Gradient Investments LLC has significantly increased its holdings in the Invesco QQQ (NASDAQ: QQQ), raising its stake by 39.6% during the third quarter of 2023. According to the firm’s latest 13F filing with the Securities and Exchange Commission, Gradient now owns 13,107 shares of the exchange-traded fund (ETF), having acquired an additional 3,716 shares during this period. The total value of Gradient’s holdings in Invesco QQQ is approximately $7,869,000.
Other institutional investors have also adjusted their positions in Invesco QQQ. For instance, Wisconsin Wealth Advisors LLC grew its holdings by 16.9% in the same quarter, bringing its total to 7,888 shares worth about $4,736,000 after purchasing 1,141 shares. Similarly, City Center Advisors LLC increased its stake by 5.8%, now holding 2,733 shares valued at $1,641,000 after acquiring an additional 150 shares.
In addition, Heartwood Wealth Advisors LLC established a new position in Invesco QQQ during the third quarter, worth approximately $216,000. Other firms, such as Inspirion Wealth Advisors LLC and Insight Wealth Strategies LLC, also increased their holdings by 10.8% and 2.3%, respectively.
As a whole, hedge funds and institutional investors now control 44.58% of Invesco QQQ’s stock, reflecting strong interest in this investment vehicle.
Invesco QQQ Performance and Dividend Increase
On October 31, 2023, shares of Invesco QQQ opened at $600.41. The ETF’s performance has seen a 50-day moving average of $613.62 and a 200-day moving average of $582.45. Over the past year, Invesco QQQ has fluctuated significantly, with a 52-week low of $402.39 and a 52-week high of $637.01.
Invesco QQQ has also announced an increase in its quarterly dividend, which was paid out to shareholders on October 31, 2023. Shareholders of record as of September 22, 2023 received a dividend of $0.694 per share, up from the previous $0.59. This adjustment translates to an annualized dividend of $2.78 and a dividend yield of 0.5%.
About Invesco QQQ
The PowerShares QQQ Trust, Series 1, is a unit investment trust that offers securities known as Nasdaq-100 Index Tracking Stock. Its primary investment objective is to deliver results that generally reflect the performance of the Nasdaq-100 Index in terms of price and yield. This trust allows investors to acquire units representing proportionate undivided interests in the portfolio of securities held by the trust, which closely resembles the components of the Nasdaq-100 Index.
The growing interest from institutional investors, combined with the recent dividend increase, highlights the strong market position of Invesco QQQ and its appeal among financial professionals.
