Drake & Associates LLC Has $9.51 Million Stake in Invesco QQQ (NASDAQ:QQQ)

Drake & Associates LLC increased its stake in Invesco QQQ (NASDAQ:QQQ) by 4.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,283 shares of the exchange traded fund’s stock after acquiring an additional 774 shares during the quarter. Invesco QQQ accounts for approximately 2.7% of Drake & Associates LLC’s portfolio, making the stock its 14th largest position. Drake & Associates LLC’s holdings in Invesco QQQ were worth $9,511,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of QQQ. Bridge Generations Wealth Management LLC acquired a new stake in Invesco QQQ in the fourth quarter valued at approximately $35,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Invesco QQQ during the fourth quarter worth approximately $36,000. Alpine Bank Wealth Management bought a new position in shares of Invesco QQQ in the 1st quarter worth $50,000. Westend Capital Management LLC bought a new position in shares of Invesco QQQ in the 1st quarter worth $51,000. Finally, Banque Transatlantique SA acquired a new stake in Invesco QQQ in the 4th quarter valued at $57,000. Institutional investors and hedge funds own 44.58% of the company’s stock.

Invesco QQQ Stock Performance

QQQ opened at $555.88 on Friday. The company’s fifty day moving average price is $519.53 and its two-hundred day moving average price is $504.67. Invesco QQQ has a 1-year low of $402.39 and a 1-year high of $557.20.

Invesco QQQ Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 23rd will be given a dividend of $0.5911 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.43%. The ex-dividend date of this dividend is Monday, June 23rd.

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.