Prudential PLC Reduces Stake in Invesco QQQ (NASDAQ:QQQ)

Key Points

• Prudential PLC has reduced its stake in Invesco QQQ by 28.0%, holding 2,873 shares valued at approximately $1.35 million after selling 1,120 shares.
• A number of institutional investors have recently purchased new stakes in Invesco QQQ, with several buying in the fourth and first quarters, resulting in institutional ownership of 44.58% of the stock.
• Invesco QQQ's stock has seen fluctuations, trading down 0.4% to $577.34, while its one-year price range is between $402.39 and $583.32.

Prudential PLC trimmed its position in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 28.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,873 shares of the exchange traded fund's stock after selling 1,120 shares during the quarter. Prudential PLC's holdings in Invesco QQQ were worth $1,347,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of QQQ. Bridge Generations Wealth Management LLC purchased a new stake in Invesco QQQ in the 4th quarter worth $35,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in Invesco QQQ in the 4th quarter worth $36,000. Alpine Bank Wealth Management purchased a new stake in Invesco QQQ in the 1st quarter worth $50,000. Westend Capital Management LLC purchased a new stake in Invesco QQQ in the 1st quarter worth $51,000. Finally, Banque Transatlantique SA purchased a new stake in Invesco QQQ in the 4th quarter worth $57,000. 44.58% of the stock is owned by institutional investors.

Invesco QQQ Trading Down 0.4%

QQQ stock traded down $2.55 during trading on Friday, reaching $577.34. The company's stock had a trading volume of 49,393,990 shares, compared to its average volume of 44,038,980. Invesco QQQ has a 1 year low of $402.39 and a 1 year high of $583.32. The company's fifty day moving average is $554.13 and its 200-day moving average is $514.17.

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 given a dividend of $0.5911 per share. The ex-dividend date was Monday, June 23rd. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.4%.

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.