Northwestern Mutual Wealth Management Co. Boosts Stock Position in iShares Biotechnology ETF $IBB

Northwestern Mutual Wealth Management Co. grew its stake in shares of iShares Biotechnology ETF (NASDAQ:IBB) by 181.4% during the 4th quarter, HoldingsChannel reports. The fund owned 74,499 shares of the financial services provider’s stock after buying an additional 48,021 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in iShares Biotechnology ETF were worth $12,573,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. 1ST Source Bank raised its position in shares of iShares Biotechnology ETF by 2.3% in the fourth quarter. 1ST Source Bank now owns 14,195 shares of the financial services provider’s stock worth $2,396,000 after buying an additional 324 shares in the last quarter. Thrivent Financial for Lutherans raised its position in shares of iShares Biotechnology ETF by 99.4% in the fourth quarter. Thrivent Financial for Lutherans now owns 223,032 shares of the financial services provider’s stock worth $37,641,000 after buying an additional 111,169 shares in the last quarter. Pinnacle Associates Ltd. raised its position in shares of iShares Biotechnology ETF by 35.7% in the fourth quarter. Pinnacle Associates Ltd. now owns 18,581 shares of the financial services provider’s stock worth $3,136,000 after buying an additional 4,887 shares in the last quarter. Western Wealth Management LLC purchased a new stake in shares of iShares Biotechnology ETF in the fourth quarter worth $247,000. Finally, Moneco Advisors LLC purchased a new stake in shares of iShares Biotechnology ETF in the fourth quarter worth $284,000. Hedge funds and other institutional investors own 62.45% of the company’s stock.

iShares Biotechnology ETF Trading Up 0.7%

Shares of IBB stock opened at $169.06 on Friday. iShares Biotechnology ETF has a 52-week low of $119.78 and a 52-week high of $179.64. The business’s fifty day moving average is $168.95 and its 200 day moving average is $169.90.

iShares Biotechnology ETF Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Tuesday, March 17th were given a $0.1218 dividend. This represents a $0.49 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Tuesday, March 17th.

iShares Biotechnology ETF Profile

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.