McCormick (NYSE: MKC) is a $20 billion consumer staples giant with a focus on spices and flavorings. It is very rarely "cheap" on an absolute basis, but that doesn't mean the stock doesn't get undervalued from time to time. Here's why you might want to dig into this company's story today before everyone else starts to notice how cheap it's getting.

When investors talk about valuation on Wall Street, they usually point out the price-to-earnings (P/E) ratio. The problem with this metric is that earnings are incredibly variable over time, often moving quite dramatically from quarter to quarter and from year to year. It can be something of a moving target. McCormick's current P/E ratio is around 30, slightly above the five-year average of 29 but below the three-year average of roughly 32. 

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Source Fool.com