Drive Wealth Management LLC Sells 667 Shares of Invesco QQQ (NASDAQ:QQQ)

Drive Wealth Management LLC reduced its stake in Invesco QQQ (NASDAQ:QQQ) by 41.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 936 shares of the exchange traded fund’s stock after selling 667 shares during the period. Drive Wealth Management LLC’s holdings in Invesco QQQ were worth $440,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of QQQ. Ameriprise Financial Inc. grew its holdings 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 valued at $2,300,993,000 after purchasing an additional 756,990 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Invesco QQQ by 34.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,199,820 shares of the exchange traded fund’s stock valued at $1,124,614,000 after purchasing an additional 568,120 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Invesco QQQ by 55,795.2% in the 1st quarter. GAMMA Investing LLC now owns 1,871,929 shares of the exchange traded fund’s stock worth $8,777,850,000 after buying an additional 1,868,580 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Invesco QQQ by 1.1% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 1,342,830 shares of the exchange traded fund’s stock worth $629,680,000 after buying an additional 14,017 shares during the last quarter. Finally, Senator Investment Group LP bought a new stake in shares of Invesco QQQ in the 4th quarter worth about $679,936,000. Hedge funds and other institutional investors own 44.58% of the company’s stock.

Invesco QQQ Stock Up 0.2%

Shares of NASDAQ:QQQ opened at $566.37 on Friday. Invesco QQQ has a 12 month low of $402.39 and a 12 month high of $567.70. The company has a 50-day moving average price of $539.14 and a 200 day moving average price of $508.84.

Invesco QQQ Cuts Dividend

The business 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 0.42%. The ex-dividend date 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.