Apple’s Stock Hits a Record High of $663.23 – $622 Billion Market Cap
On Monday, Apple’s stock hit a all-time record share price of $663.23. The result was a significant event for the mega hi-tech company, but another major milestone was achieved.
The market value grew to a staggering $622 billion, which surpassed the previous $618.9 billion record held by Microsoft back in 1999.
Apple now becomes the most valuable company of all time, and is on tear rolling out millions of iPhones and iPads to a tech-starved world. At the end of 2011, Apple became the most valuable company and now is worth about 54% higher than Exxon Mobile Corp who is #2.
The meteoric rise of Apple’s stock is incredible. Back in 2004, Apple had a market capitalization value of only $10 billion. Just three years ago, Apple’s valuation was about $100 billion.
Apple’s stock had pulled back from his previous high about four months, but is on fire once again. What is fueling the recent surge appears to be the optimism of two new product launches – the iPhone 5 and a smaller and less expensive version of the successful iPad.
Does Apple’s stock price still have room to rise even further. Many stock market experts say yes. The company’s price-to-earnings ratio for the prior 12 months is 15.6. This is surprisingly lower than the overall S&P 500.