While Apple's (NASDAQ:AAPL) product releases are undoubtedly a major driver for Apple's stock, the company is creating value for shareholders in other areas far more imperceptibly: through dividends and share repurchases.

While Apple's dividend yield may be relatively small at just 2.3%, management's efforts to return cash to shareholders are extremely aggressive when you also consider Apple's share repurchases over the past 12 months. In that period, Apple has bought back a whopping $40 billion worth of its shares. Even more, in the weeks following a sell-off sparked by less than expected first-quarter iPhone sales, Apple opportunistically repurchased $14 billion worth of its stock.

In the following video, Fool contributor Daniel Sparks takes a closer look at how Apple is building shareholder value by buying back its own stock at excellent prices.