While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One stock to keep an eye on is Premier (PINC). PINC is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A.

Another notable valuation metric for PINC is its P/B ratio of 1.04. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. PINC's current P/B looks attractive when compared to its industry's average P/B of 2.64. Within the past 52 weeks, PINC's P/B has been as high as 1.18 and as low as 0.95, with a median of 1.07.

Finally, our model also underscores that PINC has a P/CF ratio of 7.86. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. PINC's current P/CF looks attractive when compared to its industry's average P/CF of 19.74. Over the past 52 weeks, PINC's P/CF has been as high as 11.34 and as low as 7.11, with a median of 8.58.

Value investors will likely look at more than just these metrics, but the above data helps show that Premier is likely undervalued currently. And when considering the strength of its earnings outlook, PINC sticks out at as one of the market's strongest value stocks.

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