Kovack Advisors Inc. Has $19.40 Million Stake in Invesco QQQ (NASDAQ:QQQ)

Kovack Advisors Inc. trimmed its stake in Invesco QQQ (NASDAQ:QQQ) by 0.7% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 39,757 shares of the exchange traded fund’s stock after selling 294 shares during the quarter. Invesco QQQ makes up about 2.1% of Kovack Advisors Inc.’s investment portfolio, making the stock its 7th largest holding. Kovack Advisors Inc.’s holdings in Invesco QQQ were worth $19,404,000 at the end of the most recent reporting period.

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

Invesco QQQ Price Performance

NASDAQ QQQ traded down $1.86 on Wednesday, hitting $511.05. 6,431,032 shares of the company were exchanged, compared to its average volume of 38,150,512. Invesco QQQ has a twelve month low of $382.66 and a twelve month high of $515.58. The company’s 50 day moving average price is $486.39 and its 200-day moving average price is $473.15.

Invesco QQQ Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 23rd were given a $0.677 dividend. The ex-dividend date of this dividend was Monday, September 23rd. This represents a $2.71 annualized dividend and a dividend yield of 0.53%.

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.