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5 of the Best TSX Stocks to Buy in June 2021

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Market volatility continues on the TSX today. The composite now trades at all-time highs, up 30% in the last year and 13% year to date. But despite any future dips, long-term investors can look forward to a solid increase, as the economy continues to recover — especially among top TSX stocks. Let’s look at five of the best TSX stocks that could deliver superior returns as the economy rebounds.

CIBC

Canadian Imperial Bank of Commerce (TSX:CM)(NYSE:CM) reported strong earnings during its latest report. The company offers a strong path towards both growth and income. Yet it’s still valuable, even at all-time highs, thanks to the economic recovery. The recovery in Canadian consumer demand in particular, with Canadians looking to pay down loans, is a strong indicator that the company will continue to drive earnings higher.

I believe CIBC will continue to be valuable for investors, especially as it puts more investment into online support. Yet it offers good value for investors — especially considering it pays a substantial dividend compared to peers. The yield is currently at 4.26%, with shares up 69% in the last year alone, which is why it’s one of the best TSX stocks out there.

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Mogo

Mogo (TSX:MOGO)(NASDAQ:MOGO) is the perfect stock to put in your portfolio based on the rise in fintech stocks. The stock has seen a rapid increase in demand, especially as it increases the capabilities of its digital wallet and cryptocurrency use. But investors may soon see revenue come in from the use of MogoTrade, which will come out in the next few months.

As investors look to learn more and do more themselves when it comes to finances, Mogo stock is a great option to buy. Mogo stock has seen shares climb by a whopping 629% in the last year alone. Yet it remains at a valuable 3.8 times book value for today’s investors.

Lightspeed

Lightspeed POS (TSX:LSPD)(NYSE:LSPD) is another high-growth stock that’s becoming practically a must-have in your long-term portfolio. The company is growing at an incredible rate due to high demand coupled with an economic recovery. Lightspeed stock takes advantage of the increase in e-commerce but also through its brick-and-mortar providers.

I expect Lightspeed stock to continue its growth path, especially with favourable industry trends. As the tech sector continues to rebound, Lightspeed stock is set to increase as well. After a selloff at the beginning of the year, shares are now up 154% in the last year alone. This also comes from an increase in earnings of 127% year over year. 2022 looks great, in the opinion of management. Revenue is due to double to $450 million. Now is a great time to buy one of the best TSX stocks around.

WELL Health

As the tech sector continues to climb, investors should get in on WELL Health Technologies (TSX:WELL) while they still can. The virtual healthcare provider continues to climb in share price and revenue, as it acquires business after business. The company’s massive acquisition in the United States of $23 million wasn’t even included in the recent report, where the company reported a record-setting revenue increase of 150% year over year!

Shares in WELL Health stock are now up 137% in the last year alone. Yet this company is still a bargain, given that the world isn’t about to ditch virtual healthcare after the pandemic. The world has changed, and WELL Health looks like it will benefit in this new future.

Canopy Growth

While WELL Health jumped in the pandemic, Canopy Growth (TSX:WEED)(NYSE:CGC) has sunk. The company had already struggled to profit, and then the pandemic cut production on a massive scale. Yet there is renewed hope with the United States moving towards legalization, and cannabis-infused beverages looking to be a complete success.

The cost cutting was just what Canopy Growth stock needed to get back on top. It’s trimmed unnecessary items to focus on its core business, and this could be the catalyst that makes the company reach profit. As production and consumption increases, Canopy Growth stock could get back to being the top cannabis producer in the world. Yet shares are only up 7% in the last year, which is why Canopy Growth stock is one of the best TSX stocks to date.

Still looking for more high-growth options?

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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 Amy Legate-Wolfe owns shares of Canopy Growth, Lightspeed POS Inc, and WELL Health Technologies. The Motley Fool owns shares of Lightspeed POS Inc.

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