Despite the broad market being up more than 15% over the past six months, there are still many concerns in investors' minds. A potential bubble in emerging markets, protests abroad, and the possibility of a slowdown in the U.S. market all combine to make investors jittery.

The silver lining is that many quality stocks are still trading on the cheap and have plenty of cash to dish out to shareholders, and this could mean great opportunities for savvy investors.

I ran a screen for consumer goods companies paying dividends above 2%, that are trading for P/Es below 17, and that have CAPS ratings of at least four stars as rated by our 170,000-strong investing community. Below are seven stocks that fit that exact criteria. I've sorted them in order of their dividend yield.

Company

Dividend Yield

Paying Dividends Since

Price-to-Earnings Ratio

CAPS Rating
(out of 5)

Cherokee (Nasdaq: CHKE)

9.5%

1997

13.0

****

Altria Group (NYSE: MO)

6.4%

1928

12.6

****

Universal Corp. (NYSE: UVV)

5.0%

1927

7.5

*****

Philip Morris International (NYSE: PM)

4.4%

2008

15.4

****

Kimberly-Clark (NYSE: KMB)

4.3%

1935

14.5

****

ConAgra Foods (NYSE: CAG)

4.1%

1976

15.1

****

Kraft Foods (NYSE: KFT)

3.8%

2001

11.8

****

CAPS data, Feb. 2.

There doesn't seem to be any great reason why so many of these companies are trading cheaply, especially since many of them are pretty recession-proof and are steady blue chips. However, some of them have a really high payout ratio, such as Cherokee's 133%, so it's essential that you do your due diligence before investing in any of these companies.

Nonetheless, these stocks are paying absurdly high dividends, and if income is what you're looking for, this could be a great place to start.

Feel free to add these stocks to your Watchlist to get the latest commentary and analysis.

Jordan DiPietro owns no shares above. Philip Morris International is a Motley Fool Global Gains pick. Kimberly-Clark is a Motley Fool Income Investor selection. The Fool owns shares of Altria Group and Philip Morris International. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.