Holding dividend stocks is a great way to navigate turbulent markets. Regular cash distributions can soften the blows of wild price swings, and they can amplify gains over the long term through the power of compounding.

These two well-known benefits of dividend stocks are key reasons these equities rarely trade at a discount. This risk-averse market, however, has created some intriguing opportunities to buy top dividend stocks on the cheap. 

Which dividend stocks are too cheap to ignore right now? Bristol Myers Squibb (NYSE: BMY) and Merck (NYSE: MRK) are both trading at a steep discount relative to their big pharma peers. Here's a breakdown of why savvy investors may want to load up on these ultra-cheap dividend stocks before market sentiment changes direction. 

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Source Fool.com