Apple has announced a seven-for-one stock split. Each Apple shareholder of record at the close of business on June 2, 2014 will receive six additional shares for every share held on the record date, and trading will begin on a split-adjusted basis on June 9, 2014.

The Cupertino giant has also authorized another increase to its share repurchase authorization, from to $60 billion a year ago to $90 billion. Apple says it expects to utilize a total of over $130 billion of cash under the expanded program by the end of calendar 2015.

Tim Cook (CEO, Apple): We’re confident in Apple’s future and see tremendous value in Apple’s stock, so we’re continuing to allocate the majority of our program to share repurchases.

In another development, Apple is increasing its quarterly dividend. The company will be paying a dividend of $3.29 per common share, payable on May 15, 2014 to shareholders of record as of the close of business on May 12, 2014. Apple says it plans to increase its dividend on an annual basis.

Apple is among the largest dividend payers in the world, with annual payments of $11 billion. From August 2012 through March 2014, Apple has spent $66 billion in cash on its capital return program.

[Image courtesy: Apple]