1248 Management LLC Decreases Stock Position in Invesco QQQ $QQQ

1248 Management LLC lowered its stake in Invesco QQQ (NASDAQ:QQQ) by 1.7% during the 1st quarter, Holdings Channel reports. The firm owned 9,485 shares of the exchange traded fund’s stock after selling 160 shares during the quarter. Invesco QQQ makes up about 1.8% of 1248 Management LLC’s holdings, making the stock its 13th biggest position. 1248 Management LLC’s holdings in Invesco QQQ were worth $4,455,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Goldman Sachs Group Inc. raised its position in shares of Invesco QQQ by 959.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 24,097,975 shares of the exchange traded fund’s stock valued at $11,300,023,000 after buying an additional 21,823,765 shares in the last quarter. Mullooly Asset Management Inc. bought a new position in Invesco QQQ in the 1st quarter worth about $2,775,904,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Invesco QQQ by 1.7% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 3,201,107 shares of the exchange traded fund’s stock valued at $1,501,063,000 after purchasing an additional 52,234 shares in the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of Invesco QQQ by 2.3% during the first quarter. Commonwealth Equity Services LLC now owns 2,480,244 shares of the exchange traded fund’s stock valued at $1,163,036,000 after purchasing an additional 54,944 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Invesco QQQ by 55,795.2% during the first quarter. GAMMA Investing LLC now owns 1,871,929 shares of the exchange traded fund’s stock valued at $8,777,850,000 after purchasing an additional 1,868,580 shares in the last quarter. 44.58% of the stock is currently owned by hedge funds and other institutional investors.

Invesco QQQ Trading Up 0.6%

NASDAQ QQQ opened at $584.08 on Friday. The firm’s 50 day moving average price is $567.63 and its 200-day moving average price is $519.99. Invesco QQQ has a 52-week low of $402.39 and a 52-week high of $584.88.

Invesco QQQ Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Monday, June 23rd were issued a $0.5911 dividend. This represents a $2.36 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Monday, June 23rd.

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.