Bargains are hard to find these days. That's true whether you're looking for a house, searching for a used car, or investing in stocks.

Most stocks are priced at hefty premiums right now. However, there are still some bargains to be found. Here are three value stocks to buy for the second half of 2021.

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AbbVie

Shares of AbbVie (NYSE:ABBV) currently trade at only 9.4 times expected earnings. How cheap is that? The average forward earnings multiple for pharmaceutical stocks stands at 14.3. 

With such a low valuation relative to its peers, you might think that AbbVie would be struggling. But it isn't. The company's revenue grew 51% year over year in the first quarter of 2021. Granted, most of that was the result of AbbVie's acquisition of Allergan. However, even without this deal, the company's revenue jumped more than 5%.

AbbVie does face a challenge in 2023 when its top-selling drug Humira begins to face biosimilar competition in the U.S. The company expects to quickly bounce back, though, with solid growth in the subsequent years thanks to a strong lineup of other products. 

The company could have potential catalysts on the way. The U.S. Food and Drug Administration (FDA) missed the original PDUFA dates for making a decision on approval of Rinvoq in treating atopic dermatitis, psoriatic arthritis, and ankylosing spondylitis. However, AbbVie remains optimistic that the drug will win approvals in the indications in the not-too-distant future.

In the meantime, investors can count on receiving juicy dividends from the big drugmaker. AbbVie is a Dividend Aristocrat with its dividend yield currently above 4.5%.

CVS Health

CVS Health (NYSE:CVS) had a great start to 2021 with the stock jumping 22% in the first half of the year. Despite that big gain, CVS remains attractively valued, with its shares trading at less than 10.6 times expected earnings.

The company ranks as a leader in three key areas of the healthcare sector. CVS is best known as a major pharmacy retailer. It also operates one of the biggest pharmacy benefits management (PBM) units. And thanks to the acquisition of Aetna in 2018, CVS is one of the top health insurers. 

This combination of businesses gives CVS an integrated healthcare model that could provide a sustainable competitive advantage. The diversification also makes the stock somewhat less risky than the stocks of rivals that operate in only one arena.

Some health experts predict an especially nasty cold and flu season is on the way this winter. That could work to CVS Health's benefit as consumers buy more over-the-counter medications. The company is also re-entering the Obamacare exchanges in eight states in 2022 with its first Aetna-CVS branded offerings. Both of these could provide further catalysts for this already high-flying stock.

Pfizer

Considering the astounding success of its COVID-19 vaccine, Pfizer (NYSE:PFE) might be the most surprising member of our list of value stocks. However, shares of the big drugmaker trade below 11.2 times expected earnings, low enough to include Pfizer as a potential bargain.

Pfizer's fortunes don't entirely depend on its COVID-19 vaccine. The company's lineup includes several blockbusters with growing sales such as blood thinner Eliquis, rare disease drug Vyndaqel/Vyndamax, and autoimmune disease drug Xeljanz.

There's no question, though, that the COVID-19 vaccine that Pfizer markets with partner BioNTech is the biggest story for the company right now. Pfizer expects the vaccine will generate sales of around $26 billion this year. The rise of the delta variant could boost sales of the vaccine next year.

Investors remain uncertain about how much recurring revenue Pfizer will be able to count on going forward. That's one key reason that the stock still trades at a discount. It's possible, though, that we'll soon know for sure that booster shots will be needed at least on an annual basis. If so, Pfizer might not be a value stock for too much longer.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.