iSurge: Apple shares return to $600 for first time since October 2012

Boom times may be returning to the Apple AAPL -1.07% universe.

Less than two weeks after shares surged following an announced 7-for-1 stock, Apple stock is reaching levels not seen in a year and a half. On Monday, Apple shares closed at $600.96, up 1.41% on the day. That was the first time the shares settled over $600 since October 26, 2012.

Investors, it seems, are happy to be rewarded with some of the cash Apple has been hoarding for years. The return to $600 comes after Apple has not only agreed to split its shares (effective June 9), but also after they increased their share buyback and dividend programs to a total capital return of $130 billion.

The stock has steadily risen since then, despite bad news in their patent lawsuit against Samsung — where a jury ordered the Korean smartphone rival to pay Apple only a pittance of $120 million. Shares have also been resilient against increased analyst worries that growth in iPads may be leveling off.

Apple shares are up 7% year to date and 33.5% over the last year