The Motley Fool

3 Dividend Stocks to Buy Now

Image source: Getty Images

Would you like to be paid for holding stocks? How would you feel if I told you that some investors have created portfolios that supplement or even replace their working income? Fortunately, everyone can do just that. It starts with picking the right dividend companies and sticking to a plan for years. In this article, I will discuss three dividend stocks to buy now.

The renewable energy sector is heating up

Kicking things off Brookfield Renewable Partners (TSX:BEP.UN)(NYSE:BEP). This company is a global leader within the renewable energy industry. With an international portfolio of assets capable of producing 19,400 MW of power, Brookfield Renewable aims to bring renewable energies to the mainstream.

Brookfield Renewable aims to produce 12-15% returns on an annual basis, which includes an annual 5-9% dividend increase. Over the past 10 years, the company has actually done much better than it set out to do. Since 2011, Brookfield Renewable has gained 24% on an annual basis. This means a $10,000 investment made at that time would be worth nearly $90,000 today. With renewable energies gaining political and societal attention, you can count on Brookfield Renewable continuing to perform.

A major player in the financial industry

The second dividend company investors should consider is Bank of Nova Scotia (TSX:BNS)(NYSE:BNS). One of the Big Five, Bank of Nova Scotia is a firm leader within the Canadian financial industry. Of the five big Canadian banks, no other institution has as formidable a presence in the Pacific Alliance.

For those that are unfamiliar, the Pacific Alliance includes Chile, Columbia, Mexico, and Peru. Economists are forecasting incredible growth in this region over the next 10 years. While there are political risks associated with these countries, Bank of Nova Scotia’s positioning has set it up for massive success in the future. You can bank on this company continuing to find success if added to your portfolio.

Many investors don’t realize how big this opportunity is

Finally, investors should consider starting a position in Telus (TSX:T)(NYSE:TU). Telus is one of the largest telecommunication providers in Canada, with a network spanning coast to coast. While it is true that the country is more connected than ever, that part of its business isn’t even the most exciting portion. Telus has a large presence within the telehealth industry.

Yes, the same Telus you’re thinking of is a major player in telemedicine. It offers a variety of products and services that help make the jobs of healthcare providers much easier, like its EMR solutions. However, the most interesting segment of its health branch may be Babylon. This is a mobile app that allows Canadians to meet with a doctor, mental health counsellor, or dietician through their phone at any time. Today, more than four million people use Babylon, and that number will only grow.

Foolish takeaway

Creating a portfolio of strong dividend companies will help you supplement, or even replace, your working income. Companies like Brookfield Renewable Partners, Bank of Nova Scotia, and Telus are riding massive tailwinds that should propel them to new heights. All three are excellent companies to hold for the next decade.

Looking for more stocks to add to your dividend portfolio? Here's a new list of 10 great stocks for you to check out. Don't miss it!

The 10 Best Stocks to Buy This Month

Renowned Canadian investor Iain Butler just named 10 stocks for Canadians to buy TODAY. So if you’re tired of reading about other people getting rich in the stock market, this might be a good day for you.

Because Motley Fool Canada is offering a full 65% off the list price of their top stock-picking service, plus a complete membership fee back guarantee on what you pay for the service. Simply click here to discover how you can take advantage of this.

Click Here to Learn More Today!

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Jed Lloren owns shares of Brookfield Renewable Partners. The Motley Fool recommends BANK OF NOVA SCOTIA and TELUS CORPORATION.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss an important event.

Iain Butler and the Stock Advisor Canada team only publish their new “buy alerts” twice a month, and only to an exclusively small group.

This is your chance to get in early on what could prove to be very special investment advice.

Enter your email address below to get started now, and join the other thousands of Canadians who have already signed up for their chance to get the market-beating advice from Stock Advisor Canada.