A high price tag sometimes indicates value, be it in equity markets or elsewhere. Still, excellent stocks can be had for a relatively modest sum. With just $100 or even less, investors can get their hands on quality companies that will deliver solid results for a long time.

Let's consider two stocks trading for less than $100 right now: Medtronic (MDT -0.18%) and Sanofi (SNY 1.43%). For those with $100 to spare, here is why these two healthcare giants are great companies to invest in.

1. Medtronic

Based in Ireland, Medtronic is a well-known medical device specialist that can offer a lot to investors, especially those looking for stable dividend payers.

It is one of the largest companies in its field, with operations spanning dozens of countries and a vast portfolio of products across several areas. Over the past 12 months, Medtronic has earned more than 200 product approvals. This would be an impressive feat -- if it wasn't for the fact that the company routinely does that.

It's fair to point out that revenue and earnings growth have been slow to non-existent for Medtronic lately. During its fiscal 2023, ended April 28, the company's revenue declined 1.4% year over year to $31.2 billion. Medtronic's adjusted earnings per share (EPS) decreased by 5% year over year to $5.29. 

The company has dealt with a hectic business schedule in recent years, mostly related to the pandemic. For instance, Medtronic's ventilator sales have fluctuated based on surges and declines in COVID-19 cases in various regions. Furthermore, currency exchange rates have worked against Medtronic. The company's fiscal 2023 revenue increased 2.1% organically. That -- combined with other economic issues, such as inflation, that have increased Medtronic's costs -- helps explain its less-than-stellar financial results of late.

But there is good news for investors as these economic issues won't last forever. Once they subside, the company's financial results should improve. Meanwhile, Medtronic still has plenty of long-term growth drivers. That includes its diabetes care unit, which markets its MiniMed insulin pump; it should see increasing demand as the number of patients is on the rise.

Medtronic has also developed the Hugo system to compete with Intuitive Surgical in the highly promising robotic-assisted surgery market. These opportunities and Medtronic's innovation ability should lead to much stronger financial results over the long run. As far as the company's dividend is concerned, Medtronic has raised its payouts for 46 consecutive years.

The healthcare giant currently offers a yield of 3.11%, more than twice the S&P 500's average of 1.54%. Medtronic's shares are trading for just about $90 apiece. Buying just one share of the company and adding to one's position over time would be a great move.

2. Sanofi 

Sanofi, based in France, has had a bit of a mixed year so far. On one hand, the company announced it would decrease the price of its best-selling insulin product and cap its out-of-pocket costs. The move was a bit forced as Sanofi's only competitors in the insulin market took similar steps.

On the other hand, the company has made important clinical and regulatory progress. On the clinical front, Sanofi recently reported positive results from a phase 3 clinical trial for eczema treatment Dupixent in treating COPD.

Sanofi shares the rights to Dupixent with Regeneron. This medicine has been one of the bright spots for both companies' financial results, and things could get better as the COPD indication could add over $1 billion to Dupixent's annual sales.

On the regulatory side, Sanofi recently received approval for Beyfortus, an infant RSV vaccine. Until this year, there had been no RSV vaccine approved by the U.S. Food and Drug Administration. And while Sanofi isn't exactly first in line, it could still become highly successful in this field.

Sanofi also acquired Provention Bio in April. Provention is a biotech that focuses on developing therapies to delay the onset of autoimmune diseases. It earned approval for Tzield late last year, which was shown to be able to delay type 1 diabetes in clinical trials (the first of its kind). Tzield could go on to earn more indications, and Provention Bio has other programs in the pipeline.

All of these should bolster Sanofi's business. The company has many more internally developed programs in the pipeline that will lead to more approvals. That's why Sanofi is an excellent stock for long-term investors to buy and hold. And with the stock's price tag of just $53 apiece, investors with $100 can get a share with plenty of change left.