Invesco QQQ (NASDAQ:QQQ) Shares Down 1.7%

Invesco QQQ (NASDAQ:QQQ)’s stock price dropped 1.7% on Thursday . The stock traded as low as $418.14 and last traded at $419.18. Approximately 19,720,467 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 45,696,840 shares. The stock had previously closed at $426.51.

Invesco QQQ Stock Performance

The stock’s 50 day simple moving average is $436.88 and its 200 day simple moving average is $410.11.

Invesco QQQ Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Tuesday, March 19th will be issued a dividend of $0.5735 per share. This represents a $2.29 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date of this dividend is Monday, March 18th.

Hedge Funds Weigh In On Invesco QQQ

Hedge funds have recently bought and sold shares of the company. Deane Retirement Strategies Inc. purchased a new position in shares of Invesco QQQ in the 1st quarter worth about $29,000. Legacy Bridge LLC increased its position in shares of Invesco QQQ by 800.0% during the first quarter. Legacy Bridge LLC now owns 72 shares of the exchange traded fund’s stock valued at $32,000 after buying an additional 64 shares during the period. Voisard Asset Management Group Inc. bought a new stake in shares of Invesco QQQ during the fourth quarter valued at about $35,000. Red Tortoise LLC increased its position in shares of Invesco QQQ by 370.0% during the fourth quarter. Red Tortoise LLC now owns 94 shares of the exchange traded fund’s stock valued at $39,000 after buying an additional 74 shares during the period. Finally, Robinson Capital Management LLC bought a new stake in shares of Invesco QQQ during the fourth quarter valued at about $40,000. 44.58% of the stock is owned by hedge funds and other institutional investors.

Invesco QQQ Company 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.