I don’t know much about P/E ratios but 116 seems quite high. I remember thinking them same at 70, 80, 90, 100 etc… 
Discussion
Grab an IBD subscription. There are some fallacies to “high PEs”. A lot of the work behind IBD was effectively Jesse Livermore’s pyramiding strategy.
If you look at PEs in a vacuum you would and will miss every one of the greatest companies on earth because they will *always* look grossly expensive by this term.
Price action is the signal.