Apple's $710 billion market cap sets new record

Apple is the first U.S. company to ever close out a trading day with a market cap of over $700 billion.

apple stock price

At the close of trading on Tuesday, shares of Apple rested at $122.02 a share. Not only did the closing price represent an all-time stock high for the company, it also gave Apple a market cap of $710.74 billion. As a result, Apple is now the first U.S. company to close out the trading day with a market cap over $700 billion.

Highlighting the financial behemoth that is Apple, here's how Apple's own market cap stacks up against some other notable tech heavyweights: Amazon has a market cap of $172 billion, Google has a market cap of $358 billion, while Microsoft has a market cap of $346 billion.

In a broad sense, Tim Cook clearly knows what he's doing. Taking a closer look at Apple's stock price, however, one can't help but mention Apple's capital return program. When Apple began issuing dividends and engaging in stock buybacks, the company's share price saw an immediate boost. For starters, Apple as a dividend stock instantly became more appealing to large funds. More specifically, a number of large mutual funds are governed by rules which only allow them to invest in dividend paying stocks. Second, Apple's stock buyback program helps boost its EPS quarter after quarter.

Looking ahead, many analysts believe Apple's share price will reach $130, while some of the more bullish analysts have a price target of $145.

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