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 tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One company value investors might notice is Quest Diagnostics (DGX Quick QuoteDGX - Free Report) . DGX is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock is trading with a P/E ratio of 15.68, which compares to its industry's average of 21.39. Over the past 52 weeks, DGX's Forward P/E has been as high as 16.79 and as low as 13.44, with a median of 15.20.

Another notable valuation metric for DGX is its P/B ratio of 2.49. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 4.30. Over the past 12 months, DGX's P/B has been as high as 2.63 and as low as 2.10, with a median of 2.36.

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