By Chuck Jones, Forbes
Apple’s shares hit what appears to be an all-time high today at $100.40. On September 19, 2012 the shares closed at an all-time high of $702.10 or $100.30 when adjusted for its 7 for 1 stock split. This was one of three separate days that the shares closed above $700. On September 21, 2012, the stock hit an all-time intraday high of $705.07 or $100.72 when adjusted for the stock split.
The Apple logo is displayed on the exterior of an Apple Store in San Francisco, California. (Photo by Justin Sullivan/Getty Images)
Including dividends Apple’s stock had already hit an all-time high
A number of services such as Yahoo! Finance and StockCharts.com that track stocks deduct dividends from a stock price to come up with an adjusted close. Since September 19, 2012, Apple has paid out $3.44 in dividends for each post-adjusted share, which would make its all-time high close $96.86. The shares closed at $97.19 on July 25, adjusted for a dividend payment, so in this aspect it has already passed its all-time close high.
Apple’s shares have also already surpassed its intra-day high of $97.28 when adjusted for the $3.44 in dividends that have been paid. The following graph from StockCharts.com shows how the shares have already broken the September 2012 highs.
However on a market cap basis the shares are still 9% below its all-time high
When Apple’s shares hit $702.10 there were about 948 million shares outstanding which made its market cap $665.7 billion. As of the June quarter there were 6.052 billion shares or 865 million when you adjust for the 7 for 1 stock split.
At $100.40 and 6.052 billion shares Apple’s market cap is $607.6 billion or 9% less than the $665.7 billion in September 2012. The shares will need to get to $110.01 to reach the equivalent market cap and probably higher after the September quarter results are announced since the share count should have decreased again.
Read the full article by Chuck Jones from Forbes.
