worth $33,988,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Marshall & Sullivan Inc. WA bought a new position in Invesco QQQ in the 2nd quarter valued at $41,000. Alpine Bank Wealth Management bought a new position in Invesco QQQ in the 1st quarter valued at $50,000. Westend Capital Management LLC bought a new position in Invesco QQQ in the 1st quarter valued at $51,000. Blume Capital Management Inc. raised its position in Invesco QQQ by 105.0% in the 1st quarter. Blume Capital Management Inc. now owns 121 shares of the exchange traded fund's stock valued at $57,000 after purchasing an additional 2,536 shares during the last quarter. Finally, Atlantic Private Wealth LLC raised its position in Invesco QQQ by 3,000.0% in the 1st quarter. Atlantic Private Wealth LLC now owns 124 shares of the exchange traded fund's stock valued at $58,000 after purchasing an additional 120 shares during the last quarter. Institutional investors own 44.58% of the company's stock.

Invesco QQQ Trading Down 0.4%

Shares of QQQ opened at $593.53 on Friday. The stock has a fifty day moving average price of $575.35 and a two-hundred day moving average price of $526.62. Invesco QQQ has a 52-week low of $402.39 and a 52-week high of $602.87.

Invesco QQQ Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 22nd will be paid 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%.

About Invesco QQQ

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.