TheStreet's Jim Cramer said consumer packaged goods stocks have been on a tear but he doesn't think they are overvalued. Cramer said companies like General Mills (GIS - Get Report) , Kellogg (K - Get Report) , and Clorox (CLX - Get Report) benefit from the fact that raw materials cost are coming down. Cramer added they are also benefitting from share buybacks. Cramer said while some analysts think the stocks are in dangerous territory because of how much they've advanced, he doesn't think that's the case at all. He sees no selling pressure in the group, which also includes names like Kimberly Clark (KMB - Get Report) , Procter & Gamble (PG - Get Report) , Campbell (CPB - Get Report) , Estee Lauder (EL - Get Report) and Dr. Pepper (DPS) . Cramer is portfolio manager of Action Alerts PLUS.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.