Millennial investors have faced economic challenges like the Great Recession and the COVID-19 pandemic since entering the work force. However, this generation has also been in a great position to take advantage of one of the longest and most fruitful bull markets in market history. Today, I want to look at three Canadian stocks that are worth snatching up for the long term in a millennial portfolio. Let’s jump in.
Here’s why millennials should look to stash top bank stocks
Toronto-Dominion Bank (TSX:TD)(NYSE:TD) is the second-largest bank stock by market cap on the TSX. Millennials should look to target some of these profit machines for the long haul. Shares of this top Canadian stock have increased marginally in 2022 as of close on April 5. The stock is still up 20% from the previous year.
This top bank unveiled its first-quarter 2022 earnings on March 3. It reported adjusted net income of $3.83 billion, or $2.08 per share — up from $3.38 billion, or $1.83 per share, in the previous year. Net income in its Canadian Retail segment rose 11% to $2.25 billion on the back of record revenue and a huge dip in provisions set aside for credit losses. Better yet, net income in U.S. Retail jumped 27% to $1.27 billion.
Shares of this Canadian stock possess a favourable price-to-earnings (P/E) ratio of 12. It offers a quarterly dividend of $0.89 per share. That represents a 3.5% yield.
This Canadian stock still has room to run in the 2020s
Millennials should also be on the hunt for growth-oriented Canadian stocks in April. Shopify (TSX:SHOP)(NYSE:SHOP) proved to be one of the best-performing equities on the TSX after its debut in 2015. However, it has lost much of that momentum to kick off this new decade. Shopify stock has plunged 43% in the year-to-date period.
The company released its final batch of 2021 results on February 16, 2022. In Q4 2021, total revenue increased 41% from the prior year to $1.38 billion. Meanwhile, gross merchandise volume (GMV) jumped 31% to $54.1 billion. For the full year, adjusted gross profit increased 60% year over year to $2.50 billion. Shopify and its peers in the e-commerce space saw growth accelerate significantly over the course of the COVID-19 pandemic.
One more Canadian stock for the millennial portfolio
Jamieson Wellness (TSX:JWEL) is the third Canadian stock I’d suggest for millennial investors in the early spring. I’d suggested that Canadians should scoop up Jamieson back in the summer of 2021. This Toronto-based company is engaged in the development, manufacture, distribution, marketing, and sale of natural health products in Canada and around the world. It shares have dropped 14% in 2022.
In 2021, Jamieson delivered revenue growth of 11% to $451 million. Meanwhile, adjusted EBITDA jumped 13% to $100 million. This Canadian stock is still trading in favourable value territory compared to its industry peers. It also offers a quarterly dividend of $0.15 per share, representing a modest 1.7% yield.
