Visa Inc. shares advanced 2.6% in midday trading on Monday, reaching $380.52 and setting a new 52-week high of $381.95.
The advance followed the company’s fiscal third-quarter results, released in late July, which showed revenue of $11.6 billion, up 14% year-over-year. Earnings per share totaled $3.32, exceeding analyst expectations. Visa also raised its full-year outlook after the report.
Bill Ackman’s Pershing Square disclosed a roughly $1.1 billion stake in Visa, according to regulatory filings. The disclosure coincided with upgrades from several brokerages, including Truist, Cantor Fitzgerald and Wells Fargo, which raised their price targets on the stock. Rival Mastercard also advanced during the session.
The broader market slipped, with the S&P 500 down 0.3%, the Nasdaq falling 0.6% and the Dow Jones Industrial Average up 0.1%.
