Fernwood Investment Management LLC Cuts Stock Holdings in Invesco QQQ (NASDAQ:QQQ)

Fernwood Investment Management LLC reduced its stake in Invesco QQQ (NASDAQ:QQQ) by 3.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 685 shares of the exchange traded fund’s stock after selling 26 shares during the period. Fernwood Investment Management LLC’s holdings in Invesco QQQ were worth $334,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. New Covenant Trust Company N.A. purchased a new stake in Invesco QQQ during the first quarter valued at $28,000. Mechanics Financial Corp purchased a new stake in shares of Invesco QQQ during the 2nd quarter valued at about $30,000. Chelsea Counsel Co. bought a new position in shares of Invesco QQQ in the 1st quarter valued at about $40,000. CGC Financial Services LLC grew its position in Invesco QQQ by 736.4% in the second quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock worth $44,000 after acquiring an additional 81 shares in the last quarter. Finally, CarsonAllaria Wealth Management Ltd. increased its stake in Invesco QQQ by 30.4% during the first quarter. CarsonAllaria Wealth Management Ltd. now owns 103 shares of the exchange traded fund’s stock worth $46,000 after acquiring an additional 24 shares during the last quarter. Hedge funds and other institutional investors own 44.58% of the company’s stock.

Invesco QQQ Stock Performance

Shares of NASDAQ QQQ traded up $3.58 during trading hours on Friday, hitting $487.43. 33,655,757 shares of the company traded hands, compared to its average volume of 28,420,908. The company’s 50 day moving average price is $481.80 and its 200 day moving average price is $468.80. Invesco QQQ has a 12 month low of $360.30 and a 12 month high of $503.52.

Invesco QQQ Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, September 23rd were given a dividend of $0.677 per share. This represents a $2.71 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date was Monday, September 23rd.

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.