These shares just raced to 52-week highs: Is it too late to invest?

With the market pushing higher on Friday and closing in on its multi-year high, it will come as no surprise to learn that a number of shares have made new highs of their own.

Three shares at 52-week highs or better today are listed below. Is it too late to invest?

The Cochlear Limited (ASX: COH) share price reached a new all-time high of $209.86 on Friday. Investors have been fighting to get hold of the hearing solutions company’s shares due to its strong long-term growth potential. With the company selling its industry-leading implantable hearing devices in over 100 countries worldwide, Cochlear is perfectly positioned to profit from the ageing populations tailwind. While I do think that its shares are starting to look fully valued now, I would still class it as a buy if you were prepared to hold onto them for the next decade.

The Corporate Travel Management Ltd (ASX: CTD) share price hit a new all-time high of $29.10 today. As well as delivering a half-year result earlier this year that smashed expectations, investors appear to have been pleased with its earnings accretive acquisitions. Its latest being Hong Kong-based Lotus Travel Group. It has been operating for over 60 years and is one of the largest travel companies in Greater China, generating total transaction value of A$1 billion in 2017. I think this deal could position Corporate Travel Management for strong long-term earnings growth, making it a growth share I would want in my portfolio.

The Premier Investments Limited (ASX: PMV) share price climbed to a 52-week high of $17.44 on Friday, taking its 12-month return to an impressive 32%. The strong performance of its two key brands, Smiggle and Peter Alexander, appears to have got investors excited. As has the significant growth of its online business. In March management advised that total online sales grew by 71.2% during the first-half to $56 million, putting it on course to achieve its $100 million online sales target two years ahead of schedule. Because of this strong growth and its in-demand brands, I think Premier Investments is still a great option in the retail sector despite its strong gain.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited and Premier Investments Limited. The Motley Fool Australia has recommended Cochlear Ltd. 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 Scott Phillips.

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