(NYSE: PFE) stock is relatively cheap. I can easily back up that claim. The big drugmaker's shares trade at lower forward earnings multiples than the S 500 and the S 500 healthcare sector. That meets the definition of relatively cheap.

However, I wouldn't go so far as to claim that Pfizer is the cheapest stock in the S 500. At least, I wouldn't have until I saw something recently that blew me away and prompted me to wonder if Pfizer just might be the biggest bargain in the widely followed index.

Let me acknowledge right out of the gate that Pfizer is emphatically not the cheapest S 500 stock based on trailing 12-month or forward price-to-earnings (P/E) ratios. You can find dozens of stocks with lower multiples.

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Source Fool.com