Pinnacle Associates Ltd. Sells 2,336 Shares of Invesco QQQ (NASDAQ:QQQ)

Pinnacle Associates Ltd. decreased its holdings in Invesco QQQ (NASDAQ:QQQ - Free Report) by 1.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 166,014 shares of the exchange traded fund's stock after selling 2,336 shares during the period. Invesco QQQ comprises 1.3% of Pinnacle Associates Ltd.'s portfolio, making the stock its 9th largest holding. Pinnacle Associates Ltd.'s holdings in Invesco QQQ were worth $81,026,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in QQQ. Prospect Financial Services LLC lifted its holdings in Invesco QQQ by 0.3% during the 2nd quarter. Prospect Financial Services LLC now owns 6,385 shares of the exchange traded fund's stock worth $3,059,000 after purchasing an additional 21 shares during the last quarter. Skyline Advisors Inc. lifted its holdings in shares of Invesco QQQ by 5.0% during the third quarter. Skyline Advisors Inc. now owns 441 shares of the exchange traded fund's stock worth $215,000 after buying an additional 21 shares in the last quarter. Sweeney & Michel LLC boosted its position in shares of Invesco QQQ by 4.0% in the second quarter. Sweeney & Michel LLC now owns 575 shares of the exchange traded fund's stock valued at $286,000 after acquiring an additional 22 shares during the period. Family Firm Inc. grew its stake in shares of Invesco QQQ by 3.1% in the second quarter. Family Firm Inc. now owns 738 shares of the exchange traded fund's stock valued at $354,000 after acquiring an additional 22 shares in the last quarter. Finally, MPS Loria Financial Planners LLC increased its position in Invesco QQQ by 0.8% during the third quarter. MPS Loria Financial Planners LLC now owns 2,656 shares of the exchange traded fund's stock worth $1,297,000 after acquiring an additional 22 shares during the period. 44.58% of the stock is owned by hedge funds and other institutional investors.

Invesco QQQ Stock Performance

NASDAQ QQQ traded down $3.78 during trading on Wednesday, reaching $496.38. The company's stock had a trading volume of 28,455,649 shares, compared to its average volume of 38,644,207. Invesco QQQ has a 12 month low of $346.62 and a 12 month high of $503.52. The firm has a 50 day moving average price of $481.19 and a 200 day moving average price of $467.84.

Invesco QQQ Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 23rd will be given a dividend of $0.677 per share. This represents a $2.71 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date is Monday, September 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.