Apple shares top $600 ahead of stock split

May 06, 2014
The Apple logo is viewed in front of an Apple store on July 23, 2013 in New York City

Apple shares on Monday climbed above $600 ahead of a stock split and as the company ramps up its stock buy-back program.

Apple shares traded at $600.96 a share at the close of trading on the NASDAQ exchange and edged up to $602.20 after hours.

It was the first time that the California company's stock topped $600 per share since late 2012.

"Maybe the love is for the coming iPhone 6...or the wearable 'something' device...or maybe it is just the action of the split and buyback," Jon Ogg said at stock market specialty website 24/7 Wall Street.

Apple, the largest US company in terms of , last month announced that bested expectations by a wide margin.

It also announced a dividend increase, a ramp-up in and a seven-for-one stock split.

The came with Apple chief Tim Cook hinting that new products are on the way from the maker of iPhones, iPads, iPods, and Macintosh computers.

Apple will spend an additional $30 billion to buy back shares of the company's stock, taking to $130 billion how much it plans to spend on repurchases and dividends by the end of next year.

Apple is pouring $90 billion into buying back shares because it believes the stock is undervalued in the market, according to executives.

Apple will raise its to $3.29 per common share and said it plans to bump up the figure annually.

Its board endorsed a seven-for-one stock split, with each shareholder of record as of June 2 receiving six additional shares for each one they hold.

"We are taking this action to make Apple stock more accessible to a larger number of investors," Cook added.

Explore further: Apple increases stock buyback, will split stock (Update 2)

add to favorites email to friend print save as pdf

Related Stories

Carl Icahn snaps up another $500M of Apple stock

Jan 23, 2014

Outspoken billionaire Carl Icahn has tossed another bushel of Apple stock into his investment portfolio as he tries to persuade the iPhone maker to buy back more of its own shares.

Icahn snaps up Apple shares as price dips

Jan 28, 2014

Activist investor Carl Icahn fired off word on Tuesday that he beefed up his Apple stock holdings by a half-billion dollars as the share price dipped.

Recommended for you

Alibaba prices IPO at $68 per share

3 hours ago

Alibaba, the Chinese e-commerce powerhouse named after a fabled, poor woodsman who discovers a thieves' den full of treasures, is ready to strike it rich on the New York Stock Exchange.

Larry Ellison releases helm of mighty Oracle ship

5 hours ago

Tycoon yachtsman Larry Ellison on Thursday stepped down as Oracle's chief executive, trusting a pair of lieutenants to steer the titanic business software firm he helped launch decades ago.

Alibaba's plan: Today, China. Tomorrow, the world.

10 hours ago

Amazon and eBay should watch their backs. As Chinese e-commerce powerhouse Alibaba readies what could be the biggest initial public offering ever on the New York Stock Exchange, it is quietly hinting at plans ...

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

BSD
not rated yet May 06, 2014
Finance, not science.