Past history has shown us that a bull market will come as there's always a recovery from every prior downturn. It's not a matter of if, but rather when it will happen. And if you wait for the stock market to heat up again before you buy stocks, there is a danger that you could miss out on a big rally.

To avoid possibly missing out, you should consider investing in beaten-down stocks that you are confident will rally when the bull market arrives. Three stocks that look like good buys right now are Medtronic (MDT 0.25%), Apple (AAPL -1.14%), and FedEx (FDX 1.23%). Let's find out a bit more about these three companies and their stocks.

1. Medtronic

Medical device maker Medtronic makes products that treat more than 70 health conditions. But its recent results haven't been all that great because supply chain issues hindered its operations. Sales growth is nearly nonexistent right now and there is little optimism surrounding the healthcare stock of late.

But investing now, while many investors are down on Medtronic, could be an advantageous move to make. Medtronic isn't just trading at a 52-week low, it's also near multi-year lows. The last time it was consistently trading around these levels was in 2018. At less than 15 times future earnings, the stock is also relatively cheap -- the S&P 500 averages a forward price-to-earnings multiple of 17.

Organically, the business is still growing. According to its latest earnings report for the period ending Oct. 28, 2022, Medtronic's sales totaled $7.6 billion and rose 2% organically. But on a reported basis and after factoring in foreign exchange rates, the top line was down 3% compared to the same period a year ago. Medtronic is a global company with its medical devices helping people in 150 countries. But while that creates opportunities, it also means lots of exposure to the ups and downs of foreign exchange.

Once the bull market arrives, this could quickly become a much more coveted stock to own. Not only does Medtronic pay an attractive dividend yield of 3.4% that it has increased for 45 straight years, but the company also has some strong growth prospects. In August 2022, it noted that it had obtained more than 200 product approvals within the past 12 months, which should lead to better growth numbers in the future.

At a discounted price, Medtronic looks to be a good buy right now.

2. Apple

Shares of Apple are under some pressure because they are currently trading near their 52-week lows. In 2022, the stock fell 27% and underperformed the S&P 500 -- something that hasn't happened since 2018 when Apple declined 6.8% and the broad index fell by a more modest rate of 6.2%.

China is a big reason for Apple's struggles because the tech giant depends heavily on the country for its production. China's lockdowns and zero-COVID policies concerned investors about the risks Apple faces by having too much exposure to that part of the world. Diversifying its production is a greater priority for Apple moving forward, and it is going to move some production to Vietnam and India.

Apple's production challenges and disruptions are near-term problems, but these are not issues that should weigh down the business for long. The company has more than $48 billion in cash and marketable securities as of Sept. 24, 2022, and that gives the iPhone and iPad maker plenty of flexibility to adapt and make investments in other countries should it need to strengthen its supply chain. Over the trailing 12 months, the company has also generated $111.4 billion in free cash flow. 

The problems Apple is dealing with are temporary in nature and investors are perhaps being overly cautious in the current bear market. As the stock market heats up again, Apple's stock should rally and recoup some of its recent losses.

3. FedEx

FedEx's 33% decline last year makes it the worst-performing stock on this list. A slowing economy and fears of a recession led to investors dumping the stock out of concerns that it would mean fewer products being shipped around the world and less demand for FedEx's services.

And that's happening already -- FedEx's operating income fell 26% to $1.2 billion for the period ending Nov. 30. The company noted that it was "navigating a weaker demand environment" as sales of $22.8 billion were down 3% year over year. FedEx is slashing costs but until the economy shows signs of recovery and demand improves, which is when the bull market may begin to emerge, it could be a challenging road ahead for the company.

In an increasingly global world, demand for e-commerce and shipments just isn't going away. And that's why despite the recent bearishness surrounding FedEx, this can still make for a solid long-term investment. Plus FedEx stock offers a decent dividend yield of 2.5% to give investors an extra incentive to buy and hold.