Invesco QQQ (NASDAQ:QQQ) Shares Down 1.1%

Invesco QQQ (NASDAQ:QQQ) dropped 1.1% on Monday . The company traded as low as $470.11 and last traded at $470.14. Approximately 6,948,808 shares traded hands during trading, a decline of 83% from the average daily volume of 40,234,023 shares. The stock had previously closed at $475.34.

Invesco QQQ Stock Performance

The company has a 50 day simple moving average of $470.09 and a 200-day simple moving average of $457.36.

Invesco QQQ Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Monday, June 24th were paid a $0.7615 dividend. The ex-dividend date of this dividend was Monday, June 24th. This represents a $3.05 annualized dividend and a yield of 0.64%. This is a positive change from Invesco QQQ’s previous quarterly dividend of $0.57.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Global Assets Advisory LLC purchased a new position in shares of Invesco QQQ during the first quarter valued at approximately $1,580,776,000. Steel Grove Capital Advisors LLC boosted its holdings in Invesco QQQ by 934.0% in the first quarter. Steel Grove Capital Advisors LLC now owns 3,434,759 shares of the exchange traded fund’s stock valued at $1,525,067,000 after acquiring an additional 3,102,568 shares in the last quarter. Strategic Financial Concepts LLC increased its position in Invesco QQQ by 18,691.3% during the 2nd quarter. Strategic Financial Concepts LLC now owns 2,777,351 shares of the exchange traded fund’s stock valued at $13,307,000 after purchasing an additional 2,762,571 shares during the period. Granite Bay Wealth Management LLC raised its holdings in Invesco QQQ by 6,215.5% in the 2nd quarter. Granite Bay Wealth Management LLC now owns 908,924 shares of the exchange traded fund’s stock worth $409,513,000 after purchasing an additional 894,532 shares in the last quarter. Finally, Harvard Management Co. Inc. purchased a new stake in shares of Invesco QQQ in the 1st quarter worth about $304,591,000. 44.58% of the stock is owned by hedge funds and other institutional investors.

Invesco QQQ Company 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.