A positive consequence of a bear market is that there are plenty of good opportunities for investors to buy stocks at reduced prices. By no means does that mean you should buy any struggling stock, but there are some gems out there that offer great value and could be ideal places to invest $5,000 into now.

Two stocks that stand out in particular to me right now include Bristol Myers Squibb (BMY -0.30%) and Verizon Communications (VZ 2.85%). Not only do you get some incredibly stable and large businesses to add to your portfolio, but these stocks will also provide you with some terrific dividend income.

1. Bristol Myers Squibb

Bristol Myers Squibb is a type of investment that I could see Warren Buffett owning in his portfolio. The healthcare company generates plenty of free cash flow, it is profitable, and it has done a good job of growing its operations via acquisitions over the years, which is no easy feat.

In 2022, the healthcare giant had several blockbuster drugs in its portfolio that generated more than $1 billion in revenue, including three that brought in a combined $30 billion: Eliquis ($11.8 billion), Revlimid ($10 billion), and Opdivo ($8.2 billion). Part of the reason investors may be hesitant to invest in Bristol Myers is that they are worried about losses in exclusivity for these drugs down the road and what that could mean for the business. In Revlimid's case, it has already begun losing patent protection.

But with more than $9.2 billion in cash and investments on its book as of the end of the year and free cash flow generation of more than $10 billion in each of the past three years, the company is in a solid shape to continue expanding and growing its business organically and through acquisitions.

In fact, Bristol Myers has made 21 acquisitions in its history, with the largest being its $74 billion purchase of biopharmaceutical company Celgene in 2019. The company's strong financials and expertise in dealmaking make Bristol Myers a company that I would feel comfortable putting my trust in for the long haul.

The stock is trading near its 52-week low, but it's only down a modest 4% in the past year. Overall, it's a stable investment to own, and with a 3.4% yield as well, investors are getting a strong payout (the S&P 500 average is around 1.7%). Last year, the company also raised its dividend by 5.6%. That marks the 14th straight year Bristol Myers has raised its payouts.

2. Verizon Communications

Telecom giant Verizon is only a few dollars away from its 52-week low of $34.55. Shares of the company are down 30% in the past 12 months as better results from its rivals have led to investors to ditch Verizon in the current bear market for the likes of T-Mobile and AT&T, which have been doing better at winning over customers by offering more competitive prices.

However, by keeping its margins strong, Verizon has been fairly resilient in terms of profitability. In 2022, net income of $21.7 billion was down just 3.8% year over year, and revenue totaling $136.8 billion was up 2.4%. While those aren't necessarily impressive numbers, they do demonstrate the company's resiliency amid rate increases and challenging macroeconomic conditions.

With a payout ratio of just 51%, Verizon has plenty of room to continue not only paying its dividend but also increasing it -- which it has done for 16 consecutive years. Trading at just 8 times earnings, Verizon is a cheap stock to own. Its dividend looks safe, and with a yield of 7.1%, it may be too good of a deal to pass up right now.