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Shares of GlaxoSmithKline (GSK) - Get GlaxoSmithKline Plc Report are up a pleasant 5% in 2016. The stock currently sports a healthy 6.5% dividend yield. Shah Gilani, editor of Capital Wave Forecast, said management changes at the pharmaceuticals giant are making its stock even more attractive.

"There are going to be some management changes there and in particular the CEO is moving on, so I think they are going to bring in some more aggressive management," said Gilani. "So I really do like where they are heading."

He added that it's a "great defensive stock to hold if you are nervous about the market."

PetMed Express (PETS) - Get PetMed Express, Inc. Report is up 1% year to date. It pays a relatively hefty 4% yield. Gilani is a fan of the pet pharmacy provider because of its strong balance sheet and its potential as a takeover target.

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"It owns its little space, and it's a beautiful-performing stock," said Gilani.

He is also bullish on Foundation Medicine (FMI) - Get Foundation Medicine, Inc. Report despite the cancer-care company's drop of 16% year to date, or 65% in the past 12 months.

"There is some big money behind this company, including Bill Gates, who has about $50 million into it, not that he is the answer for everything. But there is a lot of other smart money at work here," said Gilani, adding that the liquid biopsy play is the "future of medicine and it is here now."

Lastly, International Paper (IP) - Get International Paper Company Report has traded 7.5% higher so far in 2016. The paper and packaging provider pays a 4% dividend. Gilani said the company will move higher as containerboard prices improve and the dollar stabilizes or weakens.

"They are going to be aggressive this year. They have to be," he said.