The stock market has been showing some softness of late. And while that may be discouraging to investors, a pullback can make for a great buying opportunity, especially when you're holding on for the long haul. There is no shortage of deals out there for investors to consider.

Three stocks trading at incredibly cheap valuations today are CVS Health (CVS 1.36%), Carnival Corp. (CCL -0.14%), and Toronto-Dominion Bank (TD -5.89%). Here's a closer look at why you'll want to consider loading up on these stocks right now.

CVS Health

CVS Health has evolved over the years from a pharmacy retailer into a much broader healthcare business. And the company continues to focus on getting bigger and more diverse. Last year, it acquired home health company Signify Health as a way to get deeper into healthcare and help meet the growing needs of seniors through in-home care options.

And in 2023, the company reported a profit of $8.3 billion on revenue of nearly $358 billion. This truly massive business is going to get bigger in the future. And while its margins may not be huge, there's enough there to fund the company's dividend, which yields 3.8%, and for CVS to pursue growth opportunities. Its free cash flow last year totaled $10.4 billion and CVS paid out just $3.1 billion in dividends.

At a dirt cheap forward price-to-earnings multiple (based on analyst estimates) of just 8.4, shares of CVS Health today could look like a steal in a few years.

Carnival Corp.

Another good long-term option for investors to consider is cruise line operator Carnival Corp. If not for the shutdowns during the pandemic, the company wouldn't have needed to accumulate so much debt and its share price would likely be much higher today.

The good news, however, is that Carnival's financials are improving and the company is in a position to pay down its debt, particularly as demand for cruises remains resilient. In March, the company reported record revenue and booking levels for its fiscal first quarter, ended Feb. 29. Revenue during the period rose by 22% year over year to $5.4 billion, and the company recorded an operating profit of $276 million (versus a loss of $172 million a year earlier).

Carnival has long-term debt totaling $28.5 billion on its books, which may spook some investors given its more modest cash balance of $2.2 billion. But with its financials trending in the right direction and the company having liquidity totaling more than $5.2 billion, Carnival is in strong shape and should be able to chip away at its debt over time.

At just 13 times its estimated future profits, investors are getting the growth stock at a good discount to help compensate for the risk that comes with its high debt load. But the risk may be overblown as the cruise ship company is doing exceptionally well at a time when many businesses are struggling.

Toronto-Dominion Bank

Top Canadian-based bank Toronto-Dominion rounds out this list of cheap stocks. At just 10 times its future profits and less than 1.4 times book value, investors can add this solid bank stock to their portfolios at a very reasonable valuation. Over the past 10 years, TD has averaged a price-to-book multiple of nearly 1.7.

The stock has fallen more than 5% in the past 12 months but this isn't a risky bank stock that's in danger of running into liquidity issues like some regional banks. TD is among the safest bank stocks you can own.

In the company's most recent quarter, which ended on Jan. 31, TD's revenue totaled 13.7 billion Canadian dollars and rose 12% year over year. Its net income of CA$2.8 billion was up an impressive 79% and its diluted earnings per share of CA$1.55 was far higher than the CA$1.02 that the company pays in dividends per share.

At a cheap price and a high yield of 5.2%, TD makes for a fantastic dividend stock to buy right now.