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NEW YORK ( TheStreet) -- Abbott Laboratories (NYSE: ABT) hit a new 52-week high Tuesday as it is currently trading at $56.90, above its previous 52-week high of $56.84 with 1.1 million shares traded as of 10:40 a.m. ET. Average volume has been 6.4 million shares over the past 30 days. Abbott has a market cap of $87.21 billion and is part of the health care sector and drugs industry. Shares are up 0.7% year to date as of the close of trading on Monday. Abbott Laboratories engages in the discovery, development, manufacture, and sale of health care products worldwide. The company has a P/E ratio of 18.8, below the average drugs industry P/E ratio of 19.4 and above the S&P 500 P/E ratio of 17.7.