Verdence Capital Advisors LLC Cuts Stake in Invesco QQQ $QQQ

Key Points

• Verdence Capital Advisors LLC reduced its stake in Invesco QQQ by 8.1% during the second quarter, resulting in ownership of 5,868 shares valued at approximately $3.2 million.
• Other institutional investors also increased their stakes, with Kingstone Capital Partners raising its investment by an astonishing 704,593.7% in the same quarter.
• Invesco QQQ announced a quarterly dividend increase to $0.694 per share, reflecting an annualized yield of 0.5% compared to the previous quarter's dividend.

Verdence Capital Advisors LLC reduced its stake in Invesco QQQ (NASDAQ:QQQ - Free Report) by 8.1% during the second quarter, according to its most recent filing with the SEC. The fund owned 5,868 shares of the exchange traded fund's stock after selling 520 shares during the quarter. Verdence Capital Advisors LLC's holdings in Invesco QQQ were worth $3,237,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in QQQ. Kingstone Capital Partners Texas LLC raised its stake in Invesco QQQ by 704,593.7% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 67,615,365 shares of the exchange traded fund's stock valued at $37,299,340,000 after acquiring an additional 67,605,770 shares during the period. Goldman Sachs Group Inc. raised its stake in Invesco QQQ by 959.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 24,097,975 shares of the exchange traded fund's stock valued at $11,300,023,000 after acquiring an additional 21,823,765 shares during the period. Mullooly Asset Management Inc. bought a new stake in Invesco QQQ in the 1st quarter valued at about $2,775,904,000. Spear Holdings RSC Ltd bought a new stake in Invesco QQQ in the 1st quarter valued at about $474,600,000. Finally, Altimeter Capital Management LP bought a new stake in Invesco QQQ in the 1st quarter valued at about $463,293,000. 44.58% of the stock is owned by hedge funds and other institutional investors.

Invesco QQQ Stock Performance

Shares of Invesco QQQ stock opened at $602.01 on Tuesday. Invesco QQQ has a 52-week low of $402.39 and a 52-week high of $613.18. The stock's 50-day simple moving average is $584.64 and its 200 day simple moving average is $537.61.

Invesco QQQ Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 22nd will be paid a $0.694 dividend. The ex-dividend date is Monday, September 22nd. This represents a $2.78 dividend on an annualized basis and a yield of 0.5%. This is an increase from Invesco QQQ's previous quarterly dividend of $0.59.

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.

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