In a recent filing with the Securities and Exchange Commission, SK Wealth Management LLC revealed its acquisition of a new stake in Invesco QQQ (NASDAQ:QQQ), purchasing 1,316 shares valued at approximately $803,000. This transaction occurred during the third quarter of 2023, reflecting the firm’s growing interest in exchange-traded funds (ETFs).
Several institutional investors have also adjusted their holdings in Invesco QQQ. Notably, Morgan Dempsey Capital Management LLC established a new position in the second quarter, investing around $30,000. Additionally, Navigoe LLC significantly increased its stake by 300% during the third quarter, now owning 60 shares valued at $36,000 after acquiring an additional 45 shares. Other firms like Marshall & Sullivan Inc. and Moser Wealth Advisors LLC also made notable investments, indicating a trend among institutional investors towards QQQ.
Impact of Recent Developments on Invesco QQQ
Recent news has positively influenced sentiment around Invesco QQQ. Shareholders approved the conversion of QQQ to an open-ended ETF, prompting Invesco to reduce its expense ratio by approximately 10%. This reduction in costs is expected to enhance the fund’s competitiveness and may serve as a catalyst for inflows.
Furthermore, Invesco’s broader strategy of modernizing QQQ aims to introduce operational flexibility and align it with a more standard ETF structure. This transformation is anticipated to attract larger institutional investors and retail buyers over time. The recent drop in inflation figures for November has also buoyed growth stocks and ETFs tied to the Nasdaq-100, increasing expectations for potential Federal Reserve rate cuts in the coming year.
Despite these positive indicators, caution remains. Analysts have noted a technical bearish signal on the Nasdaq-100 chart, suggesting a potential short-term pullback or consolidation risk for QQQ. As the ETF currently hovers just above its 50-day and 200-day moving averages, traders are advised to monitor support levels and trading volume closely.
Invesco QQQ’s Performance and Dividend Announcement
As of Monday, shares of Invesco QQQ opened at $617.05, with a 50-day moving average at $614.14 and a 200-day moving average at $584.06. The ETF has experienced a one-year low of $402.39 and a one-year high of $637.01.
Invesco also announced a quarterly dividend of $0.7941, set to be distributed on December 31, 2023. Shareholders on record as of December 22, 2023 will receive this dividend, representing an increase from the previous quarterly amount of $0.69. This translates to an annualized dividend of $3.18 and a dividend yield of 0.5%.
The PowerShares QQQ Trust, Series 1, aims to deliver investment results that correspond to the price and yield performance of the Nasdaq-100 Index, providing investors with access to a diverse portfolio of leading technology and growth companies.
As institutional interest grows and operational changes unfold, Invesco QQQ remains a focal point for investors looking to capitalize on the evolving market landscape.
