Shares of Apple stock open at $92.69 as 7-for-1 split takes effect

Existing AAPL shareholders were awarded their six additional shares after markets closed on Friday. But the open of the market on Monday represented the first time shares are being traded at the new split-adjusted price.

Apple has said it opted to split its stock in an effort to make it more accessible to a larger number of investors. Shares of Apple have trended higher since the company reported a better-than-expected 2014 second fiscal quarter, inching closer to its all-time high of just over $700 per share. Under the new price, shares would need to reach over $100 to set a record.

With the new pricing now in effect, Apple has undergone its fourth stock split since the company went public. The company previously saw 2-for-1 splits on May 15, 1987, June 21, 2000, and Feb. 18., 2005.

Those who received additional shares will not see any personal income tax consequences as a result of the split. The tax bases of each share owned after is one-seventh the amount it was before the split.

As a result of the split, the number of authorized Apple common shares has now ballooned from 1.8 billion to 12.6 billion shares. The new figures also mean that Apple's future earnings per share calculations will be divided by seven.