Invesco QQQ (NASDAQ:QQQ) Hits New 52-Week High - Should You Buy?

Invesco QQQ (NASDAQ:QQQ - Get Free Report) shares reached a new 52-week high on Monday . The stock traded as high as $565.90 and last traded at $565.62, with a volume of 9251227 shares traded. The stock had previously closed at $561.26.

Invesco QQQ Stock Up 0.5%

The stock's 50 day simple moving average is $534.38 and its 200 day simple moving average is $507.13.

Invesco QQQ Cuts Dividend

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

Institutional Investors Weigh In On Invesco QQQ

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kingstone Capital Partners Texas LLC grew its position 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 worth $37,299,340,000 after buying an additional 67,605,770 shares during the period. Goldman Sachs Group Inc. grew its position 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 worth $11,300,023,000 after buying an additional 21,823,765 shares during the period. Mullooly Asset Management Inc. purchased a new stake in shares of Invesco QQQ in the 1st quarter worth about $2,775,904,000. NWI Management LP grew its position 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 worth $331,277,000 after buying an additional 3,648,000 shares during the period. Finally, GAMMA Investing LLC grew its position in 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 valued at $8,777,850,000 after purchasing an additional 1,868,580 shares during the last quarter. 44.58% of the stock is currently owned by institutional investors.

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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