3 blue chip ASX shares to buy this week

ResMed Inc. (ASX:RMD) is one of three ASX blue chip shares that I think investors ought to consider buying this week.

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The big four banks and Telstra Corporation Ltd (ASX: TLS) have all had 12 months to forget and have thoroughly underperformed the ASX 200.

The good news is that not all blue chip shares have performed so poorly. In fact, the three blue chips below have been market beaters in 2018.

I believe they are capable of continuing this form in 2019, potentially making them the blue chips to buy this week:

BHP Group Ltd (ASX: BHP)

The BHP share price has been a strong performer in 2018 and climbed an impressive 13.5%. As long as the world avoids a global trade war and commodity prices remain favourable, I believe the mining giant could continue to deliver strong gains in 2019. Especially given the quality and diversity of its operations and the strong free cash flows that they generated. Another bonus is that in January the company will pay its US$1.02 per share special dividend to eligible shareholders.

Cochlear Limited (ASX: COH)

This hearing solutions company is another blue chip share that I think is worth considering. Its shares are up approximately 3% this year despite a sharp pullback in recent months. Due to Cochlear's growing distribution network and exposure to the ageing global populations tailwind, I believe it is well-positioned to continue its solid earnings growth over the long-term. This year Cochlear's management revealed that it expects to deliver a reported net profit of $265 million to $275 million, which will be a year on year increase of between 8% and 12%.

ResMed Inc. (ASX: RMD)

ResMed is a sleep treatment-focused medical device company which has seen its shares rise 46% this year. Investors have been fighting to get hold of them after the company delivered an impressively strong result in FY 2018 and followed it up with a great start to FY 2019. In the first quarter of FY 2019 ResMed posted a sizeable 23% increase in net income thanks to strong demand for its products and services. Pleasingly, with its growing target market and recent earnings accretive acquisitions, I expect more of the same over the rest of the financial year and into FY 2020.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia has recommended Cochlear Ltd. and ResMed Inc. 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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