(MONEY Magazine) – With the stock market booming, pickings are slim for bargain-minded investors. Here are a couple of contrarian picks from MONEY 100 fund managers.

>> JOHNSON & JOHNSON (JNJ) The pharma and consumer-products giant is facing brutal competition in prescription drugs and medical devices. But Val Jensen, co-manager of the Jensen Fund, is stocking up. Jensen has owned the stock since 2002, but says that at a price of 18 times 2004 earnings, compared with its long-term average P/E of 29, JNJ "is as cheap as it's been since we've owned it." Jensen reckons its powerful line of consumer staples and its strong free cash flow mean that the company can grow at a 13% clip over the next five years.

>> KOHL'S (KSS) The apparel and housewares retailer is down 44% from its 2002 high. The sell-off prompted Bill Nygren to add Kohl's to his Oakmark Fund late last year. Kohl's growth has flattened, due in part to a poor mix of inventory, particularly in women's sportswear. Nygren's take: The inventory flop is a short-term issue, and management is doing the right things to correct it. --STEPHANIE D. SMITH