Apple Stock Price Tagged as Fully Priced Near Highs

Apple stock has surged 41.2% over the past year and is trading near its 52-week high of $339.79.

The company's share count has shrunk by 1.7% over the last year, with a 2.3% average annual decline over the past three years.

This means each remaining share owns a bigger slice of the profit, with earnings per share growing 14.3% annually against 11.6% for net income.

The cash behind Apple's buybacks is substantial, with $82.2 billion spent on repurchases and $15.6 billion in dividends over the last year, representing a total shareholder yield of 1.7% of the company's market value.

The demand for Apple's products remains strong, with revenue rising 16% to $109.4 billion in the June quarter, driven by iPhone sales up 22% and Mac sales up 29%.