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Interested in finding stocks trading below their fair value? For ideas, we ran a screen on stocks that appear undervalued relative to their EPS trends.

We screened stocks based on the theoretical assumption that if P/E is equal to a constant K, growth in EPS estimates should be matched by proportionate growth in price. When they don't match up, a mispricing may have occurred.

We ran a screen on large-cap stocks trading within 3% of their 52-week high for those exhibiting this mismatch between changes in EPS estimate and price.

Of course, there's no reason to believe that P/E should stay constant - it's just an assumption for the sake of the screen.

‪Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.‬

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. To access a complete analysis of this list's recent performance, click here.

Do you think these stocks should be trading higher? Use this list as a starting point for your own analysis.

List sorted by distance from 52-week high.

1. HCP, Inc. (NYSE:HCP): An independent hybrid real estate investment trust. The stock is currently trading 1.04% below its 52-week high. The EPS estimate for the company's current year increased from 2.52 to 2.55 over the last 30 days, an increase of 1.19%. This increase came during a time when the stock price changed by -1.05% (from 41.88 to 41.44 over the last 30 days).

2. Coca-Cola FEMSA S.A.B de C.V. (NYSE:KOF): Produces, markets, and distributes Coca-Cola trademark beverages and brands. The stock is currently trading 1.62% below its 52-week high. The EPS estimate for the company's current year increased from 4.35 to 4.46 over the last 30 days, an increase of 2.53%. This increase came during a time when the stock price changed by 1.24% (from 95.98 to 97.17 over the last 30 days).

3. Noble Energy, Inc. (NYSE:NBL): Engages in the acquisition, exploration, development, production, and marketing of crude oil, natural gas, and natural gas liquids in the United States, West Africa, Eastern Mediterranean, the North Sea, and internationally. The stock is currently trading 2.00% below its 52-week high. The EPS estimate for the company's current year increased from 5.07 to 5.2 over the last 30 days, an increase of 2.56%. This increase came during a time when the stock price changed by 2.18% (from 97.76 to 99.89 over the last 30 days).

4. Lockheed Martin Corporation (NYSE:LMT): Engages in the research, design, development, manufacture, integration, operation, and sustainment of advanced technology systems and products in the areas of defense, space, intelligence, homeland security, and government information technology in the United States and internationally. The stock is currently trading 2.04% below its 52-week high. The EPS estimate for the company's current year increased from 7.84 to 7.85 over the last 30 days, an increase of 0.13%. This increase came during a time when the stock price changed by 0.% (from 82.02 to 82.02 over the last 30 days).

5. Companhia de Bebidas Das Americas (AMBEV) (ABV): Engages in the production, distribution, and sale of beer, draft beer, carbonated soft drinks, malt, and other non-alcoholic and non-carbonated products in the Americas. The stock is currently trading 2.48% below its 52-week high. The EPS estimate for the company's current year increased from 1.58 to 1.61 over the last 30 days, an increase of 1.9%. This increase came during a time when the stock price changed by 0.41% (from 36.35 to 36.5 over the last 30 days).

*EPS data sourced from Yahoo! Finance, all other data sourced from Finviz.

Source: 5 Large-Caps Trading Near Highs, Undervalued By EPS Trends