Shares in Sonic Healthcare Limited (ASX: SHL) hit a new mark of $30.13 in early trade yesterday despite no news or announcements from the Aussie healthcare group.
So, what's driving Sonic Healthcare shares higher in 2019 and is there still time to buy?
Why Sonic Healthcare shares are surging higher
Sonic Healthcare shares have been racing higher in 2019 and are up more than 36% in 2019 so far.
This is an especially strong run when you consider the S&P/ASX 200 Index (INDEXASX: XJO) is up 21.12% over the same period.
A strong full year result has been a big boost for Sonic, while the ASX healthcare stocks have had a relatively good year as well.
Sonic reported 18% revenue growth in the United States with 5% organic growth once its Aurora acquisition is excluded.
The Aussie healthcare company is forecasting future growth in the United States, which could see its group revenue share grow even further.
CEO Dr. Colin Goldschmidt said Sonic's pipeline for acquisition and hospital laboratory opportunities remains strong. Sonic has operations across Australia, the United States, New Zealand, Germany, Ireland and Switzerland.
Sonic shares climbed higher on the back of the result as the company boosted its final dividend by 4.1% to 51 cents per share.
Is there time to buy Sonic on the ASX?
Some investors might be wary of purchasing a company at or near its all-time high.
This can be very wise, but there is also the potential for momentum to carry Sonic shares higher in the short-term.
However, if you're a buy-and-hold investor like me, you should be looking at the long-term potential of Sonic.
Strong earnings and the potential for expansion could be 2 good reasons to buy Sonic Healthcare shares in November.
The company also has a market cap of $14.2 billion and a tidy 2.81% dividend yield on offer for investors.
