If you're looking to invest in the stock market this summer, there are many great options out there to consider. Whether you're after dividends, growth, or simply long-term stability, there are stocks that can help you achieve those goals -- without having to pay a huge premium to do so. 

AbbVie (ABBV 0.01%), Verizon Communications (VZ -0.42%), and Alphabet (GOOG 1.25%) (GOOGL 1.20%) are three terrific stocks that are among the best investments to add to your portfolio this month.

1. AbbVie

A promising healthcare stock for investors to load up on today is AbbVie. The stock trades at only 12 times its estimated future earnings, and investors can get this solid business at a steep discount. The average healthcare stock trades at 18 times forward profits.

Investors are hesitant about the company's future with top-selling drug Humira losing patent protection and the company projecting a 37% drop in sales this year. But with immunology drugs Rinvoq and Skyrizi potentially filling the void for the company over the next several years, such a steep discount may not be warranted for AbbVie's stock.

The company also has an encouraging migraine medication in atogepant, which recently demonstrated positive phase 3 data showing that it was able to help people reduce their number of monthly migraine days. It has the potential to be a blockbuster drug, generating more than $1 billion in revenue at its peak.

AbbVie's business is looking strong, and the company pays an attractive dividend that yields 4.4%. This is a solid stock to buy, as it can appeal to value, growth, and dividend-oriented investors. Investing $5,000 into the stock would give you a great, balanced investment that you can hang on to for the long haul.

2. Verizon Communications

If dividend income is your main priority, then it's hard to go wrong with Verizon. The telecom giant pays an incredibly high yield of 7%. It's also a cheap buy, trading at less than eight times its future earnings. Down 5% this year, the stock has been underwhelming -- but for income investors, what matters is that the business is OK and that the dividend is sustainable. And Verizon is fine on both counts.

For the first three months of the year, the company's operating revenue of $32.9 billion was down less than 2% from the previous year. Its adjusted earnings per share of $1.20 were lower than the $1.35 Verizon reported a year ago, but this comes amid rising costs and as consumers have been tightening up spending. Even with the decline, the payout is well supported -- Verizon pays a quarterly dividend of $0.65, and its payout ratio based on earnings is around 50%.

This isn't a dividend stock that looks to be in any real danger, and although sales aren't skyrocketing right now, Verizon could make for an excellent investment to buy and hold. On a $5,000 investment, it could bring in $350 in annual dividend income.

3. Alphabet

If you're a growth investor, and particularly if you're keen on artificial intelligence (AI), then Alphabet is a stock that should be on your radar. While investors are paying up huge premiums for c3.aiPalantir Technologies, and even Microsoft, Alphabet stand outs as a possible bargain:

GOOG PS Ratio Chart

GOOG PS Ratio data by YCharts

Although its AI chatbot Bard didn't wow investors out of the gate, there's loads of room for Alphabet to benefit from AI. This includes AI-powered search and advertisements on YouTube and Google Search, which already help the company generate over $280 billion in annual revenue. Its wearables business, which includes smartwatch maker Fitbit, which Alphabet acquired in 2021, has the potential to open up even more growth opportunities as well.

If you have $5,000 you can afford to invest and don't need a dividend but want exposure to AI, Alphabet is a stock you should consider buying right now.