Are we in a new bull market or not? Different people will give you a different answer. But the consensus of many of the top investors in the country seems to be that we are.

CNBC recently surveyed 400 top money managers. Sixty-one percent of them believe that a new bull market has arrived. Here are three stocks to buy if they're right.

1. Alphabet

Alphabet (GOOG 9.96%) (GOOGL 10.22%) stock is unquestionably in a bull market. Shares of the technology giant have skyrocketed close to 40% year to date.

Even with that impressive gain, though, Alphabet remains the most attractively valued FAANG stock on the market. Shares trade at 22 times expected earnings.

If we're indeed in a new and sustained bull market, it should bode well for Alphabet's advertising business. The company's total revenue rose by 3% year over year in the first quarter of 2023, but advertising revenue slipped slightly. 

Some view artificial intelligence as a threat to Alphabet. However, I think that the technology will instead provide a strong tailwind for the stock over the long term. In particular, I expect Google Cloud to enjoy tremendous growth as a result of increased AI adoption.

2. PayPal Holdings

Many investors might be asking, "How low can PayPal Holdings (PYPL 2.90%) go" The fintech stock has plunged nearly 80% below its peak set in mid-2021. PayPal's shares are still in negative territory so far in 2023 despite the nice run by the major market indexes.

But this sell-off has made PayPal stock cheaper than it's ever been. Shares trade at a little over 13x forward earnings. That's absurdly low.

Sure, PayPal's growth has slowed. However, it doesn't need to deliver much growth to justify a higher valuation. Unsurprisingly, the average Wall Street analysts' 12-month price target for the stock reflects an upside potential of more than 30%. 

There's still plenty of room for PayPal to grow in the digital payments market. The company continues to focus on driving average revenue per user higher instead of only adding new accounts. I suspect this strategy will pay off.

3. UnitedHealth Group

UnitedHealth Group (UNH 0.30%) ranks as the worst performer of these three stocks so far this year with its shares down by a double-digit percentage. Is it a lost cause? Not at all.

The decline is in part the result of expectations that seniors could undergo more elective surgeries that were delayed during the worst of the COVID-19 pandemic. This trend could increase UnitedHealth Group's medical costs and hurt profits.

However, this will only be a temporary issue for the company. It also could drive increased revenue for UnitedHealth's Optum businesses, which include a pharmacy benefits manager and surgical centers.

UnitedHealth Group's long-term tailwinds remain as strong as ever. The aging U.S. population should help the company's Medicare business as well as its Optum units. 

What if the 61% is wrong?

Let's play devil's advocate for a minute. What if the 61% of top investors who think we're in a new bull market are wrong and we're instead only in a bear market rally?

In this scenario, Alphabet stock would be the most likely to pull back. PayPal could fall somewhat, too. However, I suspect that its dirt cheap valuation gives it a cushion. 

UnitedHealth Group, though, could be viewed by many as a safe haven stock. Keep in mind that its share price actually rose last year while the overall market sank.

The most important thing to remember is that the stock market goes up more than it goes down over the long run. For patient investors, Alphabet, PayPal, and UnitedHealth Group should all be solid winners.