If there is one thing that is expected to come back into focus in 2016, it may very well be not over-paying for stocks. For years, with interest rates jammed down near zero, investors were willing to pay up. With the possibility of S&P 500 quarterly earnings being down again year-over-year for the third quarter as they were in the second quarter, it will mark the first quarterly back-to-back decline since 2009. That could mean the party is over.

With multiples, safety and dividends in mind, we screened the Merrill Lynch research coverage universe for large cap, dividend-paying blue chip companies trading at less than 15 times forward earnings. The stocks also had to have a rating of Buy. We found five that met the criteria.

AT&T

This company posted solid second-quarter numbers, and many on Wall Street think third quarter will be good as well. AT&T Inc. (NYSE: T) is clearly one of the most ignored dividend plays on Wall Street. In fact, AT&T continues to be one of the most under-owned securities by active fund managers, according to Wall Street data. Trading at a very cheap 11.95 times estimated 2016 earnings, the company continues to expand its user base, and strong product introductions from smartphone vendors have not only driven traffic, but increased device financing plans, an area that many on Wall Street believe could lead to some earnings weakness.

Late last month the company reiterated 2015 guidance for double-digit revenue growth and continued consolidated margin expansion. Management expects capital spending to increase sequentially, and they also estimate that free cash flow could be better than $4.5 billion. Third-quarter wireless subscriber additions are also expected to come in slightly higher than many Wall Street estimates, and DirecTV saw positive video additions where many expected losses.

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AT&T investors receive an outstanding 5.66% dividend. The Merrill Lynch price target for the stock is $40, and the Thomson/First Call consensus estimate is $36.93. Shares closed Tuesday at $33.22.

Oracle

This old-school large cap tech stock is very reasonable valuation-wise, but turned in earnings that missed Wall Street estimates again. Oracle Corp. (NASDAQ: ORCL) trades at 13.2 times estimated 2016 earnings and still provides solid free cash flow yield. Oracle plans to make almost all of its services available via the Internet, as the database-software company changes its business model to fit a new competitive landscape. Around 65% of Oracle’s products are available on the cloud today, and that is expected to climb to 95% by the time the company holds its annual Oracle OpenWorld conference later this month.

The stock is down over 15% so far this year, and many on Wall Street expect version two of the 12c database to drive an Exadata product cycle, and plain and simple don’t believe that has been sufficiently discounted in the stock. Some firms did lower the near-term cash flow because of the cost of the very aggressive move to the cloud but are boosting long-term growth. Merrill Lynch sees Oracle as a solid buy at current trading levels.

Oracle investors are paid a 1.6% dividend. The Merrill Lynch price target is $48, and the consensus target is $44.71. Shares closed Tuesday at $37.82.

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Pfizer

This top pharmaceutical stock trades at an incredibly low 14.3 times estimated 2016 earnings. Pfizer Inc. (NYSE: PFE) has placed a huge bet with this year’s $15.2 billion purchase of Hospira, which is a top provider of sterile injectable drugs, infusion technologies and biosimilars. Its drug Ibrance was approved for advanced breast cancer by U.S. regulators more than two months ahead of schedule, letting the drugmaker proceed with one of its most promising new blockbusters, a turn of events that Wall Street likes.

With its strong pipeline and Pfizer being the world’s largest drug manufacturer by sales value, many analysts feel the company can generate higher long-term revenues through the accelerated growth of its new drugs over the next five years, with Ibrance leading the way. Top Wall Street analysts called the early approval for Ibrance and estimate that it will generate 2015 fiscal year revenues of $613 million. Despite other competing breast-cancer drugs that could come to the market soon, Ibrance is projected to see sales of a monstrous $5 billion by 2020, and may one day even reach $10 billion in annual sales

Pfizer investors are paid a solid 3.4% dividend. The $36 Merrill Lynch price target is less than the consensus target of $39.33. Pfizer closed Tuesday at $32.98.

Wal-Mart

This top retail stock has been hit hard and could offer solid upside for patient investors, trading at a low 14.1 times estimated 2016 earnings. Wal-Mart Stores Inc. (NYSE: WMT) made a big splash when it raised the wages of approximately 500,000 of its employees to $10 by 2016 for current workers (and to the same rate for new hires after six months training). The company has been under fire for some time over employee pay, and this action was a very positive note.

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While many Americans are seeing a bump in their take home pay from lower gas prices, discount stores are still a huge draw for bargain shoppers, and Wal-Mart is the biggest of them all. Having traded off almost 30% since January, this may be an outstanding buy at current levels.

Wal-Mart investors receive a solid 2.95% dividend. The Merrill Lynch price target is $85, and the consensus is much lower at $73.95. Shares closed trading on Tuesday at $66.73.

Wells Fargo

This large cap bank is another stock for value-oriented investors to look at now. Wells Fargo & Co. (NYSE: WFC) was hit hard in the sell-off as investors feel that the possibility of interest rate increases may get pushed out yet again. Merrill Lynch likes the bank’s diverse business model, which protects against current low rates. Trading at just 11.6 times 2016 earnings estimates, it remains a bargain.

Wells Fargo has slowly, but surely, become one of the biggest mortgage lending companies in the United States, in addition to its normal banking and brokerage businesses. A continued increase in commercial real estate lending could really boost the bank’s bottom line. Which the analysts feel could aid a big return in capital to shareholders. The stock also remains a top Warren Buffett holding.

Merrill Lynch likes the stability, yield and some asset sensitivity that Wells Fargo offers, and investors looking to add financials to their portfolio could do well buying shares. Also note that the bank has little exposure outside of the United States.

Wells Fargo shareholders are paid a solid 2.9% dividend. The Merrill Lynch price target is $58, and the consensus target is $59.02. Shares closed Tuesday at $51.86.

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While the recent rally in the markets has been nice for weary investors, the bottom line is volatility at higher levels may be here to stay for some time. Owning low-multiple, dividend-paying blue chip leaders makes good sense for long-term growth portfolios.

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