Stock investors should always keep a large portion of their total investment portfolio in high dividend-yielding stocks. Buying some fundamentally strong dividend stocks helps investors get regular extra income and also minimize overall risk to their portfolio. In this article, I’ll talk about three of the best Canadian dividend stocks to buy today with high yields. I find all these stocks cheap at the moment as they trade under $10 per share.
B2Gold stock
B2Gold (TSX: BTO)(NYSE:BTG) is my first pick for investors who want to buy some cheap high dividend Canadian stocks. Its stock currently trades at $4.38 per share and has a solid dividend yield of close to 5%. This Vancouver-based gold mining firm mainly focuses on low-cost senior gold production and has its producing mines in Mali, Namibia, and the Philippines.
In the June quarter, B2Gold’s total gold production fell by 12% on a year-over-year (YoY)) basis. This drop was mainly due to its planned waste stripping campaigns at two of its mines. Nonetheless, the company expects its gold production to rise significantly in the second half of 2021 as the mining reaches the higher-grade zones at its Fekola and Otjikoto mines. Despite its expectations of improved production, this Canadian dividend stock is still trading with about 39% year-to-date losses.
Corus Entertainment stock
Corus Entertainment (TSX: CJR.B) could be another great Canadian dividend stock to buy right now. The Canadian broadcasting and communications company’s stock is currently trading at $5.70 per share with about 33.2% year-to-date gains. It currently offers a strong dividend yield of 4.2%.
Corus Entertainment’s fiscal year 2020 revenue dived by more than 10% due to the pandemic-driven challenges. And its adjusted earnings fell by nearly 12% YoY. On the positive side, its revenue has already started showing signs of a strong recovery in the latest quarter. Analysts expect Corus’s positive sales growth trend to have continued in the August quarter as well.
Moreover, its strong production slate, recovering advertising revenue, and management’s focus on deleveraging make this Canadian high-dividend stock worth buying for long-term investors.
Lundin Mining stock
I find the shares of Lundin Mining (TSX: LUN) attractive amid the ongoing strength in the commodity prices. This Canadian base metal mining company currently has a market cap of about $6.9 billion as its stock currently trades at $9.41 per share. This top Canadian stock currently has a close to 4% dividend yield.
The global pandemic badly affected mining activities — hurting most mining companies’ financial growth trends. Despite the challenges, Lundin Mining’s posted nearly 8% YoY growth in its 2020 revenue to US$2 billion. Similarly, its adjusted net profit margin expanded to about 11% last year — much stronger than 8.4% in 2019. As a result, its stock yielded a solid 46% positive return last year.
Lundin Mining’s top line and profitability growth trends are continuing to improve further this year. In Q1 and Q2 of 2021, its revenue rose by 80% and 64% YoY, respectively. In the June quarter, the company’s adjusted net profit margin stood at around 25.9% — massively stronger compared to just 9.9% a year ago. Despite these positive factors, its stock hasn’t seen any appreciation this year as it currently trades with 17% year-to-date losses. That’s one of the reasons why this Canadian dividend stock with a high yield is really cheap at the moment.
