The share prices of Telstra Corporation Ltd (ASX: TLS), National Australia Bank Ltd. (ASX: NAB) and Woolworths Limited (ASX: WOW) have fallen hard in recent months.

Source: Google Finance

Source: Google Finance

It’s a been a tough six months for the entire S&P/ASX 200 (Index: ^AXJO) (ASX: XJO), which is down 11% in six months. Therefore, investors will no doubt be asking themselves if now is a good time to build a position in these three blue-chip dividend-paying ASX stalwarts.

Woolworths

Woolworths shares have been in hot water in recent years, falling from over $37 in 2014 to just $24.45 today, as competition and managerial concerns loomed. Recently, Woolworths flagged the sale of its loss-making Home Improvement division, which includes both Masters and Home Improvement. But while the sale of Masters would remove some short-term pain for Woolworths, the company is facing larger concerns in the Big W and supermarkets business. In my opinion, this could see the shares come under further downward pressure.

National Australia Bank

Australia’s third-largest bank by market capitalisation and largest lender to Australian businesses has significantly underperformed it peers over the long pole. The underperformance is often attributed to the bank’s troubled foreign assets, specifically its UK subsidiary Clydesdale and Yorkshire Banking Group. However, the bank is now seeking to divest Clydesdale, so investors may be inclined to believe the worst is behind it. Unfortunately, NAB is also facing competitive and regulatory headwinds within its core businesses. In my opinion, these headwinds could see its shares continue to come under selling pressure.

Telstra

Telstra shares have come under pressure over the past year despite ticking along nicely across most fronts. The $68 billion telecommunications giant is investing in Asia, dominating the local mobiles market and is a leader in emerging technologies such as eHealth and machine-to-machine communication.

Buy, Hold, or Sell?

Given the headwinds faced by Woolworths and NAB, I wouldn’t buy their shares at today’s prices. And while Telstra is one of the ASX’s most reliable dividend payers, its shares are not worth endless amounts. Indeed, at today’s prices, I’m holding off buying Telstra shares until prices fall into a more compelling valuation range.

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Motley Fool writer/analyst Owen Raszkiewicz has a financial interest in Woolworths. Owen welcomes -- and encourages -- your feedback on Google+, LinkedIn or you can follow him on Twitter @ASXinvest.

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. 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 Bruce Jackson.