McCormick & Company (MKC) is one of the world's most dominant spice and condiment companies in the world. With strong penetration into both retail and industrial markets, McCormick's products are present throughout most avenues of how we eat. The company's acquisition of Reckitt Benckiser's (OTCPK:RBGPF) (OTCPK:RBGLY) food division, which brought Frank's Hot Sauce, Cattlemen's BBQ Sauce and French's Mustard to the company's already robust portfolio, unlocked new optimism around the stock that has sent shares soaring in recent months. While there is a lot to love about McCormick's long-term growth prospects and high earnings quality, the stock has begun to stretch into irresponsible valuation levels. We hold McCormick & Company in high regard, but ultimately need to see a pullback before pursuing a position in this flavorful company.

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