Richmond Brothers Inc. Sells 54,499 Shares of Invesco QQQ (NASDAQ:QQQ)

Richmond Brothers Inc. lowered its stake in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 71.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,813 shares of the exchange traded fund's stock after selling 54,499 shares during the quarter. Invesco QQQ accounts for about 6.5% of Richmond Brothers Inc.'s portfolio, making the stock its 4th largest position. Richmond Brothers Inc.'s holdings in Invesco QQQ were worth $10,228,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Ameriprise Financial Inc. lifted its position in shares of Invesco QQQ by 20.2% during the 4th quarter. Ameriprise Financial Inc. now owns 4,500,368 shares of the exchange traded fund's stock worth $2,300,993,000 after purchasing an additional 756,990 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Invesco QQQ by 34.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,199,820 shares of the exchange traded fund's stock worth $1,124,614,000 after purchasing an additional 568,120 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Invesco QQQ by 55,795.2% during the 1st quarter. GAMMA Investing LLC now owns 1,871,929 shares of the exchange traded fund's stock worth $8,777,850,000 after purchasing an additional 1,868,580 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of Invesco QQQ by 1.1% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 1,342,830 shares of the exchange traded fund's stock worth $629,680,000 after purchasing an additional 14,017 shares during the last quarter. Finally, Senator Investment Group LP purchased a new stake in Invesco QQQ in the fourth quarter valued at $679,936,000. 44.58% of the stock is currently owned by hedge funds and other institutional investors.

Invesco QQQ Price Performance

QQQ traded down $0.99 on Friday, reaching $560.81. The company had a trading volume of 23,245,687 shares, compared to its average volume of 39,443,454. Invesco QQQ has a 1 year low of $402.39 and a 1 year high of $563.36. The stock has a 50-day moving average price of $532.92 and a 200-day moving average price of $506.84.

Invesco QQQ Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 23rd will be given a $0.5911 dividend. The ex-dividend date is Monday, June 23rd. This represents a $2.36 dividend on an annualized basis and a yield of 0.42%.

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.