Bedell Frazier Investment Counselling LLC revealed that it has acquired a new stake in Invesco QQQ (NASDAQ: QQQ) during the third quarter, according to its recent SEC filing. The institutional investor purchased 13,564 shares of the exchange-traded fund (ETF) valued at approximately $8.14 million, making Invesco QQQ about 1.7% of its investment portfolio and ranking it as the 19th largest holding.
Additionally, other institutional investors have adjusted their positions in Invesco QQQ. For instance, during the second quarter, 1832 Asset Management L.P. doubled its holdings, increasing by 100% to own 2,115 shares valued at $1.17 million after a significant acquisition. Similarly, Symphony Financial Ltd. Co. initiated a new stake worth around $1.24 billion, while HRT Financial LP boosted its investment by 118.3%, owning over 3.14 million shares valued at about $1.74 billion after adding more shares. Furthermore, JPMorgan Chase & Co. enhanced its position by 42.4%, now holding nearly 4.9 million shares worth approximately $2.70 billion. Kensington Asset Management LLC also made headlines by increasing its stake by an astounding 2,124.5%, acquiring more than 366,000 shares valued at over $202 million. Collectively, institutional investors own around 44.58% of Invesco QQQ’s stock.
On the market front, Invesco QQQ stock saw a slight dip of 0.3%, opening at $607.29. The ETF’s recent performance reflects a 50-day moving average of $616.27 and a 200-day moving average of $606.48, with a yearly range between $402.39 and $637.01.
In a positive development, Invesco QQQ recently announced an increase in its quarterly dividend, which was paid to shareholders on December 31. Those recorded on December 22 received a dividend of $0.7941 per share, a rise from the previous $0.69, translating to an annualized dividend of $3.18 and a yield of approximately 0.5%.
Invesco QQQ, also known as PowerShares QQQ Trust, Series 1, aims to reflect the price and yield performance of the Nasdaq-100 Index, providing investors with robust opportunities in the technology sector among others.
This news highlights a growing interest among institutional investors in Invesco QQQ, reinforcing confidence in its potential for growth and appealing dividend offerings. As market dynamics continue to evolve, it will be interesting to observe how these developments impact the fund and investor sentiment going forward.