King Luther Capital Management Corp Sells 1,995 Shares of Invesco QQQ (NASDAQ:QQQ)

Key Points

• King Luther Capital Management Corp reduced its stake in Invesco QQQ by 27.6%, selling 1,995 shares and now holding 5,225 shares worth approximately $2.45 million.
• Institutional ownership of Invesco QQQ stands at 44.58%, with several other hedge funds increasing or establishing new positions in the ETF recently.
• The quarterly dividend for Invesco QQQ was declared as $0.5911 per share, translating to an annualized amount of $2.36 and a yield of 0.4%.

King Luther Capital Management Corp decreased its stake in Invesco QQQ (NASDAQ:QQQ - Free Report) by 27.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,225 shares of the exchange traded fund's stock after selling 1,995 shares during the period. King Luther Capital Management Corp's holdings in Invesco QQQ were worth $2,450,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Wilkins Miller Wealth Management LLC bought a new stake in Invesco QQQ in the fourth quarter worth about $1,018,000. Sentinus LLC raised its position in shares of Invesco QQQ by 17.6% in the fourth quarter. Sentinus LLC now owns 6,468 shares of the exchange traded fund's stock valued at $3,307,000 after purchasing an additional 970 shares during the period. Sendero Wealth Management LLC bought a new stake in shares of Invesco QQQ in the first quarter valued at approximately $273,000. Cary Street Partners Financial LLC bought a new stake in shares of Invesco QQQ in the fourth quarter valued at approximately $10,052,000. Finally, Baird Financial Group Inc. raised its position in shares of Invesco QQQ by 4.0% in the fourth quarter. Baird Financial Group Inc. now owns 327,433 shares of the exchange traded fund's stock valued at $167,394,000 after purchasing an additional 12,627 shares during the period. Institutional investors own 44.58% of the company's stock.

Invesco QQQ Price Performance

NASDAQ QQQ opened at $572.85 on Tuesday. The company's 50 day moving average is $550.00 and its 200-day moving average is $512.39. Invesco QQQ has a 12-month low of $402.39 and a 12-month high of $576.80.

Invesco QQQ Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 23rd were given 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 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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