Abbott Laboratories (NYSE: ABT) shares are trading higher today as the company announced favorable results concerning a clinical trial of its experimental heart stent Xience. ABT reported that patients receiving the stent were less likely to die, have a heart attack, or need additional surgery after two years than with Taxus, a device made by competitor Boston Scientific Corp (NYSE: BSX). There was also positive news from a drug trial concerning the company's TriLipix. If you think that the company won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on ABT.

After hitting a one-year low of $49.58 in July, the stock hit a one-year high of $61.09 in January. ABT opened this morning at $53.81. So far today the stock has hit a low of $53.62 and a high of $55.40. As of 1:00, ABT is trading at $55.07, up $2.00 (3.8%). The chart for ABT looks bearish and steady, while S&P gives the stock a positive 4 STARS (out of 5) buy rating.

For a bullish hedged play on this stock, I would consider a May bull-put credit spread below the $47.50 range. A bull-put credit spread is an options position that combines the purchase and sale of put options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make a 4.2% return in just 7 weeks as long as ABT is above $47.50 at May expiration. Abbott would have to fall by more than 13% before we would start to lose money. Learn more about this type of trade here.

ABT hasn't been below $49 at all in the past year and has shown support around $51 recently. This trade could be risky if the company's earnings (due out in mid to late May) disappoint, but even if that happens, this position could be protected by the support the stock might find around $50, where it has bottomed out quite a few times in the past two year.

Brent Archer is an options analyst and writer at Investors Observer.

DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At publication time, Brent neither owns nor controls positions in ABT or BSX.