King Wealth Management Group Has $57.01 Million Position in Invesco QQQ (NASDAQ:QQQ)

King Wealth Management Group reduced its holdings in Invesco QQQ (NASDAQ:QQQ) by 0.9% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 116,811 shares of the exchange traded fund’s stock after selling 1,096 shares during the quarter. Invesco QQQ makes up 8.9% of King Wealth Management Group’s portfolio, making the stock its 2nd biggest position. King Wealth Management Group’s holdings in Invesco QQQ were worth $57,012,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. New Covenant Trust Company N.A. acquired a new position in Invesco QQQ in the first quarter worth approximately $28,000. Mechanics Financial Corp acquired a new position in Invesco QQQ in the second quarter valued at approximately $30,000. Chelsea Counsel Co. acquired a new position in shares of Invesco QQQ during the 1st quarter worth about $40,000. CGC Financial Services LLC raised its stake in Invesco QQQ by 736.4% during the 2nd quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock worth $44,000 after buying an additional 81 shares during the period. Finally, PFG Private Wealth Management LLC boosted its holdings in shares of Invesco QQQ by 572.2% in the second quarter. PFG Private Wealth Management LLC now owns 121 shares of the exchange traded fund’s stock valued at $58,000 after buying an additional 103 shares during the period. Institutional investors and hedge funds own 44.58% of the company’s stock.

Invesco QQQ Stock Down 0.7 %

NASDAQ:QQQ opened at $508.69 on Friday. The stock’s 50-day simple moving average is $487.42 and its 200 day simple moving average is $473.42. Invesco QQQ has a 52-week low of $382.66 and a 52-week high of $515.58.

Invesco QQQ Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 23rd were given a $0.677 dividend. This represents a $2.71 annualized dividend and a dividend yield of 0.53%. The ex-dividend date was Monday, September 23rd.

Invesco QQQ 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.