Apple's (AAPL) Recent Outperformance Costs Dividend Advantage

Apple (Nasdaq: AAPL) is no longer the dividend play it used to be.

Bloomberg points out Wednesday that dividend yield on Apple has dropped below that of the S&P 500 index, despite being as much as 0.67 above the index in the same period last year.

The main reason behind the lower yield, despite a dividend hike announced with its seven-for-one split is stock performance. Shares are up 27 percent from April 23rd, versus just a 4.7 percent gain for the S&P 500.

Apple's current payout ratio is 1.97 percent (the current dividend payout is $1.88 annually), which is just a few basis points better than the S&P 500's yield at 1.91 percent.

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