Many worthwhile stocks reached their 52-week lows this year largely because they got caught up in the bear market. That means there are some stocks out there offering up buying opportunities. In some rare cases, there are some beaten-down stocks trading at prices not seen in a decade or more. That's the situation investors find themselves in with two dividend stocks: Takeda Pharmaceuticals (TAK -0.23%) and Verizon Communications (VZ 0.40%).

Are these a couple of rare opportunities that investors shouldn't pass up, or are the price drops valid because of significant concerns that should keep you away from these companies? Let's take a closer look.

1. Takeda Pharmaceuticals

Takeda is a Japan-based healthcare company that makes vaccines and pharmaceutical products. Its top-selling pharmaceutical is Entyvio, which treats ulcerative colitis and Crohn's disease. It generated revenue of 346.6 billion yen ($2.5 billion) through the first two quarters of the current fiscal year (which covers a six-month period up until the end of September), growing at a rate of more than 35% year over year.

Many of Takeda's core segments posted positive sales growth this year. However, investors are concerned with the company's debt levels, which soared after its $62 billion acquisition of Shire, a biotech company that makes treatments targeting rare disorders and hyperactivity, in 2019. Although Takeda's debt-to-equity ratio has been falling since then and is now at around 0.70, it still appears to have investors worried, especially in a rising interest rate environment.

Over the course of the past decade, share prices of Takeda are down about 39%. The S&P 500, by comparison, has risen 196% during that time frame. The healthcare stock is rallying of late, but it's still around the lowest levels it has ever traded at. And that also pushed its dividend yield to new heights. At 5.3%, the stock offers an outsized payout, but it doesn't come without risks. Takeda's dividend payout ratio is currently around 135%.

Takeda isn't a stock that I'd take a chance on today. The company normally posts modest, single-digit profit margins that can make it vulnerable if costs continue to rise (its bottom line is down 8% through the first half of the year). It could make a good contrarian buy, but this isn't a stock I'd suggest for risk-averse income investors.

2. Verizon Communications

Telecom giant Verizon struggled in 2022, with its stock price falling 27% thus far. That may not seem like a huge decline, given that the S&P 500 isn't doing all that well either (down 16%), but Verizon's stock is normally much more stable than this. With this year's crash, the stock is now down 10.3% over the past 10 years.

It's trading at just 8 times its trailing profits, and the business showed some modest growth, with sales of $34.2 billion for the period ending Sept. 30 rising 4% year over year. Profits declined in its most recent quarter amid rising costs, but the company's dividend is still at a payout ratio of less than 60%, indicating that Verizon is still generating enough free cash flow to safely maintain and even raise the dividend for some time.

At nearly 7%, the dividend yield can provide investors with an excellent source of recurring cash flow and present a rare opportunity to buy a company with solid financials and a high yield at a ridiculously low valuation.

The market is admittedly bearish on the stock right now. Verizon is working to firm up its financials by raising prices, and subscriber growth simply hasn't been impressive, especially as rivals keep reporting stronger numbers. But those aren't necessarily long-term problems, nor do they make the business a risky investment -- Verizon's financials remain solid.

For income investors looking for a top dividend stock to own, Verizon is definitely one to give strong consideration. This isn't an opportunity to pass up right now.