Invesco QQQ (NASDAQ:QQQ) Reaches New 12-Month High - Should You Buy?

Invesco QQQ (NASDAQ:QQQ - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $557.63 and last traded at $556.96, with a volume of 6412905 shares. The stock had previously closed at $552.34.

Invesco QQQ Price Performance

The company has a 50-day moving average price of $522.66 and a 200-day moving average price of $505.17.

Invesco QQQ Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 23rd will be issued a dividend of $0.5911 per share. The ex-dividend date is Monday, June 23rd. This represents a $2.36 annualized dividend and a yield of 0.43%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QQQ. Compass Financial Services Inc raised its stake in shares of Invesco QQQ by 0.4% in the 1st quarter. Compass Financial Services Inc now owns 5,001 shares of the exchange traded fund's stock valued at $2,345,000 after purchasing an additional 19 shares during the period. Diversified Enterprises LLC raised its stake in Invesco QQQ by 0.4% in the fourth quarter. Diversified Enterprises LLC now owns 5,240 shares of the exchange traded fund's stock valued at $2,679,000 after buying an additional 20 shares during the period. Prevail Innovative Wealth Advisors LLC grew its position in shares of Invesco QQQ by 4.3% in the fourth quarter. Prevail Innovative Wealth Advisors LLC now owns 484 shares of the exchange traded fund's stock valued at $247,000 after purchasing an additional 20 shares during the last quarter. Legacy Investment Solutions LLC grew its position in shares of Invesco QQQ by 8.2% in the fourth quarter. Legacy Investment Solutions LLC now owns 264 shares of the exchange traded fund's stock valued at $138,000 after purchasing an additional 20 shares during the last quarter. Finally, Laird Norton Wetherby Wealth Management LLC grew its position in shares of Invesco QQQ by 0.3% in the fourth quarter. Laird Norton Wetherby Wealth Management LLC now owns 6,024 shares of the exchange traded fund's stock valued at $3,080,000 after purchasing an additional 20 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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