Timing the market could leave you missing out on great returns, and it's generally not advisable. Even the smartest investors in the world don't try to predict market crashes. But if there are quality stocks you have already vetted that fall in price and reach their 52-week lows, those are opportunities that should be on your radar, regardless of what's happening with the markets.

Three stocks that are so cheap that they are no-brainer buys right now are Novartis (NVS -0.15%), Hasbro (HAS 3.43%), and Qualcomm (QCOM 1.46%)

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1. Novartis

Drugmaker Novartis is a big name in the healthcare industry with a market cap of more than $180 billion. Its shares are down 13% year to date (the S&P 500 has risen 16%), and the stock is trading near its 52-week low of just over $77. There's no solid reason for the decline other than investors may simply be pursuing other, more attractive growth investments in the short term.

Novartis isn't going to be your ticket to a quick return, but it's a no-brainer for long-term investors because of its stability. Revenue has consistently been around $50 billion over the past five years, and during that time the company has netted at least 13% of the top line as profit.

Through the first six months of 2021, revenue of $25.4 billion grew by 7% and net income of $5 billion rose by 23%. Top-selling drugs Cosentyx (psoriatic arthritis) and Entresto (heart failure) helped lead the way, generating sales growth of 19% and 46%, respectively. 

With a broad business that focuses on innovative medicine and oncology, Novartis can give investors a good mix of long-term growth with stability. It also pays an attractive dividend yield of 3.9% that's significantly higher than the S&P 500 average of just 1.3%. At a forward price-to-earnings multiple of just 13, it's a bargain buy -- Eli Lilly trades at a whopping 30 times its future profits.

2. Hasbro

Hasbro shares are down 5% this year as investors have turned a bit bearish on companies that might perform best under lockdowns or stay-at-home restrictions. But the business has still been sound during the early stages of the recovery this year.

For the period ending June 27, the company's sales of $1.3 billion soared 54% year over year. The big driver wasn't the company's consumer products segment (including board games and toys), which grew 33%. It was its other segments -- including entertainment (encompassing children's television shows such as Peppa Pig and PJ Masks) and its Wizards of the Coast brand (which publishes role-playing games such as Dungeons & Dragons) that grew at even higher rates of 47% and 117%, respectively. Those segments benefit from having legions of fans and followers, and they may continue to do well even as things return to normal.

At a forward P/E of less than 19, Hasbro is a cheap stock given the growth that it is generating. Rival Mattel is trading at a similar multiple, but in its most recent period (covering a similar time frame), its revenue grew by a more modest 40%. And unlike Mattel, Hasbro offers a dividend that pays over 3%.

From its quality brands to its strong growth and top dividend, there's lots to like about Hasbro, and that's why it's a no-brainer buy at its current share price.

3. Qualcomm

The shortage in the chip market is well known and impacts many industries. The shortfall is so significant that there's a possibility that it extends beyond next year.

In the short term, that means pain for chipmaker Qualcomm as it looks to secure more capacity to meet demand that's only going to grow in the future. But that's also what's really exciting about Qualcomm as a long-term investment. The demand is only growing as its products are in nearly one-third of 5G phones that are made today. Plus, the company is taking advantage of opportunities outside of just handsets, including automotive and Internet of Things -- which helps connect physical devices to the internet.

Given the opportunities still out there, that makes the company's 63% growth rate in its most recent quarter (period ending June 27) even more impressive. While Qualcomm is missing out on potential revenue today, its top line could look much stronger in the years ahead. 

The growth stock is trading at an incredibly cheap forward P/E of less than 14. Nvidia and Advanced Micro Devices trade at 51 and 42 times their future earnings, respectively. If you're willing to wait, buying Qualcomm now could be one of the best investments you make right now. And it too pays a dividend, yielding 2.2%.