Invesco QQQ (NASDAQ:QQQ) Shares Up 2.1% - Still a Buy?

Key Points

• Invesco QQQ shares increased by 2.1% during trading, reaching a last traded price of $602.01, with a trading volume that was 41% higher than the average.
• The company declared a quarterly dividend of $0.694, up from a previous dividend of $0.59, equating to an annualized dividend of $2.78 and a yield of 0.5%.
• Institutional and hedge fund investments in Invesco QQQ have been increasing, with notable stakes acquired and significant percentage growth observed in holdings during the second and third quarters.

Shares of Invesco QQQ (NASDAQ:QQQ - ) shot up 2.1% during trading on Monday . The stock traded as high as $602.95 and last traded at $602.01. 65,181,292 shares changed hands during mid-day trading, an increase of 41% from the average session volume of 46,375,621 shares. The stock had previously closed at $589.50.

Invesco QQQ Price Performance

The company's 50 day moving average is $583.89 and its 200 day moving average is $536.68.

Invesco QQQ Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 22nd will be paid a $0.694 dividend. This represents a $2.78 annualized dividend and a dividend yield of 0.5%. This is a boost 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

Institutional investors and hedge funds have recently modified their holdings of the business. Morgan Dempsey Capital Management LLC acquired a new stake in Invesco QQQ during the second quarter worth about $30,000. Navigoe LLC grew its stake in Invesco QQQ by 300.0% during the third quarter. Navigoe LLC now owns 60 shares of the exchange traded fund's stock worth $36,000 after buying an additional 45 shares in the last quarter. Marshall & Sullivan Inc. WA acquired a new stake in Invesco QQQ during the second quarter worth about $41,000. Moser Wealth Advisors LLC grew its stake in Invesco QQQ by 930.0% during the second quarter. Moser Wealth Advisors LLC now owns 103 shares of the exchange traded fund's stock worth $57,000 after buying an additional 93 shares in the last quarter. Finally, Alpine Bank Wealth Management acquired a new stake in Invesco QQQ during the first quarter worth about $50,000. 44.58% of the stock is currently owned by institutional investors and hedge funds.

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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