Apple (AAPL) reclaimed the $600 mark for the first time since late 2012. As of Monday's close, Apple shares have soared more than 30% over the past year.
Investors' appetite for the stock has been growing again after Apple’s revenue for the first three months of this year jumped five percent to $45.6 billion.
Yahoo Finance Senior Columnist Mike Santoli says, “The market finally sees a potential catalyst for Apple, namely the iPhone 6, which may be coming in the fall." Satoli says that has changed the perception of Apple as a big, stable company that investors saw as a bond substitute.
Apple has also been putting its massive cash pile of about $140 billion to work. It is buying back an additional $30 billion in stock. That brings the total share buybacks by the end of next year to $90 billion dollars. The company is rewarding shareholders with heftier dividend payments as well.
Apple also plans to split its stock for the first time in nine years in a rare 7-for-1 stock split to take place next month.
The stock split will make the stock cheaper for retail investors to get a piece of the company.
These moves by Apple have been luring back investors who have been a bit disillusioned with the company’s slowing growth and fierce competition from South Korean rival Samsung.