Envestnet Asset Management Inc. increased its stake in PowerShares QQQ Trust, Series 1 (NASDAQ:QQQ) by 23.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 328,762 shares of the exchange traded fund’s stock after buying an additional 61,601 shares during the period. Envestnet Asset Management Inc.’s holdings in PowerShares QQQ Trust, Series 1 were worth $43,520,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Quantitative Investment Management LLC increased its position in shares of PowerShares QQQ Trust, Series 1 by 148.0% in the first quarter. Quantitative Investment Management LLC now owns 1,173,500 shares of the exchange traded fund’s stock valued at $155,347,000 after buying an additional 700,400 shares during the period. 3EDGE Asset Management LP bought a new position in shares of PowerShares QQQ Trust, Series 1 during the fourth quarter valued at about $46,095,000. Total Investment Management Inc. bought a new position in shares of PowerShares QQQ Trust, Series 1 during the fourth quarter valued at about $35,171,000. Forward Management LLC increased its position in shares of PowerShares QQQ Trust, Series 1 by 199.9% in the first quarter. Forward Management LLC now owns 363,388 shares of the exchange traded fund’s stock valued at $48,105,000 after buying an additional 242,208 shares during the period. Finally, Bell Bank bought a new position in shares of PowerShares QQQ Trust, Series 1 during the first quarter valued at about $25,917,000. Institutional investors and hedge funds own 36.09% of the company’s stock.

Institutional Ownership by Quarter for PowerShares QQQ Trust, Series 1 (NASDAQ:QQQ)

PowerShares QQQ Trust, Series 1 (NASDAQ QQQ) opened at 140.46 on Tuesday. PowerShares QQQ Trust, Series 1 has a 52-week low of $101.75 and a 52-week high of $143.90. The firm’s 50-day moving average is $139.60 and its 200-day moving average is $130.22.

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 31st. Shareholders of record on Tuesday, June 20th will be paid a $0.3784 dividend. The ex-dividend date is Friday, June 16th. This is a positive change from PowerShares QQQ Trust, Series 1’s previous quarterly dividend of $0.27. This represents a $1.51 annualized dividend and a yield of 1.08%.

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Separately, Vetr upgraded shares of PowerShares QQQ Trust, Series 1 from a “strong sell” rating to a “hold” rating and set a $139.96 target price on the stock in a research report on Tuesday, May 23rd.

About PowerShares QQQ Trust, Series 1

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.

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