Pinnacle Wealth Planning Services Inc. Raises Holdings in Invesco QQQ $QQQ

Key Points

• Pinnacle Wealth Planning Services Inc. increased its holdings in Invesco QQQ by 39.8%, owning a total of 4,727 shares valued at approximately $2.2 million as of the end of the first quarter.
• Other institutional investors also increased their stakes in Invesco QQQ, with notable purchases from companies like Alpine Bank Wealth Management and Westend Capital Management.
• Invesco QQQ is currently trading down by 1.2% and has an annual dividend yield of 0.4%, following a recent quarterly dividend announcement.

Pinnacle Wealth Planning Services Inc. lifted its stake in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 39.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,727 shares of the exchange traded fund's stock after purchasing an additional 1,346 shares during the period. Pinnacle Wealth Planning Services Inc.'s holdings in Invesco QQQ were worth $2,217,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Laird Norton Wetherby Wealth Management LLC increased its stake in Invesco QQQ by 0.3% in the 4th quarter. Laird Norton Wetherby Wealth Management LLC now owns 6,024 shares of the exchange traded fund's stock worth $3,080,000 after acquiring an additional 20 shares during the last quarter. Willis Johnson & Associates Inc. boosted its holdings in shares of Invesco QQQ by 2.6% in the 4th quarter. Willis Johnson & Associates Inc. now owns 814 shares of the exchange traded fund's stock worth $416,000 after purchasing an additional 21 shares in the last quarter. MTM Investment Management LLC boosted its holdings in shares of Invesco QQQ by 1.6% in the 1st quarter. MTM Investment Management LLC now owns 1,297 shares of the exchange traded fund's stock worth $613,000 after purchasing an additional 21 shares in the last quarter. Cutler Investment Counsel LLC boosted its holdings in shares of Invesco QQQ by 1.4% in the 1st quarter. Cutler Investment Counsel LLC now owns 1,513 shares of the exchange traded fund's stock worth $710,000 after purchasing an additional 21 shares in the last quarter. Finally, Mosaic Family Wealth Partners LLC boosted its holdings in shares of Invesco QQQ by 1.6% in the 4th quarter. Mosaic Family Wealth Partners LLC now owns 1,382 shares of the exchange traded fund's stock worth $707,000 after purchasing an additional 22 shares in the last quarter. Institutional investors own 44.58% of the company's stock.

Invesco QQQ Price Performance

Shares of QQQ traded down $6.68 during midday trading on Friday, reaching $570.40. The stock had a trading volume of 55,870,652 shares, compared to its average volume of 44,778,712. The company's 50-day moving average is $562.24 and its 200 day moving average is $517.17. Invesco QQQ has a 12-month low of $402.39 and a 12-month high of $583.32.

Invesco QQQ Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 23rd were issued a $0.5911 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Monday, June 23rd.

About Invesco QQQ

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.