Are stocks set to rip higher in the second half of 2024? Or will investors be in for a nasty October surprise? Market timing is tricky at any time, but particularly at a time when a single data point can swiftly swing investor sentiment from positive to negative or vice versa. That may be of interest to traders. However, buy-and-hold investors tend to follow a different plan. And that plan frequently includes finding blue chip stocks under $100.  

Blue-chip stocks can have their moment, but they’re generally viewed as tried-and-true (read: boring) stocks. They have large market caps, they tend to underperform the markets in bull markets. However, they can also limit losses in bear markets. And they pay a consistent, and often growing, dividend.  

As valuations continue to rise, it’s becoming harder to find blue-chip stocks under $100, but not impossible. Here are three companies that investors should consider no matter what happens during the rest of the year.  

Alcoa (AA)

Alcoa (NYSE:AA) is one of the oldest American companies that continues to be an industry leader in manufacturing bauxite, alumina and aluminum products. How you feel about AA stock will depend largely on how you feel about aluminum demand. Through the first quarter of 2024, consumers suggested that demand was still cautious. 

However, the long-term outlook for aluminum looks bullish. It’s one of the key materials needed in automotive and renewable energy applications. Both sectors are being dragged down as consumers grapple with a higher cost of living. You can see that in the AA stock price which has been in free fall since March 2022.

But time has a way of leveling the playing field. That would make investors take a closer look at Alcoa which is expected to return to profitability in the next 12 months as aluminum demand recovers. Analysts are neutral on AA stock, but that could change when the company reports earnings in mid-July.  

Walmart (WMT) 

Walmart (NYSE:WMT) only makes this list of blue-chip stocks under $100 because of the 3-for-1 stock split in undertook in early 2024. Although stock splits don’t change a company’s valuation, it can impact investor sentiment. That seems to be the case with WMT stock which is up 28% in 2024 as the first half of the year comes to an end.  

But the bigger story here is that Walmart has become a place where more affluent consumers are shopping as they manage through persistent inflation on everyday items. While many analysts may see this as a temporary situation that will reverse with a better economic outlook, I’m not so sure.  

Walmart has been preparing to better compete with Amazon (NASDAQ:AMZN) for years. Now that consumers are giving it a try, they may stick with the company for at least some items when the economy improves. And for sure, the company will see a resurgence with its core consumer. 

And with Walmart, you’re buying a dividend king that has increased its dividend for 52 consecutive years with no end to that streak in sight.

Pfizer (PFE) 

After a disastrous 2023, Pfizer (NYSE:PFE) stock is starting to stabilize in 2024. The problem for investors is that by stabilizing it means not doing much of anything. That’s because the company doesn’t have much to excite investors, yet.  

By now, most investors know the story. Revenue from the company’s Covid-19 products is down sharply. And it will take some time before the company can get its other pipeline candidates approved.  

When that will happen is anybody’s guess. But the company’s pipeline includes some of the company’s advancements in mRNA technology and personalized medicine. These are two of the trends that will dominate the biotechnology industry for years to come. And Pfizer is likely to be a formidable competitor. 

So while investors wait for the stock price growth, Pfizer pays a growing dividend with a 6% yield and trades at 11.9x forward earnings. It’s an easy pick among the blue-chip stocks under $100.  

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.