Richmond Investment Services LLC Makes New Investment in Invesco QQQ (NASDAQ:QQQ)

Richmond Investment Services LLC bought a new position in Invesco QQQ (NASDAQ:QQQ) during the 4th quarter, Holdings Channel reports. The institutional investor bought 29,163 shares of the exchange traded fund’s stock, valued at approximately $14,909,000. Invesco QQQ comprises approximately 8.4% of Richmond Investment Services LLC’s investment portfolio, making the stock its 3rd biggest position.

Several other hedge funds have also added to or reduced their stakes in the stock. Proficio Capital Partners LLC boosted its holdings in Invesco QQQ by 51,292.3% in the fourth quarter. Proficio Capital Partners LLC now owns 11,500,566 shares of the exchange traded fund’s stock worth $5,879,434,000 after acquiring an additional 11,478,188 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Invesco QQQ by 20.2% in the fourth quarter. Ameriprise Financial Inc. now owns 4,500,368 shares of the exchange traded fund’s stock worth $2,300,993,000 after purchasing an additional 756,990 shares during the last quarter. Strategic Financial Concepts LLC raised its stake in shares of Invesco QQQ by 47,853.9% in the fourth quarter. Strategic Financial Concepts LLC now owns 4,113,968 shares of the exchange traded fund’s stock worth $2,103,184,000 after purchasing an additional 4,105,389 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Invesco QQQ by 0.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,116,706 shares of the exchange traded fund’s stock worth $1,593,354,000 after purchasing an additional 27,115 shares during the last quarter. Finally, Commonwealth Equity Services LLC raised its stake in shares of Invesco QQQ by 2.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 2,425,300 shares of the exchange traded fund’s stock worth $1,239,886,000 after purchasing an additional 52,235 shares during the last quarter. 44.58% of the stock is owned by institutional investors.

Invesco QQQ Price Performance

QQQ stock opened at $509.24 on Friday. Invesco QQQ has a 1-year low of $402.39 and a 1-year high of $540.81. The business has a fifty day moving average price of $474.84 and a 200-day moving average price of $500.92. The stock has a market capitalization of $319.12 billion, a P/E ratio of 30.62 and a beta of 1.11.

Invesco QQQ Cuts Dividend

The firm also recently declared a dividend, which was paid on Wednesday, April 30th. Stockholders of record on Monday, March 24th were paid a $0.7157 dividend. The ex-dividend date was Monday, March 24th.

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.