Penobscot Investment Management Company Inc. Trims Position in Invesco QQQ (NASDAQ:QQQ)

Penobscot Investment Management Company Inc. decreased its position in Invesco QQQ (NASDAQ:QQQ - Free Report) by 1.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 39,694 shares of the exchange traded fund's stock after selling 739 shares during the quarter. Invesco QQQ accounts for 1.8% of Penobscot Investment Management Company Inc.'s portfolio, making the stock its 11th biggest holding. Penobscot Investment Management Company Inc.'s holdings in Invesco QQQ were worth $18,613,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of QQQ. Proficio Capital Partners LLC lifted its position in Invesco QQQ by 51,292.3% in the fourth quarter. Proficio Capital Partners LLC now owns 11,500,566 shares of the exchange traded fund's stock worth $5,879,434,000 after buying an additional 11,478,188 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Invesco QQQ by 20.2% in the fourth quarter. Ameriprise Financial Inc. now owns 4,500,368 shares of the exchange traded fund's stock valued at $2,300,993,000 after acquiring an additional 756,990 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Invesco QQQ by 0.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,116,706 shares of the exchange traded fund's stock worth $1,593,354,000 after acquiring an additional 27,115 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of Invesco QQQ by 2.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 2,425,300 shares of the exchange traded fund's stock worth $1,239,886,000 after purchasing an additional 52,235 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in Invesco QQQ by 34.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,199,820 shares of the exchange traded fund's stock valued at $1,124,614,000 after purchasing an additional 568,120 shares during the last quarter. 44.58% of the stock is owned by hedge funds and other institutional investors.

Invesco QQQ Stock Performance

Invesco QQQ stock traded up $1.87 during midday trading on Friday, reaching $548.09. The stock had a trading volume of 57,440,636 shares, compared to its average volume of 38,939,323. Invesco QQQ has a 52-week low of $402.39 and a 52-week high of $549.90. The company has a fifty day moving average of $507.68 and a 200 day moving average of $503.87.

Invesco QQQ Cuts Dividend

The firm also recently announced 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. The ex-dividend date of this dividend is Monday, June 23rd. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.43%.

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.