Invesco QQQ (NASDAQ:QQQ) Stock Price Down 1.2% – Here’s Why

Invesco QQQ (NASDAQ:QQQ) shares traded down 1.2% during trading on Wednesday . The stock traded as low as $503.16 and last traded at $503.45. 7,577,617 shares traded hands during trading, a decline of 80% from the average session volume of 37,787,531 shares. The stock had previously closed at $509.31.

Invesco QQQ Stock Performance

The company’s 50 day moving average price is $495.58 and its 200 day moving average price is $478.50.

Invesco QQQ Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 23rd were paid a $0.677 dividend. The ex-dividend date was Monday, September 23rd. This represents a $2.71 dividend on an annualized basis and a yield of 0.54%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. International Assets Investment Management LLC grew its stake in Invesco QQQ by 46,491.6% in the 3rd quarter. International Assets Investment Management LLC now owns 32,586,150 shares of the exchange traded fund’s stock valued at $15,904,322,000 after buying an additional 32,516,210 shares during the last quarter. Ameriprise Financial Inc. increased its stake in Invesco QQQ by 7.3% in the second quarter. Ameriprise Financial Inc. now owns 4,966,637 shares of the exchange traded fund’s stock valued at $2,379,676,000 after acquiring an additional 338,494 shares during the period. Toronto Dominion Bank increased its stake in Invesco QQQ by 13.0% in the third quarter. Toronto Dominion Bank now owns 4,261,790 shares of the exchange traded fund’s stock valued at $2,080,052,000 after acquiring an additional 488,815 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in Invesco QQQ by 1.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,199,214 shares of the exchange traded fund’s stock valued at $1,532,904,000 after acquiring an additional 33,790 shares during the period. Finally, Strategic Financial Concepts LLC increased its stake in Invesco QQQ by 18,691.3% in the second quarter. Strategic Financial Concepts LLC now owns 2,777,351 shares of the exchange traded fund’s stock valued at $13,307,000 after acquiring an additional 2,762,571 shares during the period. 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.