As the S&P 500 trades near a record high, the market index also trades at a rich valuation. At current prices, it trades for 23.5 times earnings and yields around 1.1%. However, not every stock, including blue chip dividend stocks, currently sports a sky-high valuation. Three that stand out are Pfizer (NYSE: PFE), T. Rowe Price (NASDAQ: TROW), and Verizon Communications (NYSE: VZ). While each one is "cheap for a reason," the market is overreacting to its respective headwinds. Image source: Getty Images.
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