When it comes to picking the right stock, investors often look too closely at growth and dividends, and not enough focus is given to the price at which the stock can be purchased. I realize that this may be because just about everything is down in the current market.

Now, if I were to look strictly at growth and dividends, I would still say you should buy Telus Corporation (TSX:T)(NYSE:TU). It’s only when you look at the current price and everything else that is going in the market that this really becomes clear.

Here’s a quick recap of why Telus is an even greater bargain than usual.

The market and Telus are down for now

Yes, the first reason you should buy Telus is because it is currently down. Year-to-date, the stock is down by 5%, but just about every other company is also down this year.

What sets Telus apart is the value you gain from purchasing the stock at such a discounted price. Let’s get one thing straight: Telus dropping in share price is not a reflection of its performance, but rather the performance of the market as a whole.

Telus has done and continues to do particularly well, which is exactly why you should be using this opportunity to shore up holdings of Telus or get some stock if you haven’t yet.

Impressive growth and dividends

Telus had an impressive last quarter, reporting solid growth in the wireless, Internet, and TV segments with approximately 120,000 new subscribers across the three offerings. Net income was also reported to be on the upswing with a 3% gain over the same quarter in the prior year noted.

On the dividend side, Telus continues to offer one of the best dividends in the business, and for good reason, too. The company has raised the quarterly dividend an impressive 12 times over the past five years. Currently, the company has a quarterly dividend of $0.44 per share, giving it an impressive 4.84% yield.

If that weren’t reason enough to get on board with Telus, keep in mind that the company has a trend of engaging in a share-buyback program, which increases the value of existing shares. Last year the company bought back over $400 million in shares. This alone may make Telus a great opportunity for investors.

It is very easy to see how a drop in the overall market can cause rampant fear. The important thing is to keep focused on the long term and ride out the drop, however long it may be. Some of the best opportunities for growth are realized when market conditions are as they are now.

In my opinion, Telus represents a great opportunity that investors will be happy with.

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Fool contributor Demetris Afxentiou has no position in any stocks mentioned.