The summer doldrums are almost upon us. June is absolutely the worst month in which to invest, no matter the market index. While things look up again in July, they turn positively sour once more in August. September isn’t much better.

It’s likely where the phrase “sell in May and go away” came from. April and May are two of the best months to invest in the stock market. The investment saying suggests you are better off just waiting until the fall before buying stocks again.

While investing aphorisms can be instructive and may even have a grain of truth to them, they are not blanket rules to live by. Although the market may slow in the summer heat, as the July returns indicate you don’t want to miss out on those strong gains. So before we get into full swing on sun, sand and beer, here are three pre-summer slowdown stocks you just might want to buy today.

Medtronic (MDT)

Shares of medical device maker Medtronic (NYSE:MDT) are uninspiring in 2024. And after its recent fiscal fourth-quarter earnings report, MDT stock is now down 2% from where it started the year. It beat analyst expectations on the top and bottom line but guidance was merely in line with expectations, which the market didn’t feel justified shares trading at nearly 30 times earnings.

Yet Medtronic stock still offers an intriguing value proposition for investors to buy before the summer doldrums set in. It is the largest pure play medical device maker with a diversified product portfolio but has a significant presence in the diabetes care market. After years of wandering in the wilderness, Medtronic regained momentum with the introduction two years ago of the MiniMed 780g insulin pump. It just reported segment sales jumped 10% in 2024 to $2.8 billion reversing a steady five-year decline in the unit.

Diabetes is the smallest of its businesses but is seeing some of the strongest growth. With a large and growing total addressable market and regaining its footing in the industry, Medtronic has substantial tailwinds building behind it. In the meantime, investors can get paid to wait for the turnaround. The medtech leader pays a dividend that yields 3.4%, which it just raised this month to 70 cents per share. Management remains committed to returning a minimum of 50% of its free cash flow to shareholders. The hike also marks Medtronic’s 47th consecutive year of increases, making Medtronic stock a Dividend Aristocrat.

Dollar Tree (DLTR)

Deep discount chain Dollar Tree (NASDAQ:DLTR) surprisingly lags in this economy. Despite high inflation and high interest rates, an environment primed for its deep value offerings, the dollar store retailer is down 20% year-to-date and 17% over the last 12 months.

That could change rapidly as it prepares to acquire some of the assets of bankrupt rival 99 Cents Only. Dollar Tree is acquiring 170 stores in four western states plus 99 Cents Only’s North American intellectual property. While the stores will be converted to the Dollar Tree banner the 99 Cent Only IP is an open question. However, it could make for an attractive online-only destination.

Dollar Tree has sought to avoid 99 Cents Only fate by increasing the price points it offers. Once the only pure-play dollar store, it was forced to raise its baseline price to $1.25. It has since carved out a section for $3 to $5 price points. That let it increase its selection and quality for customers but also put it in direct competition with other retailers, making its positioning less clear. Management sees that as well and is slowly deemphasizing its Family Dollar chain. It was a troubled retailer before its acquisition in 2015 and Dollar Tree is closing hundreds of stores.

That makes the Dollar Tree banner all the more effective and should continue to experience strong growth and profitability.

Chevron (CVX)

Should you bet against oil giant Chevron (NYSE:CVX)? That seems like a risky play considering the near- and long-term tailwinds that argue in the oil and gas giant’s favor. Yet investors are doing that in a big way. There are over 51 million shares worth $8.3 billion worth of Chevron stock sold short. While that amounts to less than 3% of the oil company’s outstanding shares, it indicates a days to cover ratio near 7, which is considered a lot. I wouldn’t expect a short squeeze but there may be a lot of covering going on soon.

Traders are likely betting Chevron stock will fall if its deal to buy Hess (NYSE:HES) for $53 billion falls through. That could happen. Exxon Mobil (NYSE:XOM) is challenging the acquisition saying that as co-owner with Hess of the Stabroek oil field in Guyana it has a right-of-first-refusal for the portion it doesn’t own. Chevron is buying Hess precisely to gain access to the oil-rich asset and the deal is unnecessary without it. The matter is in arbitration.

Beyond the rivals feuding, the Federal Trade Commission is taking a close look at the acquisition to thwart it. Hess shareholders, however, recently approved the takeover though it is in limbo at the moment. With Chevron stock up only 6% year-to-date, less than half that of Exxon’s performance, and only going for 11 times next year’s earnings, buying now before the summer heats up could see its stock soar if things fall its way. 

On the date of publication, Rich Duprey held a LONG position in CVX and XOM stock. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.