The market probably feels like the movie Groundhog’s Day for many investors. The major indexes continue to trade within a range, which is frustrating both bulls and bears. And with the market entering what is usually a quieter period, it may stay this way until Labor Day. However, one key strategy for profiting in a market like this is to look for some top blue-chip stocks to buy.  

Blue-chip stocks are large-cap companies that offer investors predictable revenue and earnings growth. Many of these stocks pay dividends which helps boost the total return you get for many stocks. The benefit of owning blue-chip stocks is their dependability. These stocks can be foundational stocks that help you manage risk in your portfolio. In fact, here are seven top blue-chip stocks to consider now.

Kinder Morgan (KMI) 

The first among the top blue-chip stocks to buy is Kinder Morgan (NYSE:KMI). The company owns and controls 83,000 miles of pipeline and 143 terminals throughout North America.  

Oil prices have been mostly muted since Saudi Arabia unilaterally announced it would cut an additional million barrels of oil production starting in July. But this shouldn’t affect Kinder Morgan at all. The company’s business model relies on long-term contracts that come with regulated rate structures. The bottom line for investors is that over 90% of the company’s cash flows are not exposed to commodity prices.   

You have to be careful not to confuse a stock’s price with its value. KMI stock is trading under $20, but in this case, it also looks to be trading at a discount. Its forward P/E ratio is 15.8x earnings. And analysts give the stock an upside of 19.7%. Plus, investors get a company that is a cash-generating machine. And that machine gets put to use to grow the company’s dividend which currently has a yield of 6.5%.  

Verizon (VZ) 

Next up on this list of top blue-chip stocks to own is Verizon Communications (NYSE:VZ). The company is in a very competitive business with low margins and little to differentiate one company from another. The continued expansion of 5G will continue for the rest of the decade. And that means that Verizon will have revenue and earnings. Sure, Verizon isn’t the only game in town when it comes to wireless carriers, but it has an established user base that provides sticky revenue.  

Analysts are projecting earnings growth of 0.21% this year. But slower growth does not mean the stock is failing. Quite the opposite. And that turns our attention to the company’s dividend which has a yield of over 7%. When you combine that with a P/E ratio of around 6.8x, you can see why VZ stock is a compelling choice for income-oriented investors. 

AbbVie (ABBV) 

There’s also AbbVie (NYSE:ABBV). While the stock is down about 15% in 2023, there’s still a lot to like here. Granted, its signature drug Humira is facing biosimilar competition, which has been a negative for the ABBV stock. However, the company has other drugs such as Rinvoq and Skyrizi that are helping to pick up the slack. And in the first quarter, both drugs posted revenue gains of over 40%. Add to this an expansive pipeline and AbbVie will continue to deliver for investors for years to come. Investors that are looking to scoop up ABBV shares near their 52-week low will also benefit from a juicy yield of 4.3% yield.

Pfizer (PFE) 

Another top blue-chip stock to consider is Pfizer (NYSE:PFE). Lately, the company has been fueled by investor sentiment on the way up and on the way down. However, if you strip away that noise, you see a company that is positioning itself for whatever comes next. It recently acquired Seagen (NASDAQ:SGEN). This will add to Pfizer’s existing pipeline of oncology drugs. In fact, the company believes that Seagen will contribute $10 billion in revenue by 2030.  

Pfizer also has the financial resources to be a leader in emerging fields like gene editing and precision medicine. And PFE stock is also objectively undervalued. It trades at just 7.7x earnings and has a consensus upside of about 21%. Plus, it pays a dividend with a 4.19% yield.  

Deere (DE) 

When it comes to top blue-chip stocks, like Deere (NYSE:DE), earnings show there is strong demand for farming equipment.  Not only is that demand fueling revenue and earnings, but it’s also boosting its free cash flow projections in 2023. Beyond that, Deere is becoming a tech stock that is on the cutting edge of areas such as robotics and autonomous vehicles that are well suited for making agricultural tasks more efficient.  

Some skeptics will say that the stock is priced to perfection and that stagnant earnings in 2024 will stunt the company’s growth. But trading for around 11x forward earnings and a price target that suggests a 16% upside, DE stock is offering value even as it trades in the middle of its 52-week range.  

Johnson & Johnson (JNJ) 

Johnson & Johnson (NYSE:JNJ) stock is up 30% in the last five years, but it’s down 10% in the last year. All as investors exercise caution with the company’s long-standing lawsuit regarding its talc powder. The company also announced plans to spin off its consumer products division in 2023. 

But with the company’s $9 billion settlement of the talc lawsuit in addition to the company’s spinoff of Kenvue (NYSE:KVUE) has quieted some of the noise. Plus, Johnson & Johnson delivered its first quarter earnings which is alleviating concerns about falling revenue now that Stelara faces biosimilar competition.  

All of this is allowing investors to focus on the value of JNJ stock. It does carry a hefty current 33x P/E ratio. But that drops to 14x when you look at forward earnings. And Johnson & Johnson is another dividend king on this list with a dividend that the company has been increasing for the last 62 years and is currently yielding 2.98%.  

Bank of America (BAC) 

No list of top blue-chip stocks would be complete without at least one Warren Buffett stock. That’s not the only reason to consider Bank of America (NYSE:BAC), but it doesn’t hurt. At a time when investors are increasingly concerned about the security of their deposits, Bank of America is a safe port for consumer dollars and investor capital.  

The bank’s revenue and earnings were up sharply in the first quarter of 2023. Skeptics could say that was logical with concerns over regional banks. But if you look back just two quarters, you can see that the bank was showing year-over-year increases in both revenue and earnings. So, a more nuanced look might say this is a continuation of an existing trend. BAC stock is inexpensive at around 8.8x earnings. That’s probably appealing to Buffett who owns 13% of the bank’s stock. The billionaire’s hedge fund also bought 22.8 million more shares in the first quarter.  

On the date of publication, Chris Markoch did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.