The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

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.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One company to watch right now is Labcorp (LH). LH is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock holds a P/E ratio of 15.27, while its industry has an average P/E of 17.28. Over the past 52 weeks, LH's Forward P/E has been as high as 15.79 and as low as 12.57, with a median of 14.37.

Investors will also notice that LH has a PEG ratio of 1.81. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. LH's industry has an average PEG of 1.93 right now. Within the past year, LH's PEG has been as high as 1.88 and as low as 1.41, with a median of 1.61.

Another notable valuation metric for LH is its P/B ratio of 2.56. 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. This stock's P/B looks solid versus its industry's average P/B of 4.62. LH's P/B has been as high as 2.61 and as low as 2.04, with a median of 2.33, over the past year.

Finally, investors will want to recognize that LH has a P/CF ratio of 14.87. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 19.07. Within the past 12 months, LH's P/CF has been as high as 19.65 and as low as 13.78, with a median of 17.84.

These are just a handful of the figures considered in Labcorp's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that LH is an impressive value stock right now.

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