The most ambitious share repurchase program ever.

Apple is a shareholder friendly company. Not only does it offer a huge (for the sector) 2.5% dividend, but it repurchases an insane amount of its own stock.

Apple shares outstanding are now at 2005 levels!

As the number of shares outstanding continues to drop so precipitously, it is bound to show in the stock price. I find it amazing that the stock price is able to drop while the total number falls so rapidly.

Conclusion:

Even if you think Apple has peaked, the massive share buy-backs and generous dividend make the stock a good deal regardless.