CNBC's Jim Cramer on Tuesday said that investors should consider adding J.M. Smucker stock to their shopping lists.
"Even though this market's had a real good run, and I think the bear is more or less dead outside of tech, I still think you need some downside protection because this is a tricky moment," he said.
Nordson, C.H. Robinson and J.M. Smucker qualified for the S&P 500 Dividend Aristocrats and will be added to the index on Feb. 1, the S&P Dow Jones Indices said earlier this month.
The index is made up of stocks listed in the benchmark S&P 500 that have raised their dividends for at least the past 25 years. The "dividend aristocrats" tend to be stocks with steady payments, defensive qualities and long-term growth.
Cramer said that while Nordson's stock price is too expensive and management turmoil at C.H. Robinson makes its stock too "iffy," J.M. Smucker sells for a reasonable price.Â
J.M. Smucker stock is also a great choice for investors worried about how the Federal Reserve's interest rate hikes could slow down the economy, he added.
"This is just a good, solid business that deserves to be considered in the top tier of packaged-foods companies, with the likes of General Mills and Campbell Soup," Cramer said. "I don't think it gets the respect that it deserves."
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