These blue chip ASX 200 shares are on sale right now

BHP Group Ltd (ASX:BHP) and these blue chip ASX 200 shares could be on sale at current prices. Here's why I would buy them…

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The S&P/ASX 200 Index (ASX: XJO) is home to a good number of high quality blue chip shares for investors to choose from. But with so much choice, it can be hard to decide which ones to buy.

To narrow things down for you, I've picked out three blue chip shares which I think are on sale after recent declines. They are as follows:

BHP Group Ltd (ASX: BHP)

The first blue chip share to consider is BHP. With the mining giant's shares down significantly from their 52-week high, I think now would be an opportune time to snap them up. Especially with iron ore prices remaining strong. This should mean BHP continues to generate high level of free cash flow again this year. I feel this bodes well for its dividends in FY 2020 and FY 2021 and could even lead to further share buybacks.

REA Group Limited (ASX: REA)

Another blue chip share to consider is this property listings company. Although the coronavirus outbreak is likely to weigh on the housing market and ultimately REA Group's profits in the short term, I believe it remains a high quality long-term pick. This is due to its market-leading position, strong management team, leading technology, and strong pricing power. Combined, I feel the company is well-positioned to deliver strong earnings growth over the next decade. REA Group's shares are down 32% from their 52-week high.

Wesfarmers Ltd (ASX: WES)

Lastly, I think Wesfarmers would be another good blue chip share to own after a 22% decline from its 52-week high. Due to the quality and diversity of its portfolio, I believe the conglomerate its well-placed for growth over the next decade. In addition to this, following the selldown of its stake in Coles Group Ltd (ASX: COL) this year, the company is cashed up and could bolster its portfolio with some earnings accretive deals in the near future.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Wesfarmers Limited. The Motley Fool Australia has recommended REA Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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