It wasn't only the Suncorp Group Ltd (ASX: SUN) share price which hit a new 52-week high yesterday.
Much to the delight of Australian investors, a good number of shares have just hit new highs. Below are three others which caught my eye, is it too late to snap up shares?
The Cochlear Limited (ASX: COH) share price hit a new all-time high of $149.33 on Wednesday. Investors have been fighting to get hold of the hearing implant manufacturer's shares following a business update at its analyst day earlier this week. Despite a spot of weakness in the China market, management reiterated its full-year earnings guidance of between $210 million and $225 million. This will be an increase of between 10% and 20% on last year's result. Whilst I think Cochlear is one of the highest quality companies on the ASX, at 41x trailing earnings I would suggest investors hold out for a better entry point at a cheaper price.
The SEEK Limited (ASX: SEK) share price climbed to a 52-week high of $18.24 yesterday. Like Cochlear, SEEK's shares have had a strong start to the month after management reiterated its full-year earnings guidance. For FY 2017 management expects earnings of between $215 million and $220 million, a solid increase on a year earlier. Furthermore, management advised that its China-based Zhaopin business continues to go from strength to strength. In my opinion it is the significant potential of this business that still makes it a great buy and hold investment option today.
The Treasury Wine Estates Ltd (ASX: TWE) share price rose to an all-time high of $12.98 this week, which means that the global wine company has seen its shares rise a massive 21% year-to-date. Investors appear to have been very impressed with its half-year results which revealed a stunning 132% increase in net profit after tax to $132 million. Much like Cochlear, I think Treasury Wine Estates is a fantastic company, but after such a strong rally I would be hesitant to buy its shares today. I think investors may be better off waiting for a better entry point.
