Rede Wealth LLC Has $271,000 Stock Position in Invesco QQQ (NASDAQ:QQQ)

Rede Wealth LLC cut its holdings in shares of Invesco QQQ (NASDAQ:QQQ) by 6.4% in the third quarter, Holdings Channel reports. The institutional investor owned 555 shares of the exchange traded fund’s stock after selling 38 shares during the quarter. Rede Wealth LLC’s holdings in Invesco QQQ were worth $271,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of QQQ. Ameriprise Financial Inc. increased its stake in Invesco QQQ by 7.3% during the second quarter. Ameriprise Financial Inc. now owns 4,966,637 shares of the exchange traded fund’s stock valued at $2,379,676,000 after acquiring an additional 338,494 shares during the period. Steel Grove Capital Advisors LLC increased its position in shares of Invesco QQQ by 934.0% during the first 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. Northwestern Mutual Wealth Management Co. raised its stake in shares of Invesco QQQ by 1.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,199,214 shares of the exchange traded fund’s stock valued at $1,532,904,000 after purchasing an additional 33,790 shares in the last quarter. Strategic Financial Concepts LLC lifted its position in 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 worth $13,307,000 after purchasing an additional 2,762,571 shares during the period. Finally, Commonwealth Equity Services LLC lifted its position in Invesco QQQ by 2.6% in the second quarter. Commonwealth Equity Services LLC now owns 2,544,540 shares of the exchange traded fund’s stock worth $1,219,115,000 after purchasing an additional 64,401 shares during the period. 44.58% of the stock is owned by institutional investors.

Invesco QQQ Price Performance

Shares of Invesco QQQ stock opened at $494.47 on Monday. Invesco QQQ has a 52-week low of $342.35 and a 52-week high of $503.52. The company’s fifty day moving average price is $477.68 and its two-hundred day moving average price is $465.15.

Invesco QQQ Cuts Dividend

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

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.