Apple announces 4-1 stock split after shares surge toward $400

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 Aug. 24 will receive three additional shares for each one they currently own. Post-split trading will begin Aug. 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.