New Wave Wealth Advisors LLC Lowers Holdings in Invesco QQQ (NASDAQ:QQQ)

New Wave Wealth Advisors LLC trimmed its position in Invesco QQQ (NASDAQ:QQQ - Free Report) by 33.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,571 shares of the exchange traded fund's stock after selling 4,892 shares during the period. Invesco QQQ makes up about 2.0% of New Wave Wealth Advisors LLC's holdings, making the stock its 14th biggest position. New Wave Wealth Advisors LLC's holdings in Invesco QQQ were worth $4,488,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of QQQ. Wilkins Miller Wealth Management LLC purchased a new stake in shares of Invesco QQQ during the 4th quarter worth $1,018,000. Synergy Investment Management LLC purchased a new stake in shares of Invesco QQQ during the 4th quarter worth $723,000. Grant Private Wealth Management Inc purchased a new stake in shares of Invesco QQQ during the 4th quarter worth $815,000. Tandem Investment Partners LLC purchased a new stake in shares of Invesco QQQ during the 4th quarter worth $4,623,000. Finally, Gemsstock Ltd. raised its stake in shares of Invesco QQQ by 266.4% during the 4th quarter. Gemsstock Ltd. now owns 293,500 shares of the exchange traded fund's stock worth $150,046,000 after buying an additional 213,400 shares during the last quarter. 44.58% of the stock is currently owned by hedge funds and other institutional investors.

Invesco QQQ Stock Up 0.3%

NASDAQ:QQQ opened at $548.09 on Monday. Invesco QQQ has a 52-week low of $402.39 and a 52-week high of $552.23. The stock has a fifty day simple moving average of $509.76 and a 200-day simple moving average of $503.72.

Invesco QQQ Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 23rd will be paid a dividend of $0.5911 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.43%. The ex-dividend date of this dividend is Monday, June 23rd.

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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