Redstone Wealth Management LLC Buys 58,901 Shares of iShares Biotechnology ETF $IBB

Redstone Wealth Management LLC purchased a new position in iShares Biotechnology ETF (NASDAQ:IBB) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 58,901 shares of the financial services provider’s stock, valued at approximately $12,401,000. iShares Biotechnology ETF makes up 7.8% of Redstone Wealth Management LLC’s holdings, making the stock its 6th largest holding.

A number of other institutional investors have also bought and sold shares of IBB. Pension & Wealth Management Advisors Inc. bought a new stake in iShares Biotechnology ETF during the second quarter valued at about $28,000. Trust Co. of Vermont bought a new position in shares of iShares Biotechnology ETF in the second quarter worth about $44,000. SHP Wealth Management bought a new position in shares of iShares Biotechnology ETF in the fourth quarter worth about $39,000. GKV Capital Management Co. Inc. bought a new position in shares of iShares Biotechnology ETF in the first quarter worth about $49,000. Finally, Compass Financial Management LLC purchased a new stake in shares of iShares Biotechnology ETF during the second quarter worth about $56,000. Hedge funds and other institutional investors own 62.45% of the company’s stock.

iShares Biotechnology ETF Trading Up 3.2%

NASDAQ:IBB opened at $210.50 on Wednesday. The stock has a 50-day moving average price of $207.26 and a 200 day moving average price of $188.59. iShares Biotechnology ETF has a 12-month low of $153.25 and a 12-month high of $217.12.

iShares Biotechnology ETF Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Tuesday, September 15th were issued a $0.0112 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.04 dividend on an annualized basis and a yield of 0.0%. This is a drop from iShares Biotechnology ETF’s previous quarterly dividend of $0.0238.

About iShares Biotechnology ETF

iShares Nasdaq Biotechnology ETF (the Fund), formerly iShares Nasdaq Biotechnology Index Fund, is an exchange-traded fund (ETF). The Fund seeks investment results that correspond generally to the price and yield performance of the NASDAQ Biotechnology Index (the Index). The Index contains securities of NASDAQ listed companies that are classified according to the Industry Classification Benchmark as either biotechnology or pharmaceuticals, which also meet other eligibility criteria determined by NASDAQ.