Invesco QQQ (NASDAQ:QQQ) Reaches New 1-Year High - Still a Buy?

Key Points

• Invesco QQQ reached a new **52-week high** of **$583.47** during mid-day trading, closing at **$582.70** with a trading volume of over **1.5 million shares**.
• The fund recently **cut its dividend**, announcing a quarterly payment of **$0.5911**, representing an **annual yield of 0.4%**.
• A number of institutional investors have **increased their stakes** in Invesco QQQ, with ownership now comprising **44.58%** of the total shares.

Invesco QQQ (NASDAQ:QQQ - ) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $583.47 and last traded at $582.70, with a volume of 1557949 shares changing hands. The stock had previously closed at $580.51.

Invesco QQQ Stock Performance

The firm has a 50 day moving average price of $566.46 and a two-hundred day moving average price of $519.13.

Invesco QQQ Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, June 23rd were issued a $0.5911 dividend. The ex-dividend date of this dividend was Monday, June 23rd. This represents a $2.36 dividend on an annualized basis and a yield of 0.4%.

Institutional Investors Weigh In On Invesco QQQ

A number of hedge funds have recently made changes to their positions in the business. Morgan Dempsey Capital Management LLC acquired a new position in shares of Invesco QQQ during the second quarter valued at approximately $30,000. Marshall & Sullivan Inc. WA acquired a new position in shares of Invesco QQQ during the second quarter valued at approximately $41,000. Moser Wealth Advisors LLC increased its stake in shares of Invesco QQQ by 930.0% during the second quarter. Moser Wealth Advisors LLC now owns 103 shares of the exchange traded fund's stock valued at $57,000 after acquiring an additional 93 shares during the period. Alpine Bank Wealth Management acquired a new position in shares of Invesco QQQ during the first quarter valued at approximately $50,000. Finally, Westend Capital Management LLC acquired a new position in shares of Invesco QQQ during the first quarter valued at approximately $51,000. 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.

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