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.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of 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.

Cigna (CI) is a stock many investors are watching right now. CI is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A.

We also note that CI holds a PEG ratio of 1.01. 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. CI's PEG compares to its industry's average PEG of 1.02. Over the past 52 weeks, CI's PEG has been as high as 1.04 and as low as 0.78, with a median of 0.92.

Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. CI has a P/S ratio of 0.47. This compares to its industry's average P/S of 0.76.

Investors could also keep in mind MGIC Investment (MTG), an Insurance - Multi line stock with a Zacks Rank of # 2 (Buy) and Value grade of A.

Shares of MGIC Investment are currently trading at a forward earnings multiple of 5.68 and a PEG ratio of 1.14 compared to its industry's P/E and PEG ratios of 9.71 and 1.02, respectively.

Over the last 12 months, MTG's P/E has been as high as 8.56, as low as 5.06, with a median of 7.36, and its PEG ratio has been as high as 1.71, as low as 1.01, with a median of 1.47.

Furthermore, MGIC Investment holds a P/B ratio of 0.86 and its industry's price-to-book ratio is 1.67. MTG's P/B has been as high as 1.11, as low as 0.77, with a median of 0.97 over the past 12 months.

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

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