A high share price should never scare Motley Fool investors. That price shows that Canadians believe in the company, and that includes large financial institutions. And a high share price can still mean you’re getting a deal based on fundamentals. Today, I’m going to go over three solid TSX stocks I’d buy even at sky-high share prices.
Nutrien
No matter what happens in the world, we’ll always need food. That’s why Nutrien (TSX: NTR)(NYSE: NTR) remains a solid performer and a strong defensive buy among TSX stocks. The crop nutrient producer continues to grow through both organic growth and acquisitions. The pandemic didn’t stop the need for nutrients, so Nutrien made a massive move online. And that move continues to pay off.
Shares of Nutrien hit all-time highs and continue climbing among TSX stocks. A major boost came from management buying back stock for cancellation recently, along with the need for nutrients with the escalation in Russia and Ukraine. The company plans to boost potash production as a response. This could lead to long-term benefits for Nutrien stock and investors.
Nutrien stock is up 14% in the last week and 62% in the last year. It offers a dividend yield as well of 2.26%.
CIBC
Canadian Imperial Bank of Canada (TSX: CM)(NYSE: CM) is another solid TSX stock to buy. The bank benefitted from the surge in housing prices and now benefits from the interest rate hike. It’s gone through a massive marketing shift, focusing in on its customer service and expanding internationally. This all means one thing: growth.
Yet again, CIBC stock trades at all-time highs of $160 as of writing among TSX stocks. But it’s not alone. Bank stocks continue to be a solid place to put long-term income, and CIBC is among them. It’s still valuable, trading at 11.12 times earnings, despite those all-time highs. Plus, it offers the highest dividend of the Big Six!
Shares of CIBC stock are up 32% in the last year, and it offers a dividend yield of 4.09% as of writing.
Constellation Software
Not all tech stocks are bad. In fact, Constellation Software (TSX: CSU) continues to be nothing but great during all this volatility. While it’s just shy of all-time highs, it’s still an expensive stock to consider at $2,178 as of writing. But that comes from a stellar growth through acquisition model.
The company proves that among TSX stocks, it has a management team of acquisition geniuses. It identifies stellar software players and buys them up. That’s led to astounding growth, even among tech stocks. It also makes it one of the best buys you can make long term if you want in on tech stocks without the volatility.
Shares of Constellation stock are up 32% in the last year. And it also offers a dividend yield of 0.24%.
Foolish takeaway
It might be a good time for investors to start thinking about getting defensive with their TSX stocks. These choices are strong no matter what happens in the next year or so. But luckily for you, they’re also solid long-term plays that will help you sleep at night, even during market volatility.
