Connective Portfolio Management LLC Invests $8.30 Million in Invesco QQQ (NASDAQ:QQQ)

Connective Portfolio Management LLC purchased a new stake in shares of Invesco QQQ (NASDAQ:QQQ) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 17,000 shares of the exchange traded fund’s stock, valued at approximately $8,297,000. Invesco QQQ comprises approximately 9.2% of Connective Portfolio Management LLC’s portfolio, making the stock its 2nd biggest holding.

A number of other hedge funds have also recently modified their holdings of QQQ. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors grew its position in Invesco QQQ by 27.0% in the 3rd quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 18,185 shares of the exchange traded fund’s stock valued at $8,876,000 after acquiring an additional 3,868 shares in the last quarter. Gill Capital Partners LLC boosted its stake in shares of Invesco QQQ by 16.4% in the third quarter. Gill Capital Partners LLC now owns 12,942 shares of the exchange traded fund’s stock valued at $6,317,000 after purchasing an additional 1,823 shares during the period. Sovereign Financial Group Inc. grew its holdings in shares of Invesco QQQ by 3.9% in the third quarter. Sovereign Financial Group Inc. now owns 34,638 shares of the exchange traded fund’s stock valued at $16,906,000 after purchasing an additional 1,293 shares in the last quarter. Strategic Wealth Partners Ltd. increased its stake in Invesco QQQ by 0.7% during the 3rd quarter. Strategic Wealth Partners Ltd. now owns 21,987 shares of the exchange traded fund’s stock worth $10,731,000 after buying an additional 149 shares during the period. Finally, Marquette Asset Management LLC increased its stake in Invesco QQQ by 10.0% during the 3rd quarter. Marquette Asset Management LLC now owns 1,988 shares of the exchange traded fund’s stock worth $970,000 after buying an additional 181 shares during the period. Hedge funds and other institutional investors own 44.58% of the company’s stock.

Invesco QQQ Stock Down 0.1 %

NASDAQ:QQQ traded down $0.64 during mid-day trading on Wednesday, hitting $488.66. The stock had a trading volume of 2,827,357 shares, compared to its average volume of 39,363,230. Invesco QQQ has a twelve month low of $342.35 and a twelve month high of $503.52. The stock has a 50-day simple moving average of $470.56 and a two-hundred day simple moving average of $462.37.

Invesco QQQ Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 23rd will be paid a $0.677 dividend. The ex-dividend date of this dividend is Monday, September 23rd. This represents a $2.71 annualized dividend and a dividend yield of 0.55%.

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.