Pinnacle Wealth Management Group Inc. Invests $6.41 Million in Invesco QQQ $QQQ

Pinnacle Wealth Management Group Inc. bought a new stake in shares of Invesco QQQ (NASDAQ:QQQ) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 11,613 shares of the exchange traded fund’s stock, valued at approximately $6,406,000. Invesco QQQ makes up 3.7% of Pinnacle Wealth Management Group Inc.’s holdings, making the stock its 6th biggest position.

Other large investors have also bought and sold shares of the company. Brighton Jones LLC lifted its stake in Invesco QQQ by 15.0% in the 4th quarter. Brighton Jones LLC now owns 38,348 shares of the exchange traded fund’s stock worth $19,605,000 after acquiring an additional 4,989 shares in the last quarter. Revolve Wealth Partners LLC lifted its stake in Invesco QQQ by 3.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 5,257 shares of the exchange traded fund’s stock worth $2,687,000 after acquiring an additional 176 shares in the last quarter. Wealth Group Ltd. lifted its stake in Invesco QQQ by 305.2% in the 1st quarter. Wealth Group Ltd. now owns 6,419 shares of the exchange traded fund’s stock worth $3,010,000 after acquiring an additional 4,835 shares in the last quarter. GAMMA Investing LLC lifted its stake in Invesco QQQ by 19.2% in the 1st quarter. GAMMA Investing LLC now owns 3,992 shares of the exchange traded fund’s stock worth $1,872,000 after acquiring an additional 643 shares in the last quarter. Finally, Alpine Bank Wealth Management purchased a new stake in Invesco QQQ in the 1st quarter worth about $50,000. Institutional investors own 44.58% of the company’s stock.

Invesco QQQ Price Performance

Shares of Invesco QQQ stock opened at $617.10 on Friday. The stock has a 50-day moving average price of $590.61 and a 200 day moving average price of $546.26. Invesco QQQ has a 1 year low of $402.39 and a 1 year high of $618.42.

Invesco QQQ Increases Dividend

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

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.