For decades the consumer staples sector was viewed by investors as a stable and predictable cash flow generator with above-average dividend yields and below-average volatility. In particular, food companies like Kraft and Pepsi fit the bill, with brands that stood the test of time.

Lately, however, investor sentiment has shifted. While brand names continue to have loyal followers, younger consumers often prefer private label foods that come with lower prices and quality that is close enough to the branded alternative that they are more than adequate. I understand this view completely, as my family buys many store brand products from Safeway, Target, and Whole Foods.

So while the gap between store brands and global brands narrows, should food and beverage as a category be seen as no longer stable, predictable, and defensive? By the looks of the stock charts, as the tech sector powers the current bull market ever-higher, you would think that food is no longer a consumer staple. I say that because both private label and national brands are getting pummeled on Wall Street. I am baffled as to how that can be happening at the same time.

Should Kraft trade at 16x EBITDA these days? Probably not, given that they are set to cede market share over time. But there are other consumer brands that have fallen to levels that are truly cheap (as opposed to trading at a premium that may no longer be warranted).

One I like is J.M. Smucker (SJM), which has fallen from $140 to $100 over the last nine months or so. SJM owns brands such as Jif, Smucker’s, Crisco, Wesson, Folgers, Pillsbury, Hungry Jack, Milk Bone, and Kibbles ‘n Bits. While these brands will likely not grow market share in the future, they should continue to be cash cows for the company over the long-term. In the meantime, SJM has the scale and experience to launch brand extensions and new products that can resonate more with younger shoppers (examples being all natural, organic jam from Smucker’s or Natural Balance pet food). Today SJM shares trade for 15x normalized free cash flow (which I estimate to be $7 per share) and carry a dividend yield of over 3%. They look underpriced to me.