Invesco QQQ (NASDAQ:QQQ) Shares Sold by Meridian Investment Counsel Inc.

Meridian Investment Counsel Inc. reduced its stake in Invesco QQQ (NASDAQ:QQQ) by 7.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,856 shares of the exchange traded fund’s stock after selling 396 shares during the quarter. Meridian Investment Counsel Inc.’s holdings in Invesco QQQ were worth $2,370,000 at the end of the most recent quarter.

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

Invesco QQQ Trading Down 2.4 %

Shares of QQQ opened at $496.57 on Friday. The firm has a 50-day simple moving average of $489.33 and a two-hundred day simple moving average of $474.11. Invesco QQQ has a 1-year low of $382.66 and a 1-year high of $515.58.

Invesco QQQ Cuts Dividend

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