Pinnacle Investment Management Ltd Takes $386,000 Position in Invesco QQQ $QQQ

Key Points

• Pinnacle Investment Management Ltd has acquired a new position in Invesco QQQ, purchasing 700 shares valued at approximately $386,000, which represents 2.2% of their portfolio.
• Invesco QQQ recently increased its quarterly dividend to $0.694 per share, marking a rise from the previous $0.59, reflecting a yield of 0.5%.
• Institutional investors collectively own 44.58% of Invesco QQQ, with several firms making significant new investments in the fund during the past quarters.

Pinnacle Investment Management Ltd bought a new position in Invesco QQQ (NASDAQ:QQQ - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 700 shares of the exchange traded fund's stock, valued at approximately $386,000. Invesco QQQ comprises 2.2% of Pinnacle Investment Management Ltd's portfolio, making the stock its 8th largest holding.

Other large investors have also added to or reduced their stakes in the company. Marshall & Sullivan Inc. WA purchased a new stake in shares of Invesco QQQ in the second quarter worth approximately $41,000. Alpine Bank Wealth Management purchased a new stake in Invesco QQQ in the 1st quarter valued at $50,000. Westend Capital Management LLC purchased a new stake in Invesco QQQ in the 1st quarter valued at $51,000. Blume Capital Management Inc. boosted its holdings in Invesco QQQ by 105.0% during the 1st quarter. Blume Capital Management Inc. now owns 121 shares of the exchange traded fund's stock worth $57,000 after acquiring an additional 2,536 shares during the last quarter. Finally, Atlantic Private Wealth LLC grew its stake in shares of 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 worth $58,000 after acquiring an additional 120 shares in the last quarter. Institutional investors own 44.58% of the company's stock.

Invesco QQQ Trading Up 0.4%

Shares of QQQ stock opened at $605.73 on Friday. The firm has a 50-day moving average of $579.12 and a 200-day moving average of $530.93. Invesco QQQ has a one year low of $402.39 and a one year high of $607.16.

Invesco QQQ Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 22nd will be given a dividend of $0.694 per share. 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%. This is an increase from Invesco QQQ's previous quarterly dividend of $0.59.

Invesco QQQ Company 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.

Want to see what other hedge funds are holding QQQ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Invesco QQQ (NASDAQ:QQQ - Free Report).

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.