What's better than a dividend stock with a solid yield? A cheap dividend stock with a solid yield.

There's a problem, though. With the stock market near all-time highs, most stocks are priced at a premium. Thankfully, that's not true of every stock, though. Here are three embarrassingly cheap dividend stocks.

Dividends written on a chalkboard behind a piggy bank

Image source: Getty Images.

AbbVie

AbbVie's (NYSE:ABBV) shares currently trade at only 9.3 times expected earnings. That's a lot lower than the S&P 500 index's forward earnings multiple of 22. It's also well below the healthcare sector's forward earnings multiple of 16.7. 

The big drugmaker also offers one of the most attractive dividends around. AbbVie's dividend yield currently stands at nearly 4.5%. The company ranks as a Dividend Aristocrat with 49 consecutive years of dividend increases.

Why is AbbVie such an embarrassingly cheap dividend stock? It's probably because investors are concerned about the looming sales decline for Humira once the drug loses U.S. patent exclusivity in 2023. Humira generated more than half of AbbVie's total revenue in the first quarter of this year. 

However, AbbVie expects to quickly return to revenue growth beginning in 2024. The company has several products that it thinks will help more than offset the sales declines for Humira, including newer autoimmune-disease drugs Rinvoq and Skyrizi and antipsychotic drug Vraylar.

Bristol Myers Squibb

If you like AbbVie's valuation, there's another big pharma stock you'll definitely want to check out. Bristol Myers Squibb's (NYSE:BMY) shares trade at close to 8.7 times expected earnings, even lower than AbbVie's forward earnings multiple.

BMS isn't a Dividend Aristocrat like AbbVie is, but its dividend should be attractive to many investors. Its dividend yield is a little over 3% right now. The company has also increased its dividend payout every year since 2010. 

Like AbbVie, BMS will soon face a big headwind. Generic versions of its top-selling drug Revlimid will enter the U.S. market in 2022. Although these generics will only be available in contractually limited volumes at first, they'll still eat into Revlimid's market share.

BMS still thinks that it will be in good shape, though. The company has multiple newer products that have blockbuster potential, including cancer cell therapies Abecma and Breyanzi.

Viatris

Viatris (NASDAQ:VTRS) is, by far, the cheapest of these three stocks. Its shares trade at a super-low forward earnings multiple of 3.9.

Technically, Viatris isn't a dividend stock yet. However, the drugmaker expects to declare a quarterly dividend of $0.11 per share this month. Based on Viatris' current share price, its dividend yield will be a little over 3%. The company has also stated that it plans to increase its dividend on an annual basis going forward. 

Don't look for much revenue growth for a while from Viatris, though. The company anticipates that 2021 will be a "trough year" followed by incremental improvement. However, with promising biosimilar candidates in its pipeline, Viatris could begin delivering modest growth within the next few years.

Wall Street analysts think the stock could soar close to 50% within the next 12 months. That could be an overly optimistic estimate, but Viatris probably won't move much lower with its already low valuation. Investors who like bargains and dividends could find this stock attractive.

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.