Die-hard Apple fans are losing one more thing to brag about: The sky-high per-share price of the company's stock.
The maker of digital gadgets is on the verge of splitting its share price, cutting the stock price from a seemingly premium price of nearly $700 to $92.17 based on Wednesday's closing price.
Investors are already wondering what high-priced stocks will be next to pierce the $700 a share barrier. There are six stocks trading on major U.S. exchanges, including Kaplan test-prep company Graham Holdings, insurer Markel and restaurant Chipotle Mexican Grill, that are trading for between $500 and $700 a share.
Below are the six stocks trading on a major U.S. exchange for more than $500 a share but less than $700 a share:
Savvy investors know the per-share price of a stock isn't all that meaningful by itself. It's the per-share price of the stock times the number of shares outstanding that determines the value of a company. And while Apple's stock price is being cut into a seventh of its previous value, investors will receive seven times more shares leaving the value of the company the same.
Nonetheless, watching the soaring per-share prices of stocks is a popular sideshow with investors as it's a very dramatic sign of price appreciation.
Hitting $700 a share isn't unheard of. Apple already broke above $700 a share in September 2012 when the stock was peaking. And there are already five stocks trading on major U.S. exchanges for $700 or more.
The most famous stock in the $700-share-plus club is Warren Buffett's Berkshire Hathaway, which closed Wednesday at $190,766 a share.Google, too, took efforts to rein in its stock price with a complicated two-for-one split in April. Shares of its class A and class C shares trade for north of $540 a share.
The five stocks currently trading on a major U.S. exchange for $700 or more a share:
Apple's latest stock split is the fourth in the company's history and the most recent since it split its stock two-for-one on Feb. 18, 2005. Investors had to own Apple's stock as of June 2, 2014 in order to be entitled to receive the split shares.
Apple's stock is to be officially split after the close of trading on Friday, June 6. Shares will trade at the split-adjusted price on Monday, June 9.
—By Matt Krantz, USA Today