Levi Strauss & Co, the maker of Levi's jeans, kicked off the IPO frenzy by going public and making investors a lot of money, but the stock is now too high to buy, CNBC's Jim Cramer said Thursday.

Shares of the jean company, which was founded in antebellum America, rocketed more than 30 percent during the session after listing at $17, as much as $3 higher than its expected offering. The stock closed at $22.41 in its return to public markets after spending more than three decades as a private company.

The "Mad Money" host noted that it's a high-quality brand, which includes Dockers and Denizen under its belt, and CEO Chip Bergh has turned the company around since taking over in 2011. But he warned that investors should not buy into the iconic name at just any price because there is no guarantee that Levi's will keep delivering rapid earnings growth.

This is an apparel stock and it's important to do security analysis, Cramer said.

"Levi's has been doing a great job in a tough business, but at the end of the day, I hate to chase a stock that's up big, and this one's already up enormously after its first day of trading," he said. "As much as I like Levi's the business ... Levi's the stock is too rich for me at these levels."

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Federal Reserve Board Chairman Jerome Powell testifies before the Senate Committee on Banking, Housing, and Urban Affairs on Capitol Hill in Washington, DC, on February 26, 2019.

Investors need not worry that the Federal Reserve induced a market "sea change" by calling off interest rate increases this year and adjust their game plan to make money, Cramer said.

The major averages all rose higher during the session on the agency's monetary policy reversal, he said.

"This is a dramatic shift—we don't need to worry about more rate hikes—and that's why it's causing a sea change in the stock market right now because we're in a low growth environment again," the host said.

Although Chairman Jerome Powell and the central bank reduced the forecast on GDP growth and inflation, there are more stocks that can perform well in low-growth rather than high-growth conditions, he added.

As a guideline, Cramer suggests picking stocks whose sales won't get knocked down by an easing economy, focusing on high-yielding dividend stocks, buying the fastest-growing names while inflation is near flat, and loading up on companies that do a lot of business overseas, including those impacted by the trade war with China, because the dollar is getting weaker.

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Larry Merlo

The health care industry has reached $3.5 trillion and is "growing at an unsustainable rate," CVS CEO Larry Merlo told Cramer. The chief pointed out an estimated quarter of health care spending is wasteful and reducible and his company, in collaboration with Aetna, has a plan to reduce costs and boost the company's earnings.

"Percentage points are going to matter here," he said. "Being able to reduce those unnecessary costs, you know, the value created is going to start with a 'b' as in billion. That's the opportunity that's in front of us."