However, just because the stock has declined – that doesn't mean Cramer is throwing in the towel – quite the contrary.
"My view is that Hillshire needs more time," said the Mad Money host. "This is a turnaround story that was always going to take years."
Cramer is a fan of Hillshire's strategy which is to reinvest in its business in order to take share in the future.
Here's what he likes:
- Hillshire is coming out with new products for household name brands like Ball Park and Jimmy Dean. For example, they've got Ball Park slider sandwiches and a Mexican inspired corn dog.
- Hillshire plans to revamp the packaging on its products in order to freshen up the look in the aisles and make the merchandise more attractive to consumers.
- Hillshire is boosting marketing support for its brands, while their advertising guys come up with new marketing campaigns to promote them.
"These are all elements of the turn, and I believe they could ultimately lead to an acceleration of Hillshire's business over the next three years," said Cramer.
That's not to say the stock is without risks.
Some pros expect the price of meat to surge next year. (Because of the summer drought more farmers brought animals to market fearing the price of feed would become exorbitant.)
Although Cramer thinks the concern is well founded, he thinks Hillshire may be able to pass along at least some of the increases.
At the end of the day, Cramer is still a buyer.
"This is like all those companies that restructured and then reaped the benefits later, making you wish you'd bought them while the restructuring was still going on. With Hillshire, you've got a chance to do just that," Cramer said.
"I believe Hillshire can execute a turnaround" he said, "and you want to be along for the ride, something you can do by buying the stock into weakness," he concluded.