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With the valuation indicators such as the Schiller P/E and Tobin's Q very high, I think there is more risk in stocks than normal. A period like now is when quality stocks with low volatility may be a good idea to preserve capital. I believe that the following four stocks are considerably safer than the market, with similar upside.

Flowers Foods, Inc (NYSE:FLO)

Market Cap 3.01B
Beta 0.13
Dividend Yield 2.7%
P/E 22.27

Flowers Foods, Inc. is a producer and marketer of bakery products in the United States. It has two segments: direct-store-delivery (DSD) and warehouse delivery. The DSD segment focuses on the production and marketing of bakery products through its direct-store-delivery system. The warehouse delivery segment produces snack cakes for sale to co-pack, retail and vending customers, as well as frozen bread, rolls, buns, and tortillas for sale to retail and food service customers primarily through warehouse distribution (see full description here).

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New Jersey Resources Corp. (NYSE:NJR)

Market Cap 1.89B
Beta 0.2
Dividend Yield 3.16%
P/E 23.76

New Jersey Resources Corporation (NJR) is an energy services holding company providing retail and wholesale energy services to customers in states from the Gulf Coast and Mid-Continent regions to the Appalachian and Northeast regions, the West Coast and Canada. (see full description here).

CR Bard Inc. (NYSE:BCR)

Market Cap 9.66B
Beta 0.33
Dividend Yield 0.68%
P/E 20.02

C. R. Bard, Inc. is engaged in the design, manufacture, packaging, distribution and sale of medical, surgical, diagnostic and patient care devices. The company sells a range of products to hospitals, individual healthcare professionals, extended care facilities and alternate site facilities on a global basis (see full description here).

Casey's General Stores Inc. (NASDAQ:CASY)

Market Cap 1.68B
Beta 0.55
Dividend Yield 1.36%
P/E 20.35

Casey’s General Stores, Inc. (Casey’s) operates convenience stores under the name Casey’s General Store, HandiMart and Just Diesel in nine Midwestern states, primarily Iowa, Missouri and Illinois. The stores carry a selection of food (including freshly prepared foods, such as pizza, donuts, and sandwiches), beverages, tobacco products, health and beauty aids, automotive products and other nonfood items (see full description here).

Source: 4 Quality Stocks With Low Volatility