The 7:1 split Apple  AAPL announced in April took effect Monday for shareholders of record as of June 2.

The company’s FAQ doesn’t explain why it chose the 7:1 factor. The previous splits — in 1987, 2000 and 2005 —  were all 2:1.

The speculation here was that it would simplify things for investors. The stock’s all-time intraday high, set on Sept. 21, 2012, was $705.07. The 7 for 1 split would reset it at $100 plus change.

$100 is a nice round number. It’s easy to remember. It makes a good benchmark.

But as reader Carl (“RadarTheCat”) Lambert figures it, Apple’s aggressive repurchase program has significantly reduced the number of shares outstanding — from 945 million shares in Oct. 2012 to about 860 million today.

“$770 is the new $705,” he writes. Or, if you prefer, $110 is the new post-split $705.

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