Values can be hard to find on the stock market, especially after the rally we've had since early 2020. But a few niches have been left out of that surge as Wall Street chases seemingly more exciting growth in areas like cloud computing and e-commerce.

That preference has created some surprising deals for income investors willing to buy an unloved, but still impressive, dividend stock. And a few of the best discounts in that arena today are Procter & Gamble (NYSE:PG), PepsiCo (NASDAQ:PEP), and Garmin (NASDAQ:GRMN).

A baby having its diaper changed.

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1. Procter & Gamble

Procter & Gamble was a strong business before the pandemic struck, and it has only boosted its value since then. The owner of several blockbuster consumer staples brands added billions to its sales footprint in 2020 by extending its market share lead in niches like laundry care, skin care, and baby care. And P&G's early 2021 has been a softer landing than that of rivals like Kimberly Clark (NYSE: KMB), with sales rising 6% through late June. Kimberly Clark's fell 3% in the same period.

Despite industry-leading growth and profitability, plus a dividend yield currently over 2.3%, P&G's stock has dramatically underperformed the market over the last year. Income investors might consider capitalizing on that (likely temporary) situation by adding the blue-chip giant to their watch lists.

2. PepsiCo

You wouldn't know it by looking at its stock price chart, but PepsiCo is stronger than it has ever been. Organic sales were up by double digits in its most recent report, which trounced expectations thanks to booming demand across its snack food and beverage portfolio. Profitability is steady, and gushing cash flow is allowing CEO Ramon Laguarta and his team to direct resources into high-return areas like the supply and manufacturing chains, advertising, and innovation.

That elevated spending has many investors looking elsewhere for growth, but that's a mistake. Capital investments Pepsi is making now should lay the groundwork for even faster gains than the roughly 4.5% annual sales uptick it has managed in each of the past two years. Toss in dividend reinvestments and expanding margins, and you have a recipe for market-beating returns over time. 

3. Garmin

Garmin's stock has almost doubled the market's performance so far in 2021, but it has more room to run. The GPS navigation device giant just hiked its annual outlook across the board, with sales on track to reach $4.9 billion compared to $4.2 billion in 2020. Garmin's latest product introductions demonstrate a knack for wowing customers, whether it's with consumer fitness trackers, smartwatches, aviation, or boat navigation platforms.

Unlike other companies on this list, Garmin hasn't been left out of the recent stock market rally. Its dividend yield is relatively low for that reason, at below 2%. But investors who want to add more growth into their dividend-heavy portfolios might want to consider this stellar business.

Operating margins have been expanding for several years and should continue climbing thanks to growth in areas like aviation and boating. Its wider portfolio, meanwhile, protects against the types of sales slumps that have plagued less diversified consumer tech peers. These factors make Garmin seem cheap, considering its expanding earnings power.

You might want to watch this stock in hopes of scoring a discount as part of a wider market correction. Or you could establish a smaller position now and simply look to dollar-cost-average into the stock over time.

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.