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In this installment of my analysis of recent purchases made by renowned investors, I will look at four stocks bought by David Einhorn's Greenlight Capital using the latest available SEC filings of the fund. These four companies are projected to offer a minimum return of 20% from current levels.

The list includes stocks from the medical equipment and supplies, healthcare facilities, gold and silver, retail (technology), and chemical manufacturing industries.

CareFusion Corporation (NYSE:CFN)

CareFusion is a $5.42 billion medical technology company offering products and instruments for IV infusion, medication and supply dispensation, respiratory care, infection prevention and surgeries. The company presented earnings on February 2, 2012, reporting a net income of $95 million, a 25% rise from the year-ago quarter, beating average analyst expectations by a penny on a per share basis.

Einhorn added 2.6 million shares of CFM at an estimated price of $25.3 a share to take his total position in CFN stock to 12.7 million shares. At the time of writing, the stock traded at $24.14. The company is expected to grow its earnings at an annual rate of 11% compared with the 16% growth rate of the industry. Applying my estimated P/E of 16 to 2012 EPS of $1.81, my initial 12-month price target for CFN is $29 a share. A return of 20% is possible from current levels.

HCA Holdings Inc. (NYSE:HCA)

HCA Holdings, the parent company of Hospital Corporation of America, provides healthcare services through a network of hospitals, outpatient facilities and clinics. The stock had its IPO in March last year and is down 19% over the time period. The company is expected to grow its earnings at an annual rate of 10% compared with the 14% growth rate of the industry.

Einhorn increased his position in HCA by 91% by acquiring 2.6 million shares at an estimated price of $23.8 a share. Applying a P/E of 9 to 2012 average analyst EPS estimate of $3.47, my 12-month price target of $31.5 is obtained. The stock appears cheap at current levels.

Barrick Gold Corporation (NYSE:ABX)

In addition to gold, ABX is also engaged in the production of copper and holds interests in oil and gas properties in Canada. ABX grew its earnings at an annual rate of 20% during the last five years and is expected to grow at a 40% clip for the next five years.

Greenlight Capital initiated a new position in ABX by purchasing approximately 1.35 million shares at an estimated average price of $49 a share similar to the February 2, closing price of $49.83. The stock has a yield of 1.2%. My 12-month price target for ABX is $62 a share obtained by applying a multiple of 11 to 2012 EPS estimate of $5.67. ABX therefore offers a return of 25% from current levels.

Best Buy Co., Inc. (NYSE:BBY)

Best Busy had a tough time during the past five years with intense competition from Amazon (NASDAQ:AMZN) and Wal-Mart (NYSE:WMT). Earnings contracted at an annual rate of 0.5%, and the stock dropped by a total of 50% during the corresponding time period. The company continues to be the best-in-class electronic retailer in my opinion and appears attractive to me at current levels. Einhorn possibly agrees with me. He added 128,000 shares of BBY at an estimated price of $26.

BBY is expected to have a respectable growth rate of 9% during the next five years below the 15% growth rate of the industry. My target of $30 is obtained by applying a P/E of 8 to 2012 EPS estimate of $3.71. Including dividends (a yield of 2.6%), a return of 25% is possible from current levels.

Source: David Einhorn's Stock Picks With 20% Upside