Cramer: I Don't Own Apple for the Dividend

Apple's ( AAPL), new dividend may not be huge but Jim Cramer likes it. With the dividend, more firms will be able to buy shares of Apple and it will provide a cushion in case the stock does drop.

"You don't just start out with a big yield. Microsoft ( MSFT) and Intel ( INTC) boosted it over time. I think that there were people that were severely disappointed. Give me a break. You get disappointed with a stock that it terrible, not a great one. The bottom line for me is that it was not a yawner because there will be some firms that can buy Apple now that couldn't," Cramer said.

Cramer said it makes sense for Apple to return a dividend because the return on corporate paper is small and it makes more sense to give it to shareholders. But he questioned why the company announced the dividend just after the launch of the new iPad on Friday.

"I just wish they had waited. I mean there was no real pressing story. I mean I was talking about Apple fatigue this morning on CNBC," Cramer said.

Cramer also took a look at what impact an Apple stock split would have. He says he often hears people say they are not sure about investing in Apple if they can only afford to buy a few shares but cautions against that kind of thinking. He says the company's stock price would look a lot different if they implemented a 10-for-1 stock split.

"There are many people who didn't buy the stock because they didn't want to just own two shares. And I think that's a shame because some of the greatest wealth in this country was created by people who bought two or three shares of Berkshire Hathaway. Not any more it doesn't act as well as it used to. It's a very poorly performing stock. But people should not feel that it is meaningless to own two or three shares of a company that could earn $50 a share," Cramer said.