The breathtaking run in technology stocks has dominated the financial headlines this year since the massive February and March sell-off. In fact, the 10 biggest stocks in the S&P 500 from a market capitalization standpoint, which include the gigantic technology leaders, now represent a stunning 29% of the index. The Nasdaq is up 23% and has set 32 records this year.

Many strategists across Wall Street have become concerned over market concentration, and while from a valuation perspective it’s nowhere near the absurd levels of the dot-com era, from a market concentration perspective it could be a bubble, with the Nasdaq 5 (Facebook, Apple, Amazon, Microsoft and Google) representing nearly 23% of the S&P 500.

We decided to screen the BofA Securities US 1 list of the firm’s highest conviction stock ideas, looking for quality companies that have lagged the huge moves of the tech giants and offer solid upside potential but are perhaps less vulnerable to a massive tech-driven sell-off. While all five are outstanding ideas for investors, it’s important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.

Bristol-Myers Squibb

This remains a solid pharmaceutical stock to own long term. Bristol-Myers Squibb Co. (NYSE: BMY) is a global pharmaceutical company focused on discovering, developing, licensing and marketing chemically synthesized drugs or small molecules and biologics in various therapeutic areas, including virology comprising human immunodeficiency virus infection (HIV), oncology, neuroscience, immunoscience and cardiovascular.

The company reported strong second-quarter results that were largely ahead of Wall Street consensus, given the ongoing recognition of Celgene revenue. Bristol-Myers bought Celgene last year in a massive $74 billion acquisition. The posted quarterly earnings of $1.63 per share exceeded the Wall Street consensus estimate and were higher than the per-share earnings reported in the same period a year ago.

Shareholders receive a very solid 2.91% dividend. The BofA Securities price target for the shares is $80, while the Wall Street consensus target is $72.08. Bristol-Myers Squibb stock closed trading Monday at $61.82 a share.

Citigroup

Shares of this top bank are trading at the lowest levels since 2016. Citigroup Inc. (NYSE: C) has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. It provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management.

Trading at a still very cheap 7.2 times estimated 2020 earnings, this company looks very reasonable in what remains a volatile stock market and in a sector that has dramatically lagged.

Citigroup investors receive a 3.88% dividend. BofA Securities has a $74 price target, and the posted consensus price objective is lower at $69.71. Citigroup stock closed trading at $52.86 on Monday.

If there is any company with products that stay in style it is this one, and it has only 7% foreign sales. Constellation Brands Inc. (NYSE: STZ) is a leading global producer and marketer of beverage alcohol. Its wide-ranging portfolio spans wine, spirits and imported beer.

The company is one the world’s largest wine companies overall and is the largest global premium wine company. Key brands include Robert Mondavi, Clos du Bois, Blackstone, Arbor Mist, Black Velvet and SVEDKA vodka. It also owns 100% of the rights to brew, market and sell Modelo’s Mexican beers in the United States.

The company made a gigantic $3.8 billion investment in cannabis company Canopy Growth last year to increase its holdings in the company. The record investment reflects a world in which marijuana has become ubiquitous as its counterculture stigma fades.

Holders of Constellation Brands stock receive a 1.75% dividend. The lofty $220 BofA Securities price target compares with a $205 consensus target and the most recent closing price of $171.45 per share.

Raytheon Technologies

This company has a diversified mix of business and its shares are down a stunning 33% this year. Raytheon Technologies Corp. (NYSE: RTX) is an industry leader in defense, government electronics, space, information technology and technical services. The company operates in four principal business segments: Integrated Defense Systems, Intelligence, Information and Services, Missile Systems, and Space and Airborne Systems. It is among the companies that make the most from the U.S. government.

With a history of innovation spanning 97 years, Raytheon provides state-of-the-art electronics, mission systems integration, C5I products and services, sensing, effects and mission support for customers in more than 80 countries.

Last year, Raytheon and United Technologies agreed to merge their businesses to create a new aerospace and defense powerhouse. The two companies received unanimous approval from their respective boards and the merger is finally complete. Given the merger and the spin-off of Carrier and Otis, many Wall Street analysts feel that the market is overlooking the path for free cash flow to step up to $6.2 billion by 2022. Any recovery in air travel or improvement in sentiment would help drive the commercial aerospace business.

Shareholders receive a 2.96% dividend. BofA Securities has set its price objective at $80. The posted consensus target is $76.76, and Raytheon Technologies stock rose almost 5% on Monday to close at $64.23 a share.

UPS

With many Americans stuck at home due to lockdown rules, the delivery business has been red hot. United Parcel Service Inc. (NYSE: UPS) provides logistics, freight (air, sea, ground, rail) forwarding, international trade management and customs brokerage.

The company has roughly 481,000 employees (390,000 in the United States) and serves more than 220 countries and territories. It operates a fleet of 237 UPS aircraft, as well as a ground fleet of more than 110,000 delivery vehicles. More than 46% of its volume is business-to-consumer, and it delivers more than 18 million packages per day globally.

UPS said earlier this year that it aims to more than double weekend deliveries in 2020 as package carriers look for ways to satisfy the always-on demands of e-commerce customers, including rising rival Amazon.com. UPS is vying also to attract more retailers that want to keep pace with Amazon shipping speeds, while holding on to its Amazon business, which accounts for almost 20% of company volume.

Shareholders receive a 2.53% dividend. The BofA Securities price target is $151. The consensus price objective was last seen at $143. United Parcel Service stock has blown through both levels, closing at $159.59 on Monday, after posting huge earnings in late July.

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Investors may want to consider rotating to these five top stocks from the overbought and very pricey tech sector. It is pretty clear that a defensive rotation already has started, and with the market getting closed to the seasonal weaker portion of the year, now may be a great time to take some profits and reset.

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