Considering how the market is doing these days, it's not very hard to find stocks with a price tag of less than $300. Some of these are excellent buying opportunities, and others are value traps. Growth stocks needed some taming, and lowered stock prices indicate that investors are done with outrageous premiums.

Investors frequently look to guru Warren Buffett in any economy, but in this type of market, his value-based philosophy looks particularly compelling. Amazon (AMZN -0.18%)Coca-Cola (KO -1.05%), and Floor & Decor Holdings (FND 5.21%) are three excellent Buffett stocks to buy now with $300.

1. Amazon: down 48%

Amazon only became a Warren Buffett stock in 2019. Some time before, Buffett said: "I had no idea that it had the potential. I blew it." And the opportunity isn't over.

In many ways, Amazon has become the prototypical Buffett stock because it's demonstrating many similarities to his holding company, Berkshire Hathaway (BRK.A -0.03%) (BRK.B 0.07%). It has branched out of its core business, using its massive cash generation to power other revenue drivers like cloud-services provider Amazon Web Services (AWS), its biggest growth and profit source today.

One of the services I'm most excited about is the development of its "just walk out" technology, a no-cashier check-out system that it has already implemented in many physical stores and which it is marketing to other companies as well.

Despite its size and huge gains at the beginning of the pandemic, Amazon still posted 15% year-over-year sales growth in the third quarter. It anticipates that will slow down in the fourth quarter, and that news disappointed investors, sending the stock plunging after the third-quarter report.

But its core business remains healthy, and its new businesses provide many years of growth opportunities. Amazon stock cost $91 as of this writing, a price within reach of many investors while offering significant potential for gains.

2. Coca-Cola: up 4%

Coca-Cola is Buffett's longest-held equity position, and not only is it beating the market, it's also one of a select group of stocks that has actually gained in value over the past year. It's a classic Buffett value play, with strong cash generation, a generous and growing dividend, new opportunities to grow, and a healthy valuation.

Despite inflation and rising costs across most sectors, Coca-Cola rolled out another round of double-digit sales growth in the third quarter. Net revenue increased 10% over last year, with organic revenue (or sales from existing products) up 16%. Operating income was up 7%, and while margins were slightly pressured, the company still managed an increase in earnings per share. Management raised full-year top- and bottom-line guidance based on these results.

That's the power of both its brand and its well-oiled logistics systems. The beverage titan pivoted to different packaging that could appeal to budget-conscious customers who still want the Coca-Cola flavor, successfully passing on some of its own increased costs in higher prices.

The company raised its dividend for the 60th consecutive year in 2022, keeping it in the exclusive company of Dividend Kings, and its payout yields 3% at the current share price. Investors can expect Coca-Cola to continue effectively managing and growing its business and creating shareholder value for many years.

3. Floor & Decor: Down 48%

Floor & Decor continues to post outstanding growth despite the dreary economy. In the third quarter, sales increased 25% year over year, and earnings per share grew from $0.69 to $0.71, beating expectations. That's during a sour market where most retailers are having a hard time any posting growth at all -- and an even harder time improving profitability.

The company operates a niche retail model focused on all kinds of flooring, and its one-stop-shopping approach, combined with great prices, is resonating with customers. 

Floor & Decor is still relatively young and small, giving it ample room for growth. It opened four new stores in the third quarter and expects to open 13 more in the fourth quarter, bringing the total to 191 in 36 states. The retailer sees the opportunity for 500 new stores over the next eight to 10 years, putting it in an excellent position to build sales. Lest investors think the growth is all in new stores, comps increased 12% in the third quarter. 

Management lowered full-year guidance after the third-quarter report, but investors were still impressed with the company's performance and potential. Floor & Decor is now trading at its lowest price-to-earnings multiple since the 2020 crash, making now a great entry point for new investors.

FND PE Ratio Chart

FND PE Ratio Data by YCharts

As of this writing, Floor & Decor stock trades at $69, and at this valuation, it looks like a great buy.