Elite Wealth Management Inc. Reduces Position in Invesco QQQ (NASDAQ:QQQ)

Elite Wealth Management Inc. decreased its holdings in Invesco QQQ (NASDAQ:QQQ) by 16.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 12,481 shares of the exchange traded fund’s stock after selling 2,385 shares during the period. Invesco QQQ makes up 0.8% of Elite Wealth Management Inc.’s portfolio, making the stock its 13th largest holding. Elite Wealth Management Inc.’s holdings in Invesco QQQ were worth $6,092,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. New Covenant Trust Company N.A. purchased a new stake in Invesco QQQ during the first quarter valued at $28,000. Mechanics Financial Corp bought a new stake in shares of Invesco QQQ during the 2nd quarter valued at about $30,000. Chelsea Counsel Co. purchased a new stake in shares of Invesco QQQ during the 1st quarter valued at about $40,000. CGC Financial Services LLC lifted its stake in shares of Invesco QQQ by 736.4% in the 2nd quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock worth $44,000 after purchasing an additional 81 shares during the period. Finally, Legacy Bridge LLC boosted its holdings in shares of Invesco QQQ by 60.0% in the third quarter. Legacy Bridge LLC now owns 120 shares of the exchange traded fund’s stock worth $59,000 after buying an additional 45 shares during the last quarter. Institutional investors own 44.58% of the company’s stock.

Invesco QQQ Stock Performance

Shares of NASDAQ QQQ opened at $505.30 on Thursday. Invesco QQQ has a 12-month low of $382.66 and a 12-month high of $515.58. The firm has a 50 day moving average of $495.14 and a 200 day moving average of $478.31.

Invesco QQQ Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 23rd were given a dividend of $0.677 per share. This represents a $2.71 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date was Monday, September 23rd.

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.