Invesco Food & Beverage ETF (NYSEARCA:PBJ) Stock Price Up 0.7% – Still a Buy?
by Danessa Lincoln · The Markets DailyInvesco Food & Beverage ETF (NYSEARCA:PBJ – Get Free Report)’s stock price shot up 0.7% on Thursday . The stock traded as high as $49.10 and last traded at $49.08. 21,036 shares changed hands during mid-day trading, a decline of 2% from the average session volume of 21,566 shares. The stock had previously closed at $48.75.
Invesco Food & Beverage ETF Price Performance
The firm’s 50 day moving average is $49.46 and its two-hundred day moving average is $46.77. The firm has a market capitalization of $90.31 million, a P/E ratio of 19.85 and a beta of 0.52.
Hedge Funds Weigh In On Invesco Food & Beverage ETF
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kingsview Wealth Management LLC bought a new position in Invesco Food & Beverage ETF during the third quarter worth $15,956,000. Mainsail Financial Group LLC boosted its position in Invesco Food & Beverage ETF by 3.6% during the fourth quarter. Mainsail Financial Group LLC now owns 100,150 shares of the company’s stock worth $4,487,000 after purchasing an additional 3,505 shares during the period. Bank of America Corp DE boosted its position in Invesco Food & Beverage ETF by 83.1% during the second quarter. Bank of America Corp DE now owns 77,833 shares of the company’s stock worth $3,683,000 after purchasing an additional 35,327 shares during the period. Royal Bank of Canada boosted its position in Invesco Food & Beverage ETF by 75.9% during the fourth quarter. Royal Bank of Canada now owns 53,648 shares of the company’s stock worth $2,404,000 after purchasing an additional 23,142 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in Invesco Food & Beverage ETF by 32.2% during the first quarter. Goldman Sachs Group Inc. now owns 40,282 shares of the company’s stock worth $1,852,000 after purchasing an additional 9,811 shares during the period.
About Invesco Food & Beverage ETF
PowerShares Dynamic Food & Beverage Portfolio (the Fund) is based on the Dynamic Food & Beverage Intellidex Index (Index). The Fund seeks investment results that generally correspond to the price and yield of the Index. The Fund will normally invest at least 90% of its total assets in common stocks that consists of the Index. The Index is designed to provide capital appreciation by evaluating companies based on a variety of investment merit criteria, including fundamental growth, stock valuation, investment timeliness and risk factors.