Invesco QQQ (NASDAQ:QQQ) Stock Price Down 0.4%

Invesco QQQ (NASDAQ:QQQ)’s stock price dropped 0.4% during trading on Tuesday . The company traded as low as $480.17 and last traded at $480.91. Approximately 7,100,754 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 40,035,816 shares. The stock had previously closed at $483.04.

Invesco QQQ Stock Up 0.5 %

The firm has a 50 day moving average of $467.81 and a 200 day moving average of $458.89.

Invesco QQQ Cuts Dividend

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

Institutional Trading of Invesco QQQ

Several hedge funds and other institutional investors have recently modified their holdings of QQQ. Anchor Investment Management LLC lifted its stake in Invesco QQQ by 1.9% in the 2nd quarter. Anchor Investment Management LLC now owns 42,196 shares of the exchange traded fund’s stock worth $20,216,000 after purchasing an additional 786 shares in the last quarter. Newbridge Financial Services Group Inc. boosted its stake in Invesco QQQ by 47.2% during the second quarter. Newbridge Financial Services Group Inc. now owns 9,966 shares of the exchange traded fund’s stock valued at $4,775,000 after buying an additional 3,196 shares during the period. Heritage Wealth Management Inc. purchased a new position in Invesco QQQ during the second quarter worth about $290,000. Lazari Capital Management Inc. increased its stake in Invesco QQQ by 299.6% in the 2nd quarter. Lazari Capital Management Inc. now owns 5,671 shares of the exchange traded fund’s stock worth $2,717,000 after acquiring an additional 4,252 shares during the last quarter. Finally, Creekside Partners purchased a new stake in shares of Invesco QQQ in the 2nd quarter valued at about $540,000. Institutional investors own 44.58% of the company’s stock.

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.