Invesco QQQ (NASDAQ:QQQ) Trading Down 1.1% - Here's Why

Key Points

• Invesco QQQ's share price decreased by 1.1% to $570.93, with a trading volume significantly down to 16.4 million shares, which is 63% lower than its average.
• The company recently announced a quarterly dividend of $0.5911, which results in an annualized dividend of $2.36 and a yield of 0.4%.
• Institutional investors currently own 44.58% of Invesco QQQ's stock, with various large firms making new stake acquisitions recently.

Invesco QQQ (NASDAQ:QQQ - Get Free Report)'s stock price traded down 1.1% during trading on Tuesday . The company traded as low as $571.53 and last traded at $570.93. 16,395,970 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 44,533,637 shares. The stock had previously closed at $577.11.

Invesco QQQ Stock Up 1.5%

The stock's fifty day moving average price is $557.92 and its 200 day moving average price is $515.81.

Invesco QQQ Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders 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 dividend yield of 0.4%.

Hedge Funds Weigh In On Invesco QQQ

A number of institutional investors have recently made changes to their positions in QQQ. Wilkins Miller Wealth Management LLC purchased a new stake in shares of Invesco QQQ in the 4th quarter valued at $1,018,000. Sentinus LLC boosted its stake in shares of Invesco QQQ by 17.6% in the 4th quarter. Sentinus LLC now owns 6,468 shares of the exchange traded fund's stock valued at $3,307,000 after purchasing an additional 970 shares in the last quarter. Sendero Wealth Management LLC purchased a new stake in shares of Invesco QQQ in the 1st quarter valued at $273,000. Cary Street Partners Financial LLC purchased a new stake in shares of Invesco QQQ in the 4th quarter valued at $10,052,000. Finally, Baird Financial Group Inc. boosted its stake in shares of Invesco QQQ by 4.0% in the 4th quarter. Baird Financial Group Inc. now owns 327,433 shares of the exchange traded fund's stock valued at $167,394,000 after purchasing an additional 12,627 shares in the last quarter. 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.