Visa Inc. shares surged 2.6% to $380.52 in midday trading on Monday, reaching an intraday high of $381.95 and marking the company’s highest level in the past 52 weeks.
The advance followed Visa’s fiscal third-quarter results, released in late July, which showed revenue rising 14% year-over-year to $11.6 billion. Earnings per share totaled $3.32, exceeding analyst expectations. The company also raised its full-year guidance in conjunction with the results.
Bill Ackman’s Pershing Square disclosed a roughly $1.1 billion stake in Visa, according to recent regulatory filings. The disclosure added to positive sentiment around the stock, which has drawn upgrades from multiple brokerages in recent weeks. Truist, Cantor Fitzgerald and Wells Fargo were among the firms to raise their price targets on the shares.
Visa’s move higher also coincided with strength in its closest rival, Mastercard, which also advanced during the session. The broader market presented a mixed backdrop, with the S&P 500 down 0.3%, the Nasdaq falling 0.6% and the Dow Jones Industrial Average up 0.1%.
