If you have $5,000 you can afford to invest, that can be a good amount to put into the stock market. It can allow you to spread out your investment across multiple stocks while also giving you a decent amount of skin in the game to ensure you can earn a good return if valuations rise. And regardless of what cycle the economy is in or how hot or cold the market is, there are usually some deals out there.

Three stocks that look like some of the best bargains for investors are Tapestry (TPR -0.47%), PayPal (PYPL -1.45%), and Bristol Myers Squibb (BMY -0.55%). Here's why these stocks are cheap, and why they're worth investing in right now.

1. Tapestry

Tapestry owns many high-end fashion brands, including Coach and Kate Spade. By targeting a more affluent customer base, the company has become less vulnerable to inflation.

Earlier this month, Tapestry posted a record $2.1 billion in revenue for the second quarter, which ended on Dec. 30, 2023. While the top line grew at a modest rate of 3% year over year, the company anticipates that its diluted earnings per share will rise between 8% and 9% for fiscal 2024 (Tapestry's year ends in June).

In the long run, this can be an even greater luxury business to invest in. In 2023, Tapestry announced plans to acquire Capri Holdings for $8.5 billion. Capri generated between $1.2 billion and $1.5 billion in quarterly revenue over the past year. The deal is expected to close before the end of the current calendar year.

Trading at a relatively modest 11 times its estimated future profits, Tapestry still looks like a cheap stock to own even though it's around 52-week highs.

2. PayPal

Shares of fintech company PayPal have been under pressure in recent years due to rising competition and a slowing growth rate. The company's revenue for 2023 totaled $29.8 billion and rose by a relatively modest 8%. And for the first quarter of 2024, management projects net revenue to increase at a lighter rate of around 7%.

But given the current economic challenges around the world with consumers struggling amid inflation, it's hard to blame PayPal's struggles all on its operations. According to data from Statista, PayPal is still a leading company in the industry, with a 41% market share of global online payment processing technologies. The next largest competitor, Stripe, is at just 21%.

PayPal is focusing on cutting costs amid the current slowdown, recently announcing that it would cut 9% of its workforce this year. It will also lean on artificial intelligence tools to help expedite and improve its checkout process.

Trading at a forward price-to-earnings multiple of less than 12, PayPal is another discounted stock investors should consider buying today.

3. Bristol Myers Squibb

Rounding out this list is Bristol Myers Squibb, a healthcare giant that over the years has been known for growth. Investors today, however, are concerned about whether it can keep growing as the company is losing patent protection this decade for many of its top-selling drugs, including multiple myeloma treatment Revlimid and Eliquis, a blood clot medication. Plus, with around $37 billion in long-term debt, high interest rates are another reason investors have stayed away from the stock.

But there's still hope for the company as Bristol Myers has been expanding its new product portfolio. For the last three months of 2023, new products generated just under $1.1 billion in revenue for the company (more than 9% of its total revenue) and grew at a rate of 66% year over year. By 2026, Bristol Myers projects that new product revenue will top $10 billion.

The healthcare stock trades at a lowly 7 times its future profits and could prove to be a steal of a deal for investors willing to take a chance.