Invesco QQQ (NASDAQ:QQQ) Sets New 52-Week High - Here's Why

Key Points

• Invesco QQQ's stock reached a new 12-month high, trading at $583.32, with a significant volume of over 41 million shares.
• The firm recently announced a quarterly dividend cut to $0.5911 per share, yielding an annualized dividend of 0.4%.
• A variety of institutional investors have increased or initiated their positions in Invesco QQQ, indicating a strong interest in the exchange-traded fund.

Invesco QQQ (NASDAQ:QQQ - Get Free Report) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $583.32 and last traded at $580.34, with a volume of 41106457 shares. The stock had previously closed at $580.05.

Invesco QQQ Stock Performance

The firm has a 50 day moving average price of $554.13 and a 200-day moving average price of $514.17.

Invesco QQQ Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, June 23rd were given a $0.5911 dividend. 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%.

Institutional Trading of Invesco QQQ

Hedge funds have recently modified their holdings of the company. Kingstone Capital Partners Texas LLC increased its stake in shares of 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 buying an additional 67,605,770 shares during the period. 1832 Asset Management L.P. increased its stake in shares of Invesco QQQ by 100.0% in the 2nd quarter. 1832 Asset Management L.P. now owns 2,115 shares of the exchange traded fund's stock valued at $1,167,000 after buying an additional 40,999,982 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of 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 buying an additional 21,823,765 shares during the period. Mullooly Asset Management Inc. acquired a new stake in shares of Invesco QQQ in the 1st quarter valued at $2,775,904,000. Finally, NWI Management LP increased its stake in shares of Invesco QQQ by 121.6% in the 4th quarter. NWI Management LP now owns 648,000 shares of the exchange traded fund's stock valued at $331,277,000 after buying an additional 3,648,000 shares during the period. Institutional investors own 44.58% of the company's stock.

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.