Summit Wealth Partners LLC Cuts Stake in Invesco QQQ (NASDAQ:QQQ)

Summit Wealth Partners LLC trimmed its position in Invesco QQQ (NASDAQ:QQQ) by 1.1% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 38,968 shares of the exchange traded fund’s stock after selling 434 shares during the quarter. Invesco QQQ comprises approximately 3.9% of Summit Wealth Partners LLC’s portfolio, making the stock its 6th largest holding. Summit Wealth Partners LLC’s holdings in Invesco QQQ were worth $18,670,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in QQQ. New Covenant Trust Company N.A. acquired a new position in shares of Invesco QQQ during the first quarter valued at about $28,000. Mechanics Financial Corp acquired a new position in Invesco QQQ during the 2nd quarter valued at about $30,000. Deane Retirement Strategies Inc. bought a new stake in Invesco QQQ during the 1st quarter worth approximately $29,000. Voisard Asset Management Group Inc. purchased a new stake in shares of Invesco QQQ in the fourth quarter worth approximately $35,000. Finally, Chelsea Counsel Co. bought a new position in shares of Invesco QQQ in the first quarter valued at approximately $40,000. 44.58% of the stock is owned by institutional investors and hedge funds.

Invesco QQQ Trading Down 1.4 %

Shares of Invesco QQQ stock opened at $481.27 on Wednesday. The stock has a fifty day simple moving average of $468.23 and a 200 day simple moving average of $460.89. Invesco QQQ has a 12-month low of $342.35 and a 12-month high of $503.52.

Invesco QQQ Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 23rd will be issued a $0.677 dividend. The ex-dividend date of this dividend is Monday, September 23rd. This represents a $2.71 annualized dividend and a dividend yield of 0.56%.

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.