Asset Dedication LLC Invests $2.33 Million in Invesco QQQ (NASDAQ:QQQ)

Asset Dedication LLC purchased a new stake in shares of Invesco QQQ (NASDAQ:QQQ) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,854 shares of the exchange traded fund’s stock, valued at approximately $2,326,000.

Other hedge funds also recently added to or reduced their stakes in the company. Global Assets Advisory LLC bought a new stake in shares of Invesco QQQ in the first quarter worth approximately $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 buying an additional 3,102,568 shares during the last quarter. Strategic Financial Concepts LLC lifted its holdings in shares of Invesco QQQ by 18,691.3% during the 2nd quarter. Strategic Financial Concepts LLC now owns 2,777,351 shares of the exchange traded fund’s stock valued at $13,307,000 after buying an additional 2,762,571 shares during the period. Commonwealth Equity Services LLC boosted its stake in shares of Invesco QQQ by 2.6% in the 2nd quarter. Commonwealth Equity Services LLC now owns 2,544,540 shares of the exchange traded fund’s stock worth $1,219,115,000 after buying an additional 64,401 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its holdings in shares of Invesco QQQ by 10.2% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 2,241,509 shares of the exchange traded fund’s stock worth $1,073,929,000 after acquiring an additional 206,608 shares during the period. 44.58% of the stock is currently owned by hedge funds and other institutional investors.

Invesco QQQ Price Performance

QQQ stock opened at $448.69 on Friday. The business’s 50-day moving average is $472.43 and its two-hundred day moving average is $456.11. Invesco QQQ has a fifty-two week low of $342.35 and a fifty-two week high of $503.52.

Invesco QQQ Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Monday, June 24th were paid a $0.7615 dividend. This represents a $3.05 annualized dividend and a dividend yield of 0.68%. The ex-dividend date was Monday, June 24th. This is a boost from Invesco QQQ’s previous quarterly dividend of $0.57.

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.