Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore 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 a variety of methods, including tried-and-true valuation metrics, to find these stocks.

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.

Cardinal Health (CAH) is a stock many investors are watching right now. CAH is currently sporting a Zacks Rank of #2 (Buy) and an A for Value. The stock is trading with P/E ratio of 14.77 right now. For comparison, its industry sports an average P/E of 16.63. CAH's Forward P/E has been as high as 15.66 and as low as 12.37, with a median of 14.20, all within the past year.

CAH is also sporting a PEG ratio of 1.38. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. CAH's industry has an average PEG of 1.83 right now. CAH's PEG has been as high as 1.55 and as low as 0.86, with a median of 1.37, all within the past year.

Finally, investors will want to recognize that CAH has a P/CF ratio of 15.03. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 17.36. CAH's P/CF has been as high as 20.81 and as low as 13.22, with a median of 15.75, all within the past year.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Cardinal Health is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, CAH feels like a great value stock at the moment.

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