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

Richmond Brothers Inc. reduced its position in Invesco QQQ (NASDAQ:QQQ) by 7.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 38,703 shares of the exchange traded fund’s stock after selling 3,269 shares during the quarter. Invesco QQQ makes up about 36.7% of Richmond Brothers Inc.’s investment portfolio, making the stock its biggest holding. Richmond Brothers Inc.’s holdings in Invesco QQQ were worth $18,544,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bright Financial Advisors Inc. grew its holdings in shares of Invesco QQQ by 3.2% during the second quarter. Bright Financial Advisors Inc. now owns 6,499 shares of the exchange traded fund’s stock valued at $3,114,000 after purchasing an additional 199 shares during the last quarter. Somerset Group LLC grew its holdings in shares of Invesco QQQ by 5.5% during the second quarter. Somerset Group LLC now owns 14,189 shares of the exchange traded fund’s stock valued at $6,798,000 after purchasing an additional 739 shares during the last quarter. Concorde Asset Management LLC grew its holdings in shares of Invesco QQQ by 16.0% during the second quarter. Concorde Asset Management LLC now owns 20,639 shares of the exchange traded fund’s stock valued at $9,890,000 after purchasing an additional 2,852 shares during the last quarter. WCG Wealth Advisors LLC grew its holdings in shares of Invesco QQQ by 4.5% during the second quarter. WCG Wealth Advisors LLC now owns 20,141 shares of the exchange traded fund’s stock valued at $9,650,000 after purchasing an additional 867 shares during the last quarter. Finally, Glass Jacobson Investment Advisors llc grew its holdings in shares of Invesco QQQ by 32.6% during the second quarter. Glass Jacobson Investment Advisors llc now owns 940 shares of the exchange traded fund’s stock valued at $450,000 after purchasing an additional 231 shares during the last quarter. 44.58% of the stock is owned by institutional investors.

Invesco QQQ Stock Down 0.4 %

NASDAQ:QQQ opened at $471.44 on Thursday. The stock has a 50 day moving average of $468.49 and a 200-day moving average of $457.89. Invesco QQQ has a 52 week low of $342.35 and a 52 week high of $503.52.

Invesco QQQ Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Monday, June 24th were issued a dividend of $0.7615 per share. The ex-dividend date of this dividend was Monday, June 24th. This is a positive change from Invesco QQQ’s previous quarterly dividend of $0.57. This represents a $3.05 annualized dividend and a dividend yield of 0.65%.

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.