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Why these 4 shares just hit new 52-week highs

The S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) is trading near multi-year highs, so it’s unsurprising to see so many shares making new 52-week highs.

Over the past week, a number of these shares have caught my attention, including:

Xero Limited (ASX: XRO)

The Xero share price has climbed more than 17% for the year-to-date, with much of the gains coming after the cloud accounting company announced that it has recently surpassed the 1 million subscriber mark. Although it is not yet profitable, the company is investing heavily for growth and I think patient investors will reap the rewards of these investments over time.

CSL Limited (ASX: CSL)

The CSL share price has climbed more than 32% for the year-to-date thanks to a strong first-half result and an optimistic outlook for the remainder of the fiscal year. The company has an impressive development pipeline, although the shares are starting to look a little too expensive for my liking and I would wait for a pull-back instead of buying the shares today.

Regional Express Holdings Ltd (ASX: REX)

Shares of the regional airline have soared more than 48% over the past 12 months thanks to lower fuel costs and a more upbeat outlook for the regional economy. The company believes they may have seen the bottoming of the decline in regional travel in the first half of the year and could be set-up for a major rebound if conditions continue to improve. Regional Express shares still look quite cheap on that basis, but remain a high risk play due to the high number of variables out of their control.

InvoCare Limited (ASX: IVC)

The InvoCare share price has been well supported after the funerals company announced that it would be scaling back its loss-making U.S. operations. The company will now turn its focus back to its core Australian businesses where it is the market leader. InvoCare should continue to deliver consistent earnings growth for many years to come, although the shares currently look fairly valued, trading on around 24x earnings and offering a dividend yield of 3%.

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Motley Fool contributor Christopher Georges has no position in any stocks mentioned. The Motley Fool Australia owns shares of Xero. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.