VanEck Pharmaceutical ETF (NASDAQ:PPH) Sees Unusually-High Trading Volume Following Dividend Announcement

Shares of VanEck Pharmaceutical ETF (NASDAQ:PPH) saw an uptick in trading volume on Wednesday after the company announced a dividend. 356,727 shares were traded during trading, a decline of 9% from the previous session’s volume of 393,534 shares.The stock last traded at $92.32 and had previously closed at $90.36.

The newly announced dividend which will be paid on Monday, October 6th. Investors of record on Wednesday, October 1st will be given a dividend of $0.3931 per share. This represents a $1.57 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Wednesday, October 1st.

VanEck Pharmaceutical ETF Stock Performance

The company has a 50 day moving average of $87.66 and a 200 day moving average of $87.49. The stock has a market capitalization of $512.77 million, a price-to-earnings ratio of 20.21 and a beta of 0.72.

Institutional Investors Weigh In On VanEck Pharmaceutical ETF

A number of hedge funds have recently modified their holdings of PPH. CWM LLC lifted its stake in shares of VanEck Pharmaceutical ETF by 167.9% in the second quarter. CWM LLC now owns 375 shares of the company’s stock worth $33,000 after buying an additional 235 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in VanEck Pharmaceutical ETF by 391.0% in the 1st quarter. Farther Finance Advisors LLC now owns 545 shares of the company’s stock worth $48,000 after purchasing an additional 434 shares in the last quarter. Banque Cantonale Vaudoise purchased a new position in VanEck Pharmaceutical ETF in the 1st quarter worth approximately $57,000. AE Wealth Management LLC boosted its holdings in shares of VanEck Pharmaceutical ETF by 118.4% during the 1st quarter. AE Wealth Management LLC now owns 1,046 shares of the company’s stock worth $95,000 after purchasing an additional 567 shares during the last quarter. Finally, HHM Wealth Advisors LLC purchased a new stake in shares of VanEck Pharmaceutical ETF in the first quarter valued at approximately $123,000.

About VanEck Pharmaceutical ETF

The VanEck Pharmaceutical ETF (PPH) is an exchange-traded fund that is based on the MVIS US Listed Pharmaceutical 25 index, a market-cap-weighted index of 25 of the largest global pharmaceutical firms. PPH was launched on Feb 1, 2000 and is managed by VanEck.