Meridian Investment Counsel Inc. Cuts Stock Position in Invesco QQQ (NASDAQ:QQQ)

Meridian Investment Counsel Inc. lowered its holdings in Invesco QQQ (NASDAQ:QQQ) by 7.5% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,856 shares of the exchange traded fund’s stock after selling 396 shares during the period. Meridian Investment Counsel Inc.’s holdings in Invesco QQQ were worth $2,370,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. New Covenant Trust Company N.A. acquired a new stake in Invesco QQQ in the 1st quarter valued at about $28,000. Mechanics Financial Corp purchased a new stake in shares of Invesco QQQ during the second quarter worth approximately $30,000. Chelsea Counsel Co. acquired a new stake in Invesco QQQ in the first quarter valued at approximately $40,000. CGC Financial Services LLC lifted its stake in Invesco QQQ by 736.4% in the second quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock worth $44,000 after acquiring an additional 81 shares during the last quarter. Finally, PFG Private Wealth Management LLC grew its holdings in Invesco QQQ by 572.2% during the 2nd quarter. PFG Private Wealth Management LLC now owns 121 shares of the exchange traded fund’s stock worth $58,000 after acquiring an additional 103 shares in the last quarter. 44.58% of the stock is owned by hedge funds and other institutional investors.

Invesco QQQ Stock Performance

Shares of QQQ opened at $496.57 on Friday. The firm’s fifty day simple moving average is $489.33 and its 200-day simple moving average is $474.11. Invesco QQQ has a twelve month low of $382.66 and a twelve month high of $515.58.

Invesco QQQ Cuts Dividend

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