Magnolia Capital Management Ltd. Trims Holdings in Invesco QQQ (NASDAQ:QQQ)

Magnolia Capital Management Ltd. lowered its stake in Invesco QQQ (NASDAQ:QQQ - Free Report) by 4.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 37,388 shares of the exchange traded fund's stock after selling 1,665 shares during the period. Invesco QQQ makes up 15.0% of Magnolia Capital Management Ltd.'s holdings, making the stock its 2nd biggest holding. Magnolia Capital Management Ltd.'s holdings in Invesco QQQ were worth $17,532,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. PayPay Securities Corp grew its position in Invesco QQQ by 276.9% in the fourth quarter. PayPay Securities Corp now owns 49 shares of the exchange traded fund's stock valued at $25,000 after acquiring an additional 36 shares during the last quarter. Bridge Generations Wealth Management LLC bought a new position in Invesco QQQ in the fourth quarter valued at about $35,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in Invesco QQQ in the fourth quarter valued at about $36,000. Roxbury Financial LLC bought a new position in Invesco QQQ in the fourth quarter valued at about $37,000. Finally, Midwest Capital Advisors LLC bought a new position in Invesco QQQ in the fourth quarter valued at about $51,000. Institutional investors own 44.58% of the company's stock.

Invesco QQQ Trading Down 0.6%

Invesco QQQ stock traded down $3.24 during midday trading on Friday, reaching $516.69. The company's stock had a trading volume of 67,585,697 shares, compared to its average volume of 37,748,847. Invesco QQQ has a 52 week low of $402.39 and a 52 week high of $540.81. The business has a 50-day moving average price of $477.59 and a 200-day moving average price of $501.08. The stock has a market cap of $323.78 billion, a PE ratio of 30.62 and a beta of 1.11.

Invesco QQQ Cuts Dividend

The firm also recently announced a dividend, which was paid on Wednesday, April 30th. Shareholders of record on Monday, March 24th were given a $0.7157 dividend. The ex-dividend date of this dividend was Monday, March 24th.

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.