The stock market is off to a good start in 2023 with the S&P 500 already up 5%. But while some growth stocks are already rallying, there are many quality dividend stocks out there that still look undervalued. Three stocks that are trading near their lows and that could be good buys this year are Medtronic (NYSE: MDT), Public Storage (NYSE: PSA), and Kroger (NYSE: KR).

It's easy to be down on medical device maker Medtronic as its sales and profits have been declining. The shares trade at 25 times earnings, which seems expensive given the lack of growth it has been generating of late. But with the stock trading near its 52-week low and now paying a dividend yield of 3.3%, which is well above the S&P 500 average of 1.7%, investors could be getting some great value from Medtronic's stock today.

The business should perform better this year as supply chain issues and lockdowns in China have lessened. In its emerging markets (e.g., Eastern Europe and Latin America), Medtronic's growth rate was 15% for the period ended Oct. 28, 2022, when excluding China. Economists expect a much stronger year for China in 2023 now that its restrictive COVID-19 lockdowns are over. A Reuters poll suggests the economy could grow at rate of 4.9% this year (versus just 2.8% in 2022).

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Source Fool.com