Some investors are growing concerned over the seemingly endless bull market in stocks, which is being powered by technology companies. They may want to explore health-care shares, whose price-to-earnings valuations have declined over the past two years even as their prices have risen 16% this year, right behind tech stocks ascent.

Well list analysts favorite health-care stocks below. First, heres how the sectors of the S&P 500 Index SPX, +0.66% have performed over the past 10 years, leaving out the real estate sector, which was carved out of the financial services sector in September:

Health care has run a very close second to tech in the past 10 years. Over two years, the tech sector has returned 43%, while health care has risen only 9%.

This chart shows the changes in forward price-to-earnings ratios (based on consensus earnings estimates among analysts polled by FactSet for the next 12 months) for the two sectors and the index over the past two years:

So far this year, the tech sector has returned 19%, while health care has risen 16%. Long-term prospects for both sectors are excellent, with continued innovation for tech and demographic trends, innovation and government subsidies for health insurance all favoring the health-care sector.

But health care has been overlooked by some investors, who understandably focus on tech-related companies with the largest market values among the S&P 500: Apple Inc. AAPL, -0.13% Alphabet Inc. GOOG, +1.06% Microsoft Corp. MSFT, +1.34% Amazon.com Inc. AMZN, +0.97% and Facebook Inc. FB, +1.87%

Heres a list of the 10 S&P 500 health care stocks with majority buy ratings from analysts and the most upside implied by analysts price targets:

None of the stocks are rated sell by any sell-side analyst polled by FactSet.

You can click the tickers for additional information on each company, including news, valuation ratios, financial statements and filings.

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Scared of tech stocks? Health-care shares are cheaper and rallying - MarketWatch