Any way you look at it, the market has run for a very long time. In fact, it has been almost eight years since the S&P 500 hit an ominous intraday low of 666 in March of 2009. While everybody has been caught up in the Trump rally that has pushed the Dow Jones Industrial Average to almost 20,000, the fact of the matter is we appear to be very overbought on a short-term basis and could be in for a sizable correction.

With that in mind, if you have money to put to work, or have tax-loss selling that could raise funds, there are some very solid blue chip stocks that are reasonably safe, and offer good dividends. We screened the Merrill Lynch research database and found five that look outstanding for 2017.

AT&T

This company has had an incredible run this year and has rallied back smartly from lows printed in November. AT&T Inc. (NYSE: T) is the world’s largest provider of pay TV, with TV customers in the United States and 11 Latin American countries. In the United States, the AT&T wireless network has the nation’s self-described strongest 4G LTE signal and most reliable 4G LTE. The company also helps businesses worldwide serve their customers better with mobility and highly secure cloud solutions.

With its shares trading at a very cheap 14.3 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.

AT&T is in the Merrill Lynch US 1 portfolio and has several major catalysts likely to drive strong network traffic demand: DirecTV Now and Mobile, “Data-Free TV” for DirecTV/U-Verse subscribers and increasing penetration of unlimited data plans. Many on Wall Street believe that the company is well-positioned to address ongoing traffic requirements, with additional LTE capacity available and the ability to leverage small cell deployments.

Other top Wall Street analysts have cited the company’s positive commentary on free cash flow and improving video/broadband trends later this year, with single truck-roll and new converged offerings expected to be coming next month.

AT&T investors receive a 4.6% dividend. The Merrill Lynch price objective is $46. The Wall Street consensus target price is $41.29. Shares closed Wednesday at $42.52.

Coca-Cola

This company remains a top Warren Buffet holding and offers not only safety, but an incredible strong worldwide brand. Coca-Cola Co. (NYSE: KO) is the world’s largest beverage company, refreshing consumers with more than 500 sparkling and still brands.

Led by Coca-Cola, its portfolio features 20 billion-dollar brands, including Diet Coke, Fanta, Sprite, Coca-Cola Zero, vitaminwater, Powerade and Minute Maid. Globally, it is the top provider of sparkling beverages, ready-to-drink coffees and juices and juice drinks. Through the world’s largest beverage distribution system, consumers in more than 200 countries enjoy its beverages at a rate of more than 1.9 billion servings a day.

The company reported third-quarter earnings that came in above some estimates, but slower growth and flat volumes brought out the sellers and they tagged the stock big time. It is important to remember though that the company owns 31.5% of Monster Beverage, which continues to deliver big numbers.

Investors receive a 3.37% dividend. Merrill Lynch has a $45 price target, while the consensus target is $45.44. Shares closed Wednesday at $41.39.

Kohl’s

This top retailer has had a nice run and also posted solid holiday sales. Kohl’s Corp. (NYSE: KSS) operates department stores in the United States that offer private label, exclusive and national brand apparel, footwear, accessories, beauty and home products to children, men and women customers. The company also sells its products online at Kohls.com and through mobile devices.

The company reported very solid third-quarter results, and Merrill Lynch noted in a research report at the time:

Third quarter earnings-per-share of $0.80 was ahead our $0.66 estimate due to better sales and SG&A control. Comps were down 1.7% vs. our -3% view. Lifting our fiscal 2016 earnings-per-share estimate by $0.10 to $4.00, and raising price target to $60 to reflect higher estimates & multiple expansion. Our fiscal 2017 EPS estimate is 9% above street. We think 11x P/E reflects significant doubt in Kohl’s ability to improve results.

Kohl’s shareholders receive a 4.02% dividend. The Wall Street consensus price target for the company $511.95. Shares closed Wednesday at $49.81.

Philip Morris International

This company has continued to grow global market share and makes good sense for total return investors now. Philip Morris International Inc. (NYSE: PM) is the world’s leading international tobacco company, with six of the world’s top 15 international brands and products sold in more than 180 markets.

In addition to the manufacture and sale of cigarettes, including Marlboro, the number one global cigarette brand, and other tobacco products, the company is also engaged in the development and commercialization of reduced-risk products (RRPs), the term it uses to refer to products with the potential to reduce individual risk and population harm in comparison to smoking cigarettes. Through multidisciplinary capabilities in product development, state-of-the-art facilities and industry-leading scientific substantiation, Philip Morris aims to provide an RRP portfolio that meets a broad spectrum of adult smoker preferences.

The company reported earnings slightly below estimates, but the full-year underlying guidance remains the same. The analysts expect the fourth quarter to be very solid.

Shareholders receive a 4.57% dividend. The $102 Merrill Lynch price target is near the consensus target of $101.06. Shares closed below those levels on Wednesday at $90.94.

Wells Fargo

This large cap bank is another stock for investors to look at now for safety, dividends and solid upside potential. Wells Fargo & Co. (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.8 trillion in assets. The company provides banking, insurance, investments, mortgage and consumer and commercial finance through 8,700 locations, 12,800 ATMs, the Internet and mobile banking. It also has offices in 36 countries to support customers who conduct business in the global economy. Wells Fargo serves one in three households in the United States.

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 and overall revenue. The stock also remains a top Warren Buffett holding, and he raised his holdings in the bank to 10% on the stock’s weakness earlier this year.

The company reported inline third-quarter results and earnings revisions, which didn’t go over well after the other major banks posted big earnings. Wells Fargo also had a recent public relations headache as it was revealed that employees allegedly opened up client accounts that were not approved. Things got worse recently as its CEO was absolutely eviscerated at a congressional hearing by politicians and ended up resigning.

While the stock has rallied off the lows, it probably the most affordable of all the major banks, and Deutsche Bank feels that the headline risk is long since priced in.

Wells Fargo shareholders receive a 2.75% dividend. The Merrill Lynch price target is a large $65. The consensus target is just $55.80, and shares closed Wednesday at $55.32.

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None of these stocks offer parabolic upside, but they also offer some investors safety in a very pricey and overbought market. While 2017 and farther down the road may offer some bright investment opportunity, the near term is somewhat more cloudy, so a safe approach is probably the best.

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