If you are stunned by Taser's (NASDAQ:TASR) price-to-earnings (P/E) ratio of 113.9 and baffled by Juniper Networks' (NASDAQ:JNPR) P/E of 313.0, you might consider some high-yield equities trading at low P/E ratios.

These four companies are not growing like bodybuilders on steroids, but they are paying investors to hold them, and their entry-level prices still boast P/Es well south of 100.

Nobody seems to like Sara Lee (NYSE:SLE), except subscribers to Motley Fool Income Investor, of course. Analysts predict 6% growth and see no spark to drive growth higher. Sara Lee sells products as diverse as cheesecake and underwear; its brands include Sara Lee (obviously), Wonderbras, Hanes, and Jimmy Dean sausage. The dividend yield is 3.5%, and its P/E is 14. Even though Sara Lee is stalled, it generates enough cash to pay the dividend. The company is trading at a steep discount to intrinsic value based on a discounted cash flow analysis.

Mack-Cali Realty (NYSE:CLI) is a real estate investment trust (REIT) specializing in office properties. It has been successful in keeping occupancy rates high in both good and bad economies. Based in the Northeast, it has 265 properties in New Jersey, Connecticut, and New York. Mack-Cali benefits from high barriers to entry; it holds developable land in an area where it's a scarce commodity. Its dividend yield sits at 6.2%, and its PE is 15.32. The company is now near its 52-week high; so don't expect a lot of price appreciation. However, the $2.52 dividend per share should sweeten the deal.

Gallaher Group PLC (NYSE:GLH) is the largest manufacturer of tobacco products in the U.K. It makes Benson & Hedges, Silk Cut, Berkeley, and Mayfair cigarettes. With any tobacco company, you should examine litigation. As of Jan. 31, 2003, Gallaher had only 35 cases pending in the U.K. (mainly Ireland) and none elsewhere. There has never been a decision against it. Gallaher's past year's growth was 6%, and is likely to stay at that level in 2004. With $4.75 per share in cash flow, the dividend of $1.80 per share (yield of 3.95%) seems safe. Its current P/E is 13.

Bristol-Myers Squibb (NYSE:BMY) has had a tough year. Erbitux, its $1.9 billion gamble, still waits for approval (there's an FDA review this month) and two top-selling drugs lost patent protection. Earnings will likely be flat in 2004. It appears it will be able to keep paying the $1.12 per-share dividend (3.9% yield) despite the difficulties, though. Its current P/E is 16.7. Bristol-Myers has a decent pipeline and if Erbitux gains approval, the earnings and value of the company will improve.

No highfliers here and not a 10-bagger in the bunch. Just a few solid companies to investigate that will pay you money while you wait for the next big thing.

If you're the type who values safety and income first, take a free trial to Motley Fool Income Investor and get recommendations like Sara Lee and other great, high-yielding businesses.

Motley Fool contributor J. Graham owns none of the stocks mentioned.