In this article, we discuss 11 Canadian dividend stocks to buy now.You can skip our in-depth analysis of Canadian dividend stocks and their performance and read directly 5 best Canadian dividend stocks to buy now.
The Canadian stock market regained its footing last year after being hit hard in the face of the 2020 pandemic, according to a Bloomberg report. The stock has had its best year in more than a decade, and in 2021, he’ll post a 22% return, according to a Bloomberg report. Canadian equities have not performed very well this year, but the Canadian benchmark index still outperforms its US counterpart, the S&P 500. The S&P/TSX Composite Index reported a year-to-date decline of 4.18% at the close of November 27, compared with a 16.8% decline in the broader market.
Given market volatility, investors around the world are increasingly considering dividend investments to help them through this uncertain time. Over the years, dividend stocks have offset the negative impact of inflation, and companies with strong dividends have continued to pay. According to a report published by RBC Global Asset Management, dividends have accounted for more than 30% of total returns from the Canadian stock market over the past 30 years. The report also notes that Canada’s dividend growth has outpaced inflation over the past two decades. From 2002 to 2022, S&P/TSX’s annual dividend growth was 7.9%, while CPI grew 2.2% during the same period.
Many major US companies are reporting dividend increases in the third quarter of 2022. According to the S&P Dow Jones Indices report, 529 dividend increases were reported during the quarter, bringing him over $19.1 billion in total. Additionally, the S&P 500 dividend per share increased 8.5% year-over-year to $16.66.
High-dividend U.S. stocks such as General Mills (NYSE:GIS), Colgate-Palmolive Company (NYSE:CL) and PepsiCo (NASDAQ:PEP) continue to attract investor attention, but some of Canada’s blue-chip stocks remain. Analyze. Dividend stocks in our article.
Photo by Yiorgos Ntrahas on Unsplash
Our methodology:
For this list, we have selected some of the best Canadian stocks that pay dividends to shareholders. These companies are headquartered in Canada. We investigated these companies from their overall financial situation. Ranked by dividend yield as of November 28.
best canadian dividend stocks to buy now
11. Brookfield Asset Management (NYSE:BAM)
Dividend yield as of Nov. 28: 1.23%
Brookfield Asset Management Inc. (NYSE:BAM) is a Canadian investment management company that provides related services to clients. In October, Deutsche Bank expressed concern over the current market and maintained its hold rating on the stock. The firm has been skeptical about asset managers this year.
In the third quarter of 2022, Brookfield Asset Management Inc. (NYSE:BAM) reported revenue of $23.4 billion, representing growth of 21.7% from the same period last year. The company had cash flow of $1.4 billion in the quarter and net income of $716 million. During the quarter, the company paid shareholders his $3 million dividend.
On November 27, Brookfield Asset Management Inc. (NYSE:BAM) announced a quarterly dividend of $0.14 per share, consistent with its previous dividend. The dividend yield for the stock on November 28 was 1.23%. The company could be added to a diversified dividend portfolio alongside General Mills (NYSE:GIS), Colgate-Palmolive Company (NYSE:CL) and PepsiCo (NASDAQ:PEP).
The number of hedge funds tracked by Insider Monkey, which owns shares of Brookfield Asset Management Inc. (NYSE:BAM), increased from 34 last quarter to 39. These shares total over $2 billion. Viking Global, which holds approximately 15 million shares, was the company’s primary stakeholder in Q3 2022.
Baron Funds made reference to Brookfield Asset Management Inc. (NYSE:BAM) in its third quarter 2022 investor letter. Here’s what the office said.
“Brookfield Asset Management Co., Ltd. (NYSE:BAM) is a leading global alternative asset manager and operator and one of the world’s largest owners and operators of real estate and infrastructure assets.
It is currently valued at more than a 50% discount to management’s assessment of the company’s current value. At the company’s September 2022 Investor Day, Brookfield’s management said he expects the stock to rise from his $40 recently to $175 or more over the next five years. announced a growth plan. ”
10. Canadian Railways (NYSE:CNI)
Dividend yield as of Nov. 28: 1.70%
Canadian National Railway Company (NYSE:CNI) is a Canada-based transportation company that provides rail, trucking, and warehousing services. In October, BMO Capital raised its share price target to C$180 in its Outperform Share Rating, acknowledging the company’s overall performance this year.
In the third quarter of 2022, Canadian Railways (NYSE:CNI) reported revenue of C$4.51 billion, up 25.6% year-on-year. The company’s free cash flow for the first nine months of this year was about C$3 billion, compared with his C$2.03 billion in the same period last year. Its strong cash flow was enough to cover the dividend payment.
Canadian National Railways (NYSE:CNI) currently pays a quarterly dividend of C$0.7325 per share as of November 28, yielding a dividend yield of 1.70%. – Yearly track record of stable dividend payments.
As of the end of September 2022, 42 hedge funds tracked by Insider Monkey own shares in Canadian National Railways (NYSE:CNI), up from 41 in the previous quarter. These stocks total over $12 billion. The Bill & Melinda Gates Foundation Trust held the company’s largest stake in the third quarter.
9. Royal Bank of Canada (NYSE:RY)
Dividend yield as of Nov. 28: 3.81%
Royal Bank of Canada (NYSE:RY) is a Canadian multinational financial services company and the country’s largest bank. The company has increased its dividend every year since 2012, making it one of the highest paying stocks on our list. Currently, as of Nov. 28, he is paying a quarterly dividend of C$1.28 per share with a dividend yield of 3.81%.
In September, Barclays reinstated cover in Royal Bank of Canada (NYSE:RY) with an overweight rating and a price target of $137. The firm praised the firm’s assets under management and overall performance.
At the end of the third quarter of 2022, 14 hedge funds tracked by Insider Monkey reported having stakes in Royal Bank of Canada (NYSE:RY). Up from 12 last quarter. These stakes total him over $56.2 million. The company’s key stakeholders in Q3 2022 included Israel Englander and Ken Griffin.
8. Toronto-Dominion Bank (NYSE:TD)
Dividend yield as of Nov. 28: 3.91%
Toronto-Dominion Bank (NYSE:TD) is a Toronto-based multinational banking and financial services company. Third quarter 2022 sales were C$11.6 billion, up from 8.3% in the same period last year. Net income for the quarter was $3.2 billion and retail net income was $2.2 billion.
Toronto-Dominion Bank (NYSE:TD) has consistently increased its dividend over the past eight years, making it one of the best dividend stocks on our list. As of Nov. 28, the company paid him a quarterly dividend of C$0.89 per share, giving him a dividend yield of 3.91%.
National Bank maintained its sector performance rating on Toronto-Dominion Bank (NYSE:TD) in November with a price target of $103.
The number of hedge funds that own shares in Toronto-Dominion Bank (NYSE:TD), tracked by Insider Monkey, increased from 19 last quarter to 22 in the third quarter of 2022. The total value of these shares is nearly $200 million.
7. Canadian Natural Resources Limited (NYSE:CNQ)
Dividend yield as of Nov. 28: 4.14%
Canadian Natural Resources Limited (NYSE:CNQ) is a Calgary-based oil and natural gas company specializing in crude oil. In the third quarter of 2022, the company reported his operating cash flow of C$6.1 billion, with free cash flow after dividend payments exceeding C$1.7 billion. Additionally, it paid out about $2.5 billion in dividends during the quarter, making it one of the highest dividend stocks on the list.
Canadian Natural Resources Limited (NYSE:CNQ) announced on November 13 that it will increase its quarterly dividend by 13% to C$0.85 per share. It was the company’s 23rd consecutive year of dividend increases. The dividend yield for the stock on November 28 was 4.14%.
Goldman Sachs has upgraded Canadian Natural Resources Limited’s (NYSE:CNQ) stock to a buy with a price target of C$69, seeing an attractive valuation. The company also praised the company’s operational performance.
Canadian Natural Resources Limited (NYSE:CNQ) was a favorite among hedge funds in the third quarter of 2022, with 41 funds owning shares in the company, up from 33 the previous quarter. Together, these shares are worth over $2 billion. Yacktman Asset Management was the company’s primary stakeholder in the third quarter.
6. Pembina Pipeline Corporation (NYSE:PBA)
Dividend yield as of Nov. 28: 5.50%
Pembina Pipeline Corporation (NYSE:PBA) is a pipeline transportation company that specializes in the delivery of oil and natural gas. The company is one of the best dividend stocks on our list because it pays shareholders monthly dividends. It has consistently increased its dividend over the past six years. It currently pays a quarterly dividend of C$0.2715 per share as of November 28, yielding a dividend yield of 5.50%.
In addition to high-dividend stocks such as General Mills (NYSE:GIS), Colgate-Palmolive Company (NYSE:CL), PepsiCo (NASDAQ:PEP) and Pembina Pipeline Corporation (NYSE:PBA), another good choice for a dividend portfolio is.
In November, National Bank raised its price target on Pembina Pipeline Corporation (NYSE:PBA) to C$46.
At the end of the third quarter of 2022, 17 hedge funds tracked by Insider Monkey owned stakes in Pembina Pipeline Corporation (NYSE:PBA), up from 14 the previous quarter. These shares total over $81 million.
ClearBridge Investments mentioned Pembina Pipeline Corporation (NYSE:PBA) in its first quarter 2022 investor letter. Here’s what the office said.
“On a regional basis, the United States and Canada were the largest contributors to quarterly results. pembina pipeline, which provides transportation and midstream services to the North American energy industry, also rose due to increased demand for LNG. Investor sentiment was also boosted by the hiring of Scott Burrows as permanent CEO and Jaret Sprott as his COO, reaffirming corporate strategy. On an individual stock basis, the Pembina pipeline was the largest contributor to absolute return for the quarter. ”
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disclosure. none. 11 Best Canadian Dividend Stocks to Buy Now was first published on Insider Monkey.
