Invesco QQQ (NASDAQ:QQQ) Sets New 12-Month High - Still a Buy?

Key Points

• Invesco QQQ shares reached a new 52-week high of $609.36 amid increased trading volume, closing slightly lower at $607.71.
• The company announced an increase in its quarterly dividend to $0.694 per share, reflecting an annual yield of 0.5%.
• Significant movements from institutional investors include a staggering 704,593.7% stake increase from Kingstone Capital Partners during the second quarter.

Invesco QQQ (NASDAQ:QQQ - ) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $609.36 and last traded at $607.71, with a volume of 41722524 shares trading hands. The stock had previously closed at $603.18.

Invesco QQQ Trading Up 0.8%

The business has a 50-day moving average of $580.65 and a 200-day moving average of $533.42.

Invesco QQQ Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 22nd will be issued a dividend of $0.694 per share. This represents a $2.78 annualized dividend and a yield of 0.5%. This is an increase from Invesco QQQ's previous quarterly dividend of $0.59. The ex-dividend date is Monday, September 22nd.

Hedge Funds Weigh In On Invesco QQQ

A number of institutional investors have recently made changes to their positions in QQQ. Kingstone Capital Partners Texas LLC increased its stake in Invesco QQQ by 704,593.7% during the second 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 acquiring an additional 67,605,770 shares during the period. 1832 Asset Management L.P. boosted its holdings in Invesco QQQ by 100.0% during the second quarter. 1832 Asset Management L.P. now owns 2,115 shares of the exchange traded fund's stock valued at $1,167,000 after purchasing an additional 40,999,982 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Invesco QQQ by 959.6% during the first 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 purchasing an additional 21,823,765 shares in the last quarter. Mullooly Asset Management Inc. acquired a new stake in Invesco QQQ during the first quarter valued at approximately $2,775,904,000. Finally, Symphony Financial Ltd. Co. acquired a new stake in Invesco QQQ during the second quarter valued at approximately $1,236,482,000. 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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