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.
TheStreet Ratings rates Abbott as a buy. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity. You can view the full Abbott Ratings Report. See all 52-week high stocks or get investment ideas from our investment research center.