The shares have returned 48% a year since 2007. Currently, valuation is rich. The stock trades at a trailing price-to-earnings ratio of 49 and a projected price-to-earnings ratio of 37. Those figures represent a hefty premium to averages of the health-care providers and services peer group. At roughly six times book value per share, HMS Holdings is ill-suited for value investors. Its PEG ratio, a measure of value relative to growth expectations, stands tall at 1.4. By comparison, the industry average is 1.3. Despite similar caveats in our Nov. 11 article, the stock quickened its upward pace. Other health-care companies capitalizing on the reorganization of our system are Transcend Services ( TRCR), Emergent Group ( LZR) and RehabCare Group ( RHB). These companies offer attractive near-term investments. -- Reported by Jake Lynch in Boston.