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If you’re interested in stocks that appear undervalued by several different measures, here are some ideas to get you started.

We ran a screen on stocks of the S&P 500 paying dividend yields above 2% for those that appear undervalued by TTM P/E, PEG, and TTM P/CF, with lower price multiples than their industry averages.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.‬

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. (To access a complete analysis of this list's recent performance, click here.)

Do you think these stocks should be trading higher? Use this list as a starting point for your own analysis.

List sorted by dividend yield.

1. Lockheed Martin Corporation (NYSE:LMT): Engages in the research, design, development, manufacture, integration, operation, and sustainment of advanced technology systems and products in the areas of defense, space, intelligence, homeland security, and government information technology in the United States and internationally. Market cap of $24.83B. Dividend yield at 5.21%, payout ratio at 48.86%. TTM P/E at 9.59 vs. industry average at 15.11. PEG at 1.06 vs. industry average at 1.27. TTM P/CF at 7.19 vs. industry average at 10.3. The stock is a short squeeze candidate, with a short float at 6.18% (equivalent to 7.39 days of average volume). The stock has gained 14.3% over the last year.

2. H&R Block, Inc. (NYSE:HRB): Provides tax preparation, retail banking, and various business advisory and consulting services. Market cap of $4.60B. Dividend yield at 5.09%, payout ratio at 44.62%. TTM P/E at 11.82 vs. industry average at 14.45. PEG at 1.18 vs. industry average at 1.49. TTM P/CF at 9.07 vs. industry average at 9.67. The stock has gained 23.49% over the last year.

3. Darden Restaurants, Inc. (NYSE:DRI): Operates full service restaurant in the United States and Canada. Market cap of $5.72B. Dividend yield at 3.96%, payout ratio at 40.17%. TTM P/E at 12.77 vs. industry average at 30.68. PEG at 1.03 vs. industry average at 1.81. TTM P/CF at 7.36 vs. industry average at 14.19. The stock is currently stuck in a downtrend, trading 5.47% below its SMA20, 6.64% below its SMA50, and 8.57% below its SMA200. The stock has lost 7.28% over the last year.

4. Raytheon Co. (NYSE:RTN): Provides electronics, mission systems integration, and other capabilities in the areas of sensing, effects, and command, control, communications, and intelligence systems, as well as mission support services in the United States and internationally. Market cap of $15.55B. Dividend yield at 3.83%, payout ratio at 33.30%. TTM P/E at 8.83 vs. industry average at 15.11. PEG at 0.98 vs. industry average at 1.27. TTM P/CF at 7.02 vs. industry average at 10.3. The stock has gained 2.02% over the last year.

5. Northrop Grumman Corporation (NYSE:NOC): Provides products, services, and solutions in aerospace, electronics, information systems, shipbuilding, and technical service sectors. Market cap of $14.45B. Dividend yield at 3.62%, payout ratio at 30.93%. TTM P/E at 8.37 vs. industry average at 15.11. PEG at 1.06 vs. industry average at 1.27. TTM P/CF at 6.32 vs. industry average at 10.3. The stock is a short squeeze candidate, with a short float at 5.29% (equivalent to 5.81 days of average volume). The stock has lost 2.59% over the last year.

6. Intel Corporation (NASDAQ:INTC): Engages in the design, manufacture, and sale of integrated circuits for computing and communications industries worldwide. Market cap of $119.97B. Dividend yield at 3.57%, payout ratio at 30.30%. TTM P/E at 10.07 vs. industry average at 20.37. PEG at 0.9 vs. industry average at 1.43. TTM P/CF at 6.79 vs. industry average at 16.13. It's been a rough couple of days for the stock, losing 7.06% over the last week.

7. Hasbro Inc. (NASDAQ:HAS): Engages in the design, manufacture, and marketing of games and toys. Market cap of $4.49B. Dividend yield at 3.45%, payout ratio at 38.63%. TTM P/E at 12.43 vs. industry average at 17.23. PEG at 0.98 vs. industry average at 1.37. TTM P/CF at 8.7 vs. industry average at 11.44. It's been a rough couple of days for the stock, losing 6.25% over the last week.

8. Linear Technology Corp. (NASDAQ:LLTC): Designs, manufactures, and markets a line of linear integrated circuits. Market cap of $6.65B. Dividend yield at 3.29%, payout ratio at 39.08%. TTM P/E at 12.26 vs. industry average at 20.37. PEG at 1.27 vs. industry average at 1.43. TTM P/CF at 10.97 vs. industry average at 16.13. It's been a rough couple of days for the stock, losing 5.78% over the last week.

9. Procter & Gamble Co. (NYSE:PG): Provides consumer packaged goods in the United States and internationally. Market cap of $178.09B. Dividend yield at 3.24%, payout ratio at 48.59%. TTM P/E at 16.43 vs. industry average at 17.29. PEG at 1.87 vs. industry average at 2.04. TTM P/CF at 12.29 vs. industry average at 13.03. The stock has gained 5.17% over the last year.

10. Emerson Electric Co. (NYSE:EMR): Operates as a diversified manufacturing and technology company. Market cap of $36.66B. Dividend yield at 3.21%, payout ratio at 42.34%. TTM P/E at 15.38 vs. industry average at 18.1. PEG at 1.16 vs. industry average at 1.56. TTM P/CF at 11.22 vs. industry average at 11.75. The stock has lost 11.68% over the last year.

11. Williams Companies, Inc. (NYSE:WMB): Engages in finding, producing, gathering, processing, and transporting natural gas primarily in the United States. Market cap of $18.49B. Dividend yield at 3.19%, payout ratio at 37.77%. TTM P/E at 18.56 vs. industry average at 21.83. PEG at 0.7 vs. industry average at 0.99. TTM P/CF at 7.03 vs. industry average at 10.98. The stock has gained 34.52% over the last year.

12. Eaton Corporation (NYSE:ETN): Operates as a power management company worldwide. Market cap of $14.41B. Dividend yield at 3.15%, payout ratio at 35.17%. TTM P/E at 11.7 vs. industry average at 15.12. PEG at 1.08 vs. industry average at 1.51. TTM P/CF at 8.01 vs. industry average at 9.85. It's been a rough couple of days for the stock, losing 6.46% over the last week.

13. Illinois Tool Works Inc. (NYSE:ITW): Manufactures a range of industrial products and equipment worldwide. Market cap of $22.43B. Dividend yield at 3.10%, payout ratio at 34.48%. TTM P/E at 11.72 vs. industry average at 15.12. PEG at 0.86 vs. industry average at 1.51. TTM P/CF at 8.97 vs. industry average at 9.85. The stock has lost 7.23% over the last year.

14. Sealed Air Corporation (NYSE:SEE): Manufactures and sells packaging and performance-based materials and equipment systems worldwide. Market cap of $3.34B. Dividend yield at 2.99%, payout ratio at 33.84%. TTM P/E at 12.33 vs. industry average at 14.17. PEG at 1.34 vs. industry average at 2.49. TTM P/CF at 6.96 vs. industry average at 8.91. The stock has lost 27.6% over the last year.

15. KLA-Tencor Corporation (NASDAQ:KLAC): Engages in the design, manufacture, and marketing of process control and yield management solutions for the semiconductor and related nanoelectronics industries. Market cap of $7.80B. Dividend yield at 2.99%, payout ratio at 22.12%. TTM P/E at 9.62 vs. industry average at 20.37. PEG at 1.01 vs. industry average at 1.43. TTM P/CF at 8.51 vs. industry average at 16.13. The stock has gained 22.88% over the last year.

Price multiples sourced from Fidelity; all other data sourced from Finviz.

Source: 15 Highly Undervalued S&P 500 Dividend Stocks