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

Key Points

• Invesco QQQ stock price reached a new 52-week high at $591.79 during trading, reflecting an increase from its previous close of $586.66.
• The firm recently announced a dropped dividend, with a quarterly payment of $0.5911, resulting in an annualized yield of 0.4%.
• A notable increase in institutional investment was observed, with hedge funds such as Brighton Jones LLC and Westwood Holdings Group Inc. significantly growing their stakes in Invesco QQQ.

Invesco QQQ (NASDAQ:QQQ - )'s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $591.79 and last traded at $591.68, with a volume of 44232160 shares changing hands. The stock had previously closed at $586.66.

Invesco QQQ Trading Up 0.9%

The firm's fifty day moving average is $569.03 and its 200 day moving average is $521.27.

Invesco QQQ Cuts Dividend

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

Hedge Funds Weigh In On Invesco QQQ

A number of hedge funds have recently added to or reduced their stakes in QQQ. Brighton Jones LLC grew its stake in Invesco QQQ by 15.0% in the 4th quarter. Brighton Jones LLC now owns 38,348 shares of the exchange traded fund's stock worth $19,605,000 after acquiring an additional 4,989 shares in the last quarter. Revolve Wealth Partners LLC grew its holdings in Invesco QQQ by 3.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 5,257 shares of the exchange traded fund's stock worth $2,687,000 after acquiring an additional 176 shares in the last quarter. Nuveen Asset Management LLC bought a new position in Invesco QQQ during the 4th quarter worth about $11,247,000. Westwood Holdings Group Inc. grew its holdings in Invesco QQQ by 246.2% during the 4th quarter. Westwood Holdings Group Inc. now owns 38,218 shares of the exchange traded fund's stock worth $19,538,000 after acquiring an additional 27,178 shares in the last quarter. Finally, WBI Investments LLC lifted its position in shares of Invesco QQQ by 12.7% during the fourth quarter. WBI Investments LLC now owns 8,194 shares of the exchange traded fund's stock valued at $4,189,000 after buying an additional 923 shares during the last quarter. 44.58% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.