These stocks offer growth at a reasonable price as the second quarter kicks off

While stocks have enjoyed a strong start to 2024, CNBC Pro found that there are still plenty of opportunities for investors seeking companies offering growth potential for cheap. The S & P 500 jumped 10.2% in the first quarter, while the Dow Jones Industrial Average and Nasdaq Composite gained 5.6% and 9.1%, respectively. The first two days of the second quarter are off to a rockier start. The three major averages are all down more than 1%. So far, only the energy sector is positive for the month. The technology sector, which propelled the market's gains since October 2023, is down about 1.2% in April. With this in mind, CNBC Pro screened for stocks that can give investors “growth at a reasonable price,” or GARP. That is a popular investment methodology focusing on stocks with both strong growth prospects and attractive valuations, combining both offensive and defensive characteristics in a portfolio. The screener showed that GARP opportunities exist in a diverse array of sectors across the S & P 500. The names met all of the following criteria: Earnings per share growth over 10% Sales growth over 10% Trading at a discount relative to their S & P 500 sector on a next 12-month basis Several consumer discretionary names made the GARP list. Cruise line Royal Caribbean and casino company Las Vegas Sands could both grow their earnings by more than 40% this fiscal year. Royal Caribbean is currently trading at a price-to-forward-earnings ratio of 13.2, while Las Vegas Sands has a forward P/E of 18.4. RCL LVS,.SPX YTD mountain Royal Caribbean and Las Vegas Sands versus the S & P 500 in 2024 Restaurant chain Yum Brands also turned up. The stock is lagging the S & P 500 in 2024, rising 6.8% compared to the broader market's 8.8% increase. But the Taco Bell parent is estimated by analysts to see earnings per share grow 12% in 2024. Health-care names Cigna Group and Cardinal Health are other GARP opportunities for investors. Cigna is trading at a 12.2 forward P/E ratio, with earnings estimated to jump 13.3%. The stock has already rallied nearly 21% year to date. Cardinal Health's earnings could surge 26%. The stock is trading at a slightly higher forward P/E ratio than Cigna, at 14.3. Shares are up 9.9% in 2024.