The Apple logo is pictured at a retail store in the Marina neighborhood in San Francisco, California
IN PHOTO: The Apple logo is pictured at a retail store in the Marina neighborhood in San Francisco, California April 23, 2014. REUTERS

Apple Inc shares soared to new heights when the stock price hit $108 by the end of October ahead of the company's quarterly dividend payments to investors worth $2.8 billion. According to Apple Insider, Apple will distribute dividends to its shareholders on November 13 at a record quarterly dividend of $0.47 per share. For investors to qualify for dividends, ownership of stock must be settled before November 10.

Reports said the dividend payout in November will be the second time Apple pays its investors since the company's stock split. In the September quarter, Apple has bought back its own stock worth $17 billion. The Cupertino-based company has 5.87 billion outstanding shares.

Analysts have predicted Apple's share price to grow in the long-term after its latest iPhones continue to enjoy strong sales as more countries will soon sell the iPhone 6 and iPhone 6 Plus. According to Yahoo Finance, Apple stock has an average price target of $115. The highest price target is $143 courtesy of Cantor Fitzgerald analyst Brian White. Wall Street analysts remain bullish on Apple stock overall.

Apple has increased its quarterly dividends by 15 percent in 2013 with another 8 percent earlier in 2014. Apple's dividend remains sustainable with a payout ratio at an average rate of 30 percent based on previous reports. Apple has released its guidance for the holiday quarter with a net income of $14.4 billion, a figure above other companies in the S&P 500. When the company releases its quarterly earnings in January, analysts believe it would be a blowout quarter for Apple to set new records leading to a boost in share prices and investor confidence.

Meanwhile, analysts believe Apple will have to face the current quarter's demand for the iPhone 6 and iPhone 6 Plus. Apple Inc CEO Tim Cook has previously admitted that there is big gap between supply and demand. The company continues to ramp up production to meet demand in time for the holidays. Reuters reports that Apple's suppliers are planning to add more workers to help boost iPhone production.