Savvy Advisors Inc. Has $7.81 Million Holdings in Invesco QQQ (NASDAQ:QQQ)

Key Points

• Savvy Advisors Inc. increased its stake in Invesco QQQ by 44.4% during the first quarter, now owning 16,654 shares valued at approximately $7.8 million.
• Other hedge funds have also adjusted their holdings in Invesco QQQ, with significant increases reported from firms like Legacy Investment Solutions LLC and Willis Johnson & Associates Inc.
• As of the latest reporting, 44.58% of Invesco QQQ stock is held by hedge funds and institutional investors, indicating a strong interest from these entities.

Savvy Advisors Inc. raised its stake in shares of Invesco QQQ (NASDAQ:QQQ - Free Report) by 44.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,654 shares of the exchange traded fund's stock after purchasing an additional 5,123 shares during the period. Invesco QQQ accounts for 0.8% of Savvy Advisors Inc.'s portfolio, making the stock its 23rd largest holding. Savvy Advisors Inc.'s holdings in Invesco QQQ were worth $7,809,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in QQQ. Bridge Generations Wealth Management LLC bought a new position in shares of Invesco QQQ during the 4th quarter worth about $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 acquired a new stake in shares of Invesco QQQ during the 1st quarter worth about $51,000. Finally, Banque Transatlantique SA acquired a new stake in shares of Invesco QQQ during the 4th quarter worth about $57,000. Institutional investors and hedge funds own 44.58% of the company's stock.

Invesco QQQ Trading Up 0.9%

Shares of Invesco QQQ stock traded up $5.31 during mid-day trading on Friday, reaching $574.55. 35,191,297 shares of the stock were exchanged, compared to its average volume of 44,779,680. The firm has a 50-day simple moving average of $549.00 and a 200 day simple moving average of $512.37. Invesco QQQ has a fifty-two week low of $402.39 and a fifty-two week high of $574.77.

Invesco QQQ Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors 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 Company 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.