The Best Blue Chip Stocks for 2023

The stock market has been on a roller coaster ride over the past few years, but one investment strategy that has held up is investing in blue chip stocks. Blue chip companies, by definition, have solid, resilient businesses. When their share prices sink, it's usually only a matter of time before they start to recover. That's why savvy investors often look to blue chip stocks as a way to diversify their portfolio.

This article will look at some of the best blue chip stocks for 2023. We'll start with the highest yields in the Dow Jones Industrial Average, focusing on three buy-and-forget stocks for simple investing. These are Chevron Corporation (NYSE:CVX), Barrick Gold (NYSE:GOLD), and UnitedHealth (NYSE:UNH). All three of these stocks have been on a steady upward trajectory, and they offer an attractive dividend yield.

Next, we'll look at two iconic companies that face contrasting end markets in 2023. The first is Apple (NASDAQ:AAPL) and the second is Diageo (NYSE:DEO). Apple is a tech giant with a diverse product line, and Diageo is a beverage company with a global presence. Both of these companies are cheap relative to their earnings potential and offer a reliable source of income.

We'll also discuss some of the top blue chip stocks to consider for retirement planning. These include The Coca-Cola Co. (NYSE:KO), Caterpillar Inc. (NYSE:CAT), and Altria Group, Inc. (NYSE:MO). All three of these companies have strong balance sheets and are well-positioned to benefit from the ongoing recovery around the world.

Finally, we'll look at some of the cheap blue chip stocks to buy. These include AbbVie Inc. (NYSE:ABBV), The Home Depot, Inc. (NYSE:HD), Altria Group, Inc. (NYSE:MO), Meta Financial Group Inc. (NASDAQ:CASH), and Swiss pharma company Novartis AG (NYSE:NVS). All five of these stocks have great potential to generate returns and are currently undervalued.

Investing in blue chip stocks can be a great way to diversify your portfolio and generate reliable income. Just remember to research the stocks thoroughly and make sure you understand the risks involved. With the right strategy, blue chip stocks can provide you with a steady source of income for years to come.