The Canadian stock market has lost some momentum after the S&P/TSX Composite Index surged to an all-time high in the middle of June. Canadian equities have looked broadly overheated for most of the spring. Investors may be hungry for new opportunities in the beginning of the summer. Today, I want to look at three stocks that smart investors should look to snatch up right now.
Canadians should keep their eyes on a big legislative push this summer
Score Media (TSX: SCR)(NASDAQ:SCR) operates as a sports media company in North America. Its shares dropped 11% on June 23. In late May, I’d discussed why this TSX stock was worth buying on the dip. The stock is still up 47% over the past month.
On June 22, the Senate of Canada passed Bill C-218 without any amendments. The bill will now head to the governor general for royal assent to become law. This will swing open the door for single-game sports betting in Canada. That is great news for Score Media and other companies who were hopeful that Canada would push forward this legislation before the end of 2021. This means that Score and its peers will be able to rake in revenues from the highly lucrative upcoming NFL season.
This company is set to release its third-quarter fiscal 2021 results later this summer. I’m looking to snatch up this TSX stock after this major legislative win for the sports-betting industry.
This smart TSX stock is still undervalued
goeasy (TSX: GSY) is a Mississauga-based company that provides alternative financial services to its customers through its easyhome and easyfinancial divisions. Shares of this TSX stock have climbed 65% so far this year. The stock is up 182% from the same period in 2020.
We can expect to see goeasy’s second-quarter 2021 results by the beginning of August. In Q1 2021, the company announced loan portfolio growth of 10% to $1.28 billion. It reported the 44th consecutive quarter of same store sales growth across its easyhome and easyfinancial divisions. Adjusted net income rose 67% to $36.7 million, or 66%, to $2.34 on a per-share basis.
Despite its amazing momentum, this TSX stock still boasts a favourable price-to-earnings ratio of 11 as of close on June 23. It has achieved seven consecutive years of dividend growth. goeasy last paid out a quarterly dividend of $0.66 per share, representing a modest 1.6% yield.
One more stock to snatch up for smart Canadians
Last summer, I’d discussed why Canadians should seek exposure to the burgeoning telehealth space. WELL Health is one TSX stock that has thrived due to its footprint in telehealth. Its shares have increased over 200% in the year-over-year period.
Dialogue Health (TSX: CARE) debuted on the TSX at the end of March. It operates as a digital healthcare and wellness platform across the country. Shares of Dialogue Health have dropped 6.2% month over month. Now is a good opportunity to snatch up this telehealth stock on the dip. In Q1 2021, it reported that revenue expanded four times over from the prior year. Moreover, members increased 35% from December 31, 2020.
