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NEW YORK ( TheStreet) -- Abbott Laboratories (NYSE: ABT) hit a new 52-week high Wednesday as it is currently trading at $62.66, above its previous 52-week high of $62.57 with 1.8 million shares traded as of 10:55 a.m. ET. Average volume has been 7.1 million shares over the past 30 days. Abbott has a market cap of $97.58 billion and is part of the health care sector and drugs industry. Shares are up 10.7% year to date as of the close of trading on Tuesday. Abbott Laboratories engages in the discovery, development, manufacture, and sale of health care products worldwide. The company has a P/E ratio of 19.8, above the average drugs industry P/E ratio of 19.2 and above the S&P 500 P/E ratio of 17.7.