Apple Inc. announced a 4-for-1 stock split after shares of the iPhone maker surged more than 80% in the past year.
Shareholders at the close of trading on August 24 will receive three additional shares for each one they currently own. Post-split trading will begin August 31, Apple said in a statement on Thursday.
The company said the move will “make the stock more accessible to a broader base of investors.” Apple shares have surged to almost $400 in the past year.
This is the fifth stock split since Apple went public in 1980. The last split was in 2014. The company previously did splits in 1987, 2000 and 2005.
The 2014 move paved the way for Apple to be added to the Dow Jones Industrial Average, which due to its configuration tends to eschew high-priced shares.
The move bucks a trend among big US tech companies that have mostly refused to split their shares, resulting in sky-high prices. Alphabet Inc. stock costs more than $1,500, and Amazon.com Inc. trades above $3,000, effectively disqualify the companies from the Dow.
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