Elite Wealth Management Inc. Reduces Stock Position in Invesco QQQ (NASDAQ:QQQ)

Elite Wealth Management Inc. lowered its stake in shares of Invesco QQQ (NASDAQ:QQQ) by 3.4% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 15,197 shares of the exchange traded fund’s stock after selling 534 shares during the quarter. Invesco QQQ accounts for 0.4% of Elite Wealth Management Inc.’s portfolio, making the stock its 10th biggest position. Elite Wealth Management Inc.’s holdings in Invesco QQQ were worth $6,224,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Friedenthal Financial bought a new stake in shares of Invesco QQQ in the 4th quarter worth $41,000. Bear Mountain Capital Inc. bought a new stake in Invesco QQQ in the 4th quarter worth about $42,000. Core Wealth Advisors Inc. increased its stake in Invesco QQQ by 33.3% in the 3rd quarter. Core Wealth Advisors Inc. now owns 120 shares of the exchange traded fund’s stock valued at $43,000 after buying an additional 30 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in Invesco QQQ in the 2nd quarter valued at about $44,000. Finally, Blume Capital Management Inc. lifted its position in shares of Invesco QQQ by 104.0% during the 3rd quarter. Blume Capital Management Inc. now owns 135 shares of the exchange traded fund’s stock worth $48,000 after buying an additional 3,500 shares in the last quarter. 44.58% of the stock is owned by hedge funds and other institutional investors.

Invesco QQQ Stock Performance

Shares of QQQ stock traded down $4.28 during trading on Wednesday, hitting $426.82. The company’s stock had a trading volume of 22,398,292 shares, compared to its average volume of 45,115,313. The business has a fifty day moving average of $438.36 and a 200-day moving average of $407.27. Invesco QQQ has a 52 week low of $309.89 and a 52 week high of $449.34.

Invesco QQQ Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Tuesday, March 19th will be paid a $0.5735 dividend. The ex-dividend date is Monday, March 18th. This represents a $2.29 dividend on an annualized basis and a yield of 0.54%.

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.