Got $4,000? 4 Best TSX Stocks to Buy Today

Canadians are saving more and should consider snatching up discounted TSX stocks like WELL Health Technologies Inc. (TSX:WELL) today.

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The S&P/TSX Composite Index was up 51 points in mid-afternoon trading on April 21. North American stocks had a rough start to the week. Regardless, broader markets have been on a tear since the beginning of the year. Better yet, Canadian saving rates have increased during the pandemic. This may be a small consolation for being locked up in our homes over the past year. Today, I want to look at four TSX stocks that are worth buying with that extra cash.

Why I’m snatching up this healthcare stock in April

WELL Health (TSX:WELL) is the first TSX stock I’d suggest for Canadians who are sitting on extra cash in late April. The healthcare stock enjoyed a bump in February after it announced the acquisition of CRH Medical. Shares of WELL Health have dropped 9.6% as of close on April 21.

The acquisition of CRH Medical will provide greater access to the gigantic United States healthcare market. WELL Health has already rattled off record earnings over the past year. The company has thrived in the face of the COVID-19 pandemic as its telehealth services have experienced a surge in usage. This is a trend that investors can count on for the long haul.

This TSX stock last had an RSI of 36, putting it just outside of technically oversold territory.

This TSX stock could benefit from upcoming U.S. legislation

In February, I’d discussed the prospects for cannabis stocks ahead of potential United States recreational legalization. The Democrats managed to snag a majority in the Senate at the end of 2020. This gave the party the advantage of the executive, House, and Senate, breathing life into their legislative push. Cannabis enthusiasts are optimistic that legalization is coming during Joe Biden’s first term.

Aphria (TSX:APHA)(NASDAQ:APHA) is a top Canadian cannabis producer. Its shares have surged 86% in 2021 so far. The TSX stock has climbed 274% from the prior year. In Q3 fiscal year 2021, Aphria reported adjusted EBITDA from its cannabis business of $7.9 million – down from $12.9 million in the previous quarter. However, total adjusted EBITDA was up marginally. Aphria’s big merger with Tilray will provide it with a fantastic footprint in the U.S. market.

A TSX stock that you can trust in a recession

Corby Spirit and Wine (TSX:CSW.A) is another so-called “sin” TSX stock that I’m bullish on in the quarters ahead. Alcohol consumption has spiked markedly during the COVID-19 pandemic. Corby manufactures, markets, and imports spirits and wines. Some of its top brands include Royal Reserve, Lamb’s Rum, and Wiser’s whisky.

Shares of this TSX stock have increased 5.9% so far this year. Corby is up 15% year over year. The company released its second quarter results on February 11. Corby achieved gains in its retail channel in the face of the pandemic. Net earnings have jumped 30% in the first half of fiscal 2021 compared to the previous year.

The TSX stock last had a favourable price-to-earnings ratio of 16. Moreover, it boasts a quarterly dividend of $0.21 per share. That represents a solid 4.5% yield.

One more dividend stock to snag before May

Saputo (TSX:SAP) is the last TSX stock I’d suggest for Canadian investors today. The top dairy producer is a solid defensive stock. Its shares have increased 13% so far this year. The stock is up 15% compared to the same period in 2020.

The company unveiled its third quarter fiscal 2021 results on February 4. Adjusted EBITDA rose 3.4% from the prior year to $431 million. Meanwhile, net earnings increased 6.1% to $209 million. Saputo’s Canada sector enjoyed improved sales volumes in the retail market, which outweighed a dip in the foodservice segment.

Shares of Saputo last had a P/E ratio of 27, which outpaces the average of its industry peers. This TSX stock offers a quarterly dividend of $0.175 per share. That represents a modest 1.7% yield.

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 Ambrose O'Callaghan has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends CORBY SPIRIT AND WINE LTD CLASS A. The Motley Fool recommends SAPUTO INC.

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