Don’t Miss Out! 3 Top-Tier Blue-Chip Growth Stocks for Your Must-Buy List (2024)

Blue-chip growth stocks are all around us. Yet, finding the right fit for your particular portfolio is easier said than done. Plenty of esteemed companies with a strong market presence provide consistent returns. But finding the right options that appeal to conservative and risk-tolerant investors isn’t an easy task.

I prefer to focus on companies that offer stability and pay regular dividends, making them popular choices across various market conditions.Income investors seeking dividends favored blue-chip stocks for their stability and long-term income, while growth investors want these companies to pump their cash flow back into their core business. These three stocks span the spectrum.

Here are three blue-chip growth stocks with a history of annual dividend increases that are worth buying right now.

Amazon (AMZN)

First off the list is U.S. e-commerce giant Amazon (NASDAQ:AMZN). Recently, the company initiated free shipping perks for Korean customers to tap into the nation’s growing overseas direct purchase market. Effective Wednesday, Amazon rolled out a complimentary shipping policy for orders over $49 of eligible items delivered within South Korea. This includes a wide range of products, from small essentials to large home appliances, with estimated delivery times specified during checkout.

Amazon has expanded its Dash Cart beyond its stores to third-party grocers, aiming to broaden its reach. Initially tested in select Amazon Fresh and Whole Foods Market locations, the smart carts are now available at Kansas City McKeever’s Market and Price Chopper stores. This has made the company’s efforts to enhance their customer’s shopping experience through seamless and convenient checkout-free innovation.

Analysts from Needham also stated a strong buy rating for AMZN stock to add a cherry on top. With a price target of $205, Amazon is attracting more investors’ confidence. The analyst at Needham, Laura Martin, adjusted her fiscal 2024 profit projections upward, citing CEO Andy Jassy’s commitment to further cost-cutting initiatives in inbound fulfillment and inventory placement.

Eli Lilly (LLY)

Eli Lilly (NYSE:LLY), a prominent American pharmaceutical company, is often regarded as a “Big Pharma” entity. Its stock, referred to as a “safety” stock due to consistent demand for medications, is considered defensive during economic downturns. However, others note that holding Eli Lilly through earnings can be risky, given its elevated valuation.

Now that Wall Street is turning into the hype of weight-loss drugs, LLY stock has also gained traction for investors. Eli Lilly’s infamous Zepbound and Novo Nordisk’s semaglutide are only two of the best weight-loss options. Eli Lilly’s tirzepatide shows promise in reducing the severity of sleep apnea, and with more indications, the total potential addressable market for this drug grows by the day.

Surprisingly, this news had minimal impact on Eli Lilly’s stock, suggesting its potential may already be factored in. However, tirzepatide’s ability to target a vast obstructive sleep apnea market of 80 million U.S. adults is noteworthy. Eli Lilly and others may need an awareness campaign to maximize this opportunity.

Moreover, investors look forward to April 30, when Eli Lilly will release its Q1 2024 earnings results. This could be a big catalyst that could lead to big gains for long-term investors.

Qualcomm (QCOM)

Qualcomm (NASDAQ:QCOM) has become a significant player in the tech sector. In 2023, the stock saw over 10.8% revenue increase and 5.9% EBITDA growth. This led the company’s stock price to surge, which makes sense given the company’s status as a key chip maker.

Qualcomm’s extended agreement with Apple raised doubts about Apple’s potential to seek alternative modem suppliers. Comparisons to Apple’s abandoned electric vehicle project, Project Titan, arose. Despite uncertainties, Qualcomm anticipates supplying modems for upcoming iPhones, potentially benefiting from an AI-driven demand surge. Qualcomm’s AI chips also position the company well to capitalize on the broader AI PC and smartphone market, reducing dependence on Apple.

Despite lagging demand for pricey handsets due to inflation concerns, Qualcomm defies the broader downtrend many have called for in the smartphone chip realm. Its Snapdragon Gen 8 and 8S chips pioneer generative AI in phones, expanding from high-end to lower-range models, aligning with growing AI usage in smartphones.

On the date of publication, Chris MacDonald did not have (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.comPublishing Guidelines.

Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.