Canadian Stocks to Buy: 3 Elite Names

When it comes to elite Canadian stocks to watch, these three names are certainly worth a solid look. They each offer investors something different.

| More on:
Gold king in chess game face with the another silver team on black background (Concept for company strategy, business victory or decision)

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s premium investing services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn more

The TSX is home to many top-tier Canadian stocks for investors to choose from. Investors employing all sorts of strategies can find suitable stocks on the market.

However, there are some stocks that are generally considered elite overall. Typically, these are stocks with reliable dividends and proven histories of steady growth over time.

Stocks that can combine solid growth prospects with reliable dividends make for elite options for most investors. Fortunately, there are quite a few of these stocks available for Canadian stock buyers.

These stocks are ideal for investing within a TFSA or RRSP or a regular non-registered account. They offer investors good value propositions and have a certain sense of security surrounding them.

Today, we’ll look at three elite Canadian stocks for investors to buy.

BCE

BCE (TSX:BCE)(NYSE:BCE) is the publicly traded holding company for the Bell Canada group of companies. It provides many telecom products and services through its subsidiary Bell Media.

BCE has long been an elite TSX stock due to its high dividend and its penchant for solid growth. As of this writing, BCE is trading at $58.08 and yielding 6.03%.

With a yield like that, TSX investors should be paying attention. Over time, that dividend could generate massive returns for Canadian investors.

Also, the Canadian telecom space is in the middle of the 5G rollout, which could further help drive demand for BCE’s services. As such, this Canadian stock’s growth prospects look to be intact moving forward.

TD Bank

Toronto-Dominion Bank (TSX:TD)(NYSE:TD) is one of the largest banks in Canada and a top 10 bank in the U.S. as well. As such, it offers Canadians access to a diverse banking giant that’s one of the top Canadian stocks.

TD has held strong through tough times over the past year or so and proved why it’s a great pick for investors seeking resilient options. As of this writing, it’s trading at $84.62 and yielding 3.73%.

So, its yield is just about in line with its recent averages, and, as such, investors are getting a decent value proposition with TD. Overall, this banking giant can offer investors an attractive combination of growth and dividend stability that few Canadian stocks can match.

Defensive Canadian stock: Fortis

Fortis (TSX:FTS)(NYSE:FTS) is a massive Canadian utility company. The company provides an array of utility services to its customers through regulated contracts.

It’s these regulated contracts that allow Fortis to offer investors such a stable dividend. With secure and predictable sources of revenue, investors are able to enjoy an attractive and reliable dividend from FTS.

As such, FTS is a top defensive dividend pick due to its stable nature and resistance to market movements. This makes it a top Canadian stock for long-term investing strategies.

As of this writing, FTS is trading at $54.67 and yielding 3.69%. So, investors give up a little in terms of the dividend to get that top-of-the-line reliability. However, it’s a worthwhile exchange for a lot of investors.

Canadian stock strategy

All three of these TSX giants are worth a look for long-term investors. They each offer unique positives that can help a portfolio grow over time.

If you’ve been looking for top TSX stocks to keep an eye on, these three names are a good start.

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 Jared Seguin has no position in any of the stocks mentioned. The Motley Fool recommends FORTIS INC.

More on Dividend Stocks

Dividend Stocks

Passive Income: 3 Top Canadian Stocks to Buy for Monthly Dividends

Companies such as Pembina Pipeline and Killam Apartment REIT pay investors monthly dividends, making them top bets for income-seeking investors.

Read more »

Dots over the earth connecting the world
Dividend Stocks

3 of the Top-Growing Stocks on Earth

Market volatility remains high in Q3 2022, but it’s easy to identify the top-growing stocks on Earth.

Read more »

Profit dial turned up to maximum
Dividend Stocks

1 Undervalued Canadian Dividend Stock to Buy for TFSA Passive Income and Total Returns

This cheap Canadian energy stock provides an attractive dividend yield for TFSA passive income and a shot at some big…

Read more »

money cash dividends
Dividend Stocks

Want Passive Income? 1 TSX Stock for $8/Day in Dividends

If you need cash right away, then this TSX stock can make you passive income from a stable dividend that…

Read more »

edit Balloon shaped as a heart
Dividend Stocks

My 3 Favourite TSX Dividend Stocks Right Now

Canadian dividend stocks make for great long-term buy-and-hold investments.

Read more »

value for money
Dividend Stocks

3 Incredibly Cheap Dividend Stocks to Buy for Dependable Passive Income

Now is an excellent time to load up on Canadian dividend stocks. Here are top picks that are all trading…

Read more »

A close up image of Canadian $20 Dollar bills
Dividend Stocks

3 Simple TSX Stocks to Buy With $25 Right Now

Canadians with capital of as low as $25 can purchase three simple stocks right now and earn recurring passive income…

Read more »

edit Person using calculator next to charts and graphs
Dividend Stocks

2 No-Brainer U.S. Stocks for Investors in August

Here are two undervalued U.S. stocks to diversify your investment portfolio. They both pay safe and growing dividends!

Read more »