Richmond Brothers Inc. Has $18.54 Million Position in Invesco QQQ (NASDAQ:QQQ)

Richmond Brothers Inc. decreased its position in Invesco QQQ (NASDAQ:QQQ - Free Report) by 7.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,703 shares of the exchange traded fund's stock after selling 3,269 shares during the quarter. Invesco QQQ comprises approximately 36.7% of Richmond Brothers Inc.'s holdings, making the stock its largest position. Richmond Brothers Inc.'s holdings in Invesco QQQ were worth $18,544,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of QQQ. Global Assets Advisory LLC acquired a new position in shares of Invesco QQQ in the first quarter worth about $1,580,776,000. Steel Grove Capital Advisors LLC raised its stake in Invesco QQQ by 934.0% during the 1st quarter. Steel Grove Capital Advisors LLC now owns 3,434,759 shares of the exchange traded fund's stock valued at $1,525,067,000 after purchasing an additional 3,102,568 shares during the period. Strategic Financial Concepts LLC lifted its holdings in shares of Invesco QQQ by 18,691.3% in the second quarter. Strategic Financial Concepts LLC now owns 2,777,351 shares of the exchange traded fund's stock valued at $13,307,000 after purchasing an additional 2,762,571 shares in the last quarter. Granite Bay Wealth Management LLC boosted its position in shares of Invesco QQQ by 6,215.5% in the second quarter. Granite Bay Wealth Management LLC now owns 908,924 shares of the exchange traded fund's stock worth $409,513,000 after buying an additional 894,532 shares during the period. Finally, Harvard Management Co. Inc. purchased a new position in shares of Invesco QQQ during the first quarter valued at $304,591,000. Institutional investors own 44.58% of the company's stock.

Invesco QQQ Stock Up 2.5 %

Invesco QQQ stock traded up $11.92 during trading hours on Thursday, hitting $483.36. The company had a trading volume of 52,668,316 shares, compared to its average volume of 40,330,930. Invesco QQQ has a fifty-two week low of $342.35 and a fifty-two week high of $503.52. The firm's fifty day moving average is $468.32 and its 200-day moving average is $458.07.

Invesco QQQ Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Monday, June 24th were paid a $0.7615 dividend. The ex-dividend date was Monday, June 24th. This is an increase from Invesco QQQ's previous quarterly dividend of $0.57. This represents a $3.05 dividend on an annualized basis and a dividend yield of 0.63%.

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.