Blue-chip stocks are synonymous with stability and reliability. Investors search amongst these names to find companies with long track records of strong performance, healthy financials and established market presence. These stocks typically come attached to a premium price tag. Yet, even in the current market euphoria, with indices climbing to new heights by the day, a decent number of blue-chip gems are trading near their 52-week lows.

Despite most blue-chip stocks continuing to post strong results in recent quarters, a decent number of them have found themselves undervalued and overlooked. Therefore, current investors have a chance to get their hands on quality names at bottom-barrel prices. Blue-chip stocks rarely trade at a discount, so it makes sense to chase such opportunities when they arise.

In this article, we look deeper into three top-notch stocks that not only boast blue-chip status but also seem to be trading at prices that don’t reflect their true potential. All three stocks are trading very close to their 52-week lows despite being set to deliver record earnings this year.

Johnson & Johnson (JNJ)

Johnson & Johnson (NYSE:JNJ) is one of the first names that came to my mind when brainstorming which blue-chip stocks to include in this list. The company dominates in the healthcare and consumer goods sectors, with its diverse portfolio including various essential pharmaceuticals, medical devices and consumer health products.

Since its wide range of products includes essentials from Band-Aids to prescription drugs, Johnson & Johnson tends to generate resilient cash flow irrespective of the underlying condition of the economy. This has allowed the company to establish a tremendous track record of earnings and dividend growth, including 61 consecutive years of dividend hikes.

Despite its blue-chip status, Johnson & Johnson is trading near its 52-week lows, presenting an intriguing opportunity for investors. This is because Johnson & Johnson is poised to post record earnings this year despite its recent share price losses. Wall Street sees earnings-per-share (EPS) landing at $10.56 this year, implying a 6.2% increase from last year and a new all-time high milestone.

McDonald’s (MCD)

McDonald’s (NYSE:MCD) is the second beaten-down blue chip stock on my list. The largest player in the Quick-Service Restaurant (QSR) space, it boasts over 41,000 locations worldwide and continually expands its global footprint.

McDonald’s has consistently increased its same-store sales, which, along with its growing number of locations, has fueled remarkable earnings and dividend growth. The fact that 95% of McDonald’s are franchised, translating to frictionless, high-margin cash flows, has been a notable factor in this success.

More specifically, McDonald’s has grown its EPS and dividend-per-share (DPS) at a compound annual growth rate (CAGR) of 7.2% and 7.6% over the past decade. To highlight McDonald’s overextended track record of excellence, the company has raised its dividend for 49 consecutive years.

McDonald’s growth has slowed, with comparable sales growing by just 1.9% in its most recent Q1 report. Yet, this can be attributed to outsized growth recorded in earlier periods, with Q1 marking 13 consecutive quarters of positive comparable sales growth. A short-term breather to growth is to be expected.

Despite the recent slowdown and the stock trading near its 52-week lows, McDonald’s is still projected to achieve an EPS of $12.21 this year, suggesting another year of record-breaking profitability.

Accenture (ACN)

The final undervalued blue chip stock I’ve added to my list is Accenture (NYSE:ACN). Despite its solid reputation in the professional services and consulting industry, shares have notably declined recently. This drop seems to be fueled by a dominant bearish sentiment, suggesting that the rapid evolution of artificial intelligence (AI) will reduce the demand for Accenture’s traditional human-delivered services.

Such a scenario could lead to a significant downturn in its sales and earnings in the foreseeable future. That said, this is only half the story. Instead of viewing AI as a threat to its business, Accenture has integrated AI into its offerings, augmenting human capabilities rather than replacing them entirely.

Further, the depth of the company’s expertise and its strong client relationships provide a sturdy groundwork. They should enable Accenture to enrich its offerings further with AI capabilities from a place of strength.

Finally, consistent with my earlier selections, Accenture is expected to post record profits this year. Wall Street sees EPS of $12.15 for FY2024, implying a modest but welcome year-over-year growth of 4.1%, marking another record for the consulting giant. Thus, with the stock trading near its 52-week lows, Accenture forms a compelling opportunity for bullish investors.

On the date of publication, Nikolaos Sismanis did not hold (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.