Apple hits $100 a share for first time since stock split

Apple hit $100 a share during midday trading on Tuesday for the first time since its seven-for-one split in June.

The stock followed a general upward trend after the milestone, putting shares above their split-adjusted record close of $100.3 set on September 19, 2012, just shy of the split-adjusted all-time high of $100.72 from September 21, 2012.

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At pre-split levels, individual shares traded just above $705 each in September 2012 and fell to trade near $600 in May of this year.

Shares have risen more than 8 percent since the split, when the stock opened near $92 a share. Apple shares had not traded below $100 each for five years.

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Apple's highly anticipated iPhone 6 is expected this fall, with much speculation about the new device surfacing daily.

A Morgan Stanley note released Tuesday put a price target of $110 on the stock with an "overweight" rating, citing a potential boost from the iWatch, believed to be launched later this year.

Earlier this month, Apple completed its deal to acquire headphone maker Beats Electronics for $3 billion.

The company recently upgraded its MacBook Pro with retina display, as well as marked down its MacBook Air.

The Cupertino-based technology firm also continues to struggle with alleged labor violations at its manufacturing plants in Asia.

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--By staff.