Pinnacle Wealth Management Advisory Group LLC Buys 8,996 Shares of Invesco QQQ (NASDAQ:QQQ)

Key Points

• Pinnacle Wealth Management Advisory Group LLC increased its stake in Invesco QQQ by 18.1%, acquiring an additional 8,996 shares, which now brings their total to 58,747 shares.
• As of the latest SEC filing, Pinnacle's holdings in Invesco QQQ are valued at $27,548,000, making it their 8th largest holding.
• Invesco QQQ recently announced a quarterly dividend of $0.5911 per share, representing an annualized dividend of $2.36 and a yield of 0.42%.

Pinnacle Wealth Management Advisory Group LLC increased its stake in Invesco QQQ (NASDAQ:QQQ - Free Report) by 18.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 58,747 shares of the exchange traded fund's stock after acquiring an additional 8,996 shares during the quarter. Invesco QQQ comprises 2.6% of Pinnacle Wealth Management Advisory Group LLC's holdings, making the stock its 8th largest holding. Pinnacle Wealth Management Advisory Group LLC's holdings in Invesco QQQ were worth $27,548,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in QQQ. Bridge Generations Wealth Management LLC bought a new stake in Invesco QQQ in the fourth quarter worth approximately $35,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of Invesco QQQ during the 4th quarter worth about $36,000. Alpine Bank Wealth Management bought a new position in shares of Invesco QQQ during the 1st quarter worth about $50,000. Westend Capital Management LLC bought a new position in shares of Invesco QQQ during the 1st quarter worth about $51,000. Finally, Banque Transatlantique SA bought a new position in shares of Invesco QQQ during the 4th quarter worth about $57,000. 44.58% of the stock is owned by institutional investors and hedge funds.

Invesco QQQ Price Performance

QQQ stock opened at $566.37 on Monday. The company's 50-day moving average is $539.14 and its 200-day moving average is $508.75. Invesco QQQ has a 1 year low of $402.39 and a 1 year high of $567.70.

Invesco QQQ Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 23rd will be issued a dividend of $0.5911 per share. The ex-dividend date of this dividend is Monday, June 23rd. This represents a $2.36 annualized dividend and a dividend yield of 0.42%.

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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