Value investor Bill Nygren just exited a high-flying tech position and bought a consumer staple

Dr Pepper soda in the warehouse at the Dr Pepper Snapple Group bottling plant in Louisville, Kentucky, in April 2015.
Luke Sharrett | Bloomberg | Getty Images

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Value investor Bill Nygren told CNBC on Monday that he has bought shares of beverage company Keurig Dr Pepper, saying the stock is trading at an "unwarranted" discount to its peers in the category.

The Oakmark Fund manager specifically pointed to how Keurig Dr Pepper stacked up against Coca-Cola and PepsiCo when considering the companies' soft drink business.

"It sells at about two-thirds of the [price to earnings] of Coke and Pepsi, which are both losing market share while the Dr Pepper side of Keurig is gaining," Nygren said on "Halftime Report."