Pinnacle Wealth Management Group Inc. Buys New Holdings in Invesco QQQ $QQQ

Key Points

• Pinnacle Wealth Management Group Inc. has acquired 11,613 shares of Invesco QQQ, valued at approximately $6.4 million, making it the firm's 6th largest holding.
• Invesco QQQ has recently increased its quarterly dividend from $0.59 to $0.694 per share, representing a 0.4% dividend yield.
• As of the latest trading, Invesco QQQ stock is valued at $617.10, with a 52-week range from $402.39 to $618.42.

Pinnacle Wealth Management Group Inc. acquired a new position in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 11,613 shares of the exchange traded fund's stock, valued at approximately $6,406,000. Invesco QQQ comprises about 3.7% of Pinnacle Wealth Management Group Inc.'s holdings, making the stock its 6th biggest holding.

Other institutional investors have also modified their holdings of the company. Compass Financial Services Inc boosted its stake in shares of Invesco QQQ by 0.4% during the 1st quarter. Compass Financial Services Inc now owns 5,001 shares of the exchange traded fund's stock valued at $2,345,000 after buying an additional 19 shares during the last quarter. Vermillion Wealth Management Inc. boosted its stake in shares of Invesco QQQ by 4.2% during the 2nd quarter. Vermillion Wealth Management Inc. now owns 491 shares of the exchange traded fund's stock valued at $271,000 after buying an additional 20 shares during the last quarter. Barrett & Company Inc. boosted its stake in shares of Invesco QQQ by 14.9% during the 2nd quarter. Barrett & Company Inc. now owns 154 shares of the exchange traded fund's stock valued at $85,000 after buying an additional 20 shares during the last quarter. Investment Advisory Group LLC boosted its stake in shares of Invesco QQQ by 0.4% during the 2nd quarter. Investment Advisory Group LLC now owns 5,726 shares of the exchange traded fund's stock valued at $3,158,000 after buying an additional 20 shares during the last quarter. Finally, waypoint wealth counsel boosted its stake in shares of Invesco QQQ by 0.6% during the 2nd quarter. waypoint wealth counsel now owns 3,560 shares of the exchange traded fund's stock valued at $1,964,000 after buying an additional 20 shares during the last quarter. Hedge funds and other institutional investors own 44.58% of the company's stock.

Invesco QQQ Trading Up 1.1%

Invesco QQQ stock opened at $617.10 on Friday. The stock has a 50 day moving average of $590.61 and a 200-day moving average of $546.26. Invesco QQQ has a 52 week low of $402.39 and a 52 week high of $618.42.

Invesco QQQ Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors 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 0.4%. This is an increase from Invesco QQQ's previous quarterly dividend of $0.59.

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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