Invesco QQQ (NASDAQ:QQQ) Reaches New 52-Week High – Here’s Why

Invesco QQQ (NASDAQ:QQQ) hit a new 52-week high on Friday . The company traded as high as $617.53 and last traded at $617.70, with a volume of 9285746 shares trading hands. The stock had previously closed at $610.58.

Invesco QQQ Trading Up 1.1%

The business’s 50-day moving average price is $590.61 and its 200-day moving average price is $547.17.

Invesco QQQ Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 22nd will be paid a $0.694 dividend. This is a boost from Invesco QQQ’s previous quarterly dividend of $0.59. This represents a $2.78 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Monday, September 22nd.

Institutional Investors Weigh In On Invesco QQQ

Several hedge funds have recently made changes to their positions in QQQ. Orgel Wealth Management LLC grew its stake in shares of Invesco QQQ by 4.7% in the 3rd quarter. Orgel Wealth Management LLC now owns 382 shares of the exchange traded fund’s stock valued at $229,000 after purchasing an additional 17 shares during the last quarter. Enclave Advisors LLC lifted its holdings in shares of Invesco QQQ by 0.9% during the third quarter. Enclave Advisors LLC now owns 1,831 shares of the exchange traded fund’s stock worth $1,099,000 after purchasing an additional 17 shares during the period. IFS Advisors LLC grew its position in Invesco QQQ by 4.1% in the 3rd quarter. IFS Advisors LLC now owns 431 shares of the exchange traded fund’s stock valued at $259,000 after buying an additional 17 shares during the last quarter. Mezzasalma Advisors LLC grew its position in Invesco QQQ by 0.5% in the 3rd quarter. Mezzasalma Advisors LLC now owns 3,312 shares of the exchange traded fund’s stock valued at $1,988,000 after buying an additional 17 shares during the last quarter. Finally, TCV Trust & Wealth Management Inc. increased its stake in Invesco QQQ by 1.4% in the 3rd quarter. TCV Trust & Wealth Management Inc. now owns 1,246 shares of the exchange traded fund’s stock valued at $748,000 after buying an additional 17 shares during the period. Institutional investors and hedge funds 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.