Whether you're a value investor or you just want to limit your potential risk in the markets, focusing on stocks that are well-priced can be a great way to help you earn a better overall return.

These stocks are cheap buys that are trading at attractive multiples, and they can add some great diversification for your portfolio. 

1. Delta Air Lines

Delta Air Lines (NYSE:DAL) is not a popular stock at the moment, with another concerning flu virus in the headlines making people wary of traveling. However, that's precisely why Delta belongs on your watch list. There could be a lot of bearishness that sends Delta's stock down in the coming weeks as investors pull away from aviation stocks. And with Delta already trading at a very modest 7.7 times earnings and a PEG ratio of less than 1, it's already a good deal today.

It's hard to go wrong with a stock that Warren Buffett is a fan of, with the billionaire investor holding an 11% stake of the company today. And it's easy to see why Buffett would like Delta -- the company is a consistent performer. Sales have steadily climbed from $39.6 billion in 2016 to more than $44.4 billion in 2018. The airline's bottom line looks solid as well, with profits of at least $3.5 billion in each of its past three years. 

To make things even better, Delta also pays its shareholders a steadily increasing dividend that currently yields 2.8%, topping the S&P 500's average around 1.8%.

Price spelled out with two arrows showing up and down.

Image source: Getty Images.

2. Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE:CM) may be an even safer pick than Delta. The Canadian big-five bank is one of the more stable investments you'll find on the markets. The company's profit margins have been north of 26% in each of the past five fiscal years, while profits have risen from 3.5 billion Canadian dollars to more than CA$5 billion during that time. In fiscal 2019, the bank also accumulated more than CA$18 billion in free cash flow. 

Falling interest rates and a concerning outlook for the economy's future have made investors bearish on financial stocks. The good news is that has made CIBC a cheap buy, as it's currently trading at less than 10 times its earnings and less than 1.5 times its book value.

The stock is down slightly over the past 12 months, which is disappointing since the S&P 500 is up about 20% during that same period. However, over the long term, bank stocks are generally safe investments to hold on to, and CIBC is likely to rise in value once the economic outlook improves.

Investing in a top Canadian bank stock will help add some geographical diversification to your portfolio while you also earn a great dividend. CIBC currently pays its shareholders a quarterly dividend of CA$1.44, which is a yield of 5.3%. That's a great payout, well supported by the bank's 50% payout ratio -- it's well above the S&P 500 average and what you'd normally expect from a safe bank stock.

3. Trulieve Cannabis

Trulieve Cannabis (OTC:TCNNF) is the riskiest stock on this list, but that's only because of the industry it operates in -- marijuana. The company has turned a profit in each of the past four quarters, and those numbers may only get stronger as Trulieve begins to focus on states outside its Florida base. Recent expansions into California, Connecticut, and Massachusetts are sure to help the company's top and bottom lines grow in the quarters and years to come.

Although Trulieve's net income has been distorted as a result of fair value gains and nonoperating items, making its price-to-earnings (P/E) of 8.5 a little misleading, the stock still trades at a very reasonable forward P/E ratio of less than 16. And at a price-to-sales multiple of 5.8, the stock is cheap compared to industry giant Canopy Growth, which trades around 30 times its revenue. 

Unlike the other stocks on this list, Trulieve doesn't pay a dividend, but it can more than make up for that with the growth potential that it possesses.

Analysts project that just the U.S. market alone could be worth as much as $41 billion by 2028 if pot were entirely legal across the country. And with more than 30 states legalizing cannabis for medical use already, it seems more likely than not that some type of federal legalization may be around the corner. With Trulieve now a multistate operator, it could stand to benefit significantly if that happens.

Which is the best stock to own today?

All three of the stocks listed here are good value buys and could net you some good returns. But if you need to pick just one, it'll depend on what you want to focus on.

If growth is what you're after, Trulieve is hands-down the best option, as it has the most potential to rise in value in the years to come. For income investors, it's hard to argue with the stability and dividends that you can get by holding shares of CIBC. But if you prefer to stay local and you're a Buffett fan, then Delta is also a solid choice that you can safely hold in your portfolio for many years.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.