iShares Biotechnology ETF $IBB Stock: Cumberland Advisors Inc. Cuts Stake

Cumberland Advisors Inc. decreased its stake in iShares Biotechnology ETF (NASDAQ:IBB) by 3.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 61,553 shares of the financial services provider’s stock after selling 2,465 shares during the quarter. iShares Biotechnology ETF makes up about 4.6% of Cumberland Advisors Inc.’s investment portfolio, making the stock its 4th largest position. Cumberland Advisors Inc.’s holdings in iShares Biotechnology ETF were worth $12,959,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also bought and sold shares of the stock. Bank of America Corp DE raised its stake in iShares Biotechnology ETF by 10.8% during the first quarter. Bank of America Corp DE now owns 7,259,501 shares of the financial services provider’s stock worth $1,225,767,000 after acquiring an additional 707,343 shares in the last quarter. Henshaw Capital LLC bought a new position in shares of iShares Biotechnology ETF during the first quarter valued at $20,262,000. MinichMacGregor Wealth Management LLC boosted its stake in shares of iShares Biotechnology ETF by 3,323.4% in the 3rd quarter. MinichMacGregor Wealth Management LLC now owns 78,396 shares of the financial services provider’s stock valued at $16,505,000 after purchasing an additional 76,106 shares in the last quarter. Redstone Wealth Management LLC acquired a new stake in shares of iShares Biotechnology ETF in the 3rd quarter valued at $12,401,000. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of iShares Biotechnology ETF by 64.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,838 shares of the financial services provider’s stock valued at $19,369,000 after purchasing an additional 39,760 shares in the last quarter. Institutional investors and hedge funds own 62.45% of the company’s stock.

iShares Biotechnology ETF Stock Up 0.8%

IBB opened at $215.47 on Wednesday. The firm’s 50-day simple moving average is $208.49 and its 200-day simple moving average is $185.24. iShares Biotechnology ETF has a twelve month low of $154.63 and a twelve month high of $222.29.

iShares Biotechnology ETF Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Tuesday, September 15th were issued a dividend of $0.0112 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.04 annualized dividend and a yield of 0.0%. This is a decrease 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.