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, recent protests overseas, and the possibility of a slowdown in the U.S. market combine to make investors jittery.

The silver lining, though, 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 health-care 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. I've sorted them in order of their dividend yield. Below are seven stocks that fit those criteria:

Stock

Dividend Yield

Paying Dividends Since

P/E Ratio

CAPS Rating (out of 5)

AstraZeneca (NYSE: AZN)

7.8%

1993

8.7

****

Emergent Group (NYSE: LZR)

6.6%

2007

13.5

*****

Shamir Optical Industry (Nasdaq: SHMR)

5.8%

2007

15.0

*****

Eli Lilly (NYSE: LLY)

5.5%

1885

8.1

****

GlaxoSmithKline (NYSE: GSK)

5.3%

1987

15.5

****

Bristol-Myers Squibb (NYSE: BMY)

5.1%

1900

14.4

****

Abbott Labs (NYSE: ABT)

3.8%

1926

15.6

*****

Source: Motley Fool CAPS as of Feb. 2.

There doesn't seem to be a great reason why so many of these companies are trading cheaply, especially since many are fairly recession-proof and are steady blue chips. However, the health-care industry is always under review and regulation can have dramatic effects on many of these companies, so it's essential that you make sure to do your due diligence before investing in one 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. GlaxoSmithKline is a Motley Fool Global Gains pick. The Fool owns shares of GlaxoSmithKline. Motley Fool Alpha owns shares of Abbott Laboratories. 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.