Apple shares hit record high following WWDC Keynote and unveiling of Apple Intelligence

Apple shares hit record high following WWDC Keynote and unveiling of Apple Intelligence
Investors and traders who purchased Apple's stock heading into the WWDC Keynote yesterday might have thought that they had made a huge mistake as the stock fell $3.77 from Friday's close to end Monday's regular trading session at $193.12. If you were one of those Apple shareholders who dumped the stock seeing that there was no huge rally following the introduction of Apple Intelligence, the tech giant's take on AI, all I can say to you is that you made a huge mistake.

After busting through chart-based resistance at $200, Apple's shares have made a huge reversal and are currently trading at $205.06 which is a new 52-week high. The stock is up $11.94 or 6.18% today giving the company a valuation of $3.14 trillion. With the rally, Apple has reclaimed its title as the most valuable U.S. publicly traded company. For a brief period last week, chipmaker Nvidia rode the AI coattails to a market cap of $3.012 trillion which at that moment was ahead of Apple's $3.003 trillion.

But that has now changed as Apple's intra-day high of $205.45 today is now an all-time record for the stock which had its initial public offering (IPO) on December 12th, 1980. While the IPO price was $22 per share, the company has split its shares five times. After accounting for a 4-for-1 split in 2020, a massive 7-for-1 split in 2014, and 2-for-1 splits in 2005, 2000, and 1987, the split-adjusted IPO price is 10 cents a share.

Apple currently pays a 25 cents quarterly dividend per share that was last paid on May 16th to stockholders of record as of May 13th. Before that last dividend payment, Apple was paying a dividend of 24 cents per share quarterly. The current yield of the stock based on a $205 stock price is less than .5%. And in case you are wondering who owns the most Apple shares, as of April 2024 that distinction belonged to Vanguard, the mutual fund group which owned 1,317,966,471 shares or  8.47% of the company.

The largest individual Apple Stockholder is Arthur Levinson who, as of February 2024, owned 4.43 million shares valued at $90.82 billion with the stock at $205. Levinson's stake amounts to only a 0.028% stake in the company. As of last October, Tim Cook owned 3.28 million shares of Apple now valued at $672.4 million.

If you want to know how Apple's stock is doing at any time, you can obtain a 20-minute delayed quote from the company's Investor Relations website.

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