When it comes to finding strong stocks to hold long term, dividends are likely a huge part of that strategy for many investors. If that’s the case, now is a great time to pick up dividend stocks that are down, offering majorly high dividend yields.
Yet while some are larger yields than others, not all are long-term winners on the TSX today. That’s why today, I’m going to recommend these three dividend stocks. Each is in a strong field that should continue to grow not just out of 2023, or even for the next few years, but for decades to come.
Brookfield Renewable
When it comes to the future of investing, one of the best places Canadians can put their long-term cash is in clean energy on the TSX today. But more specifically, I would consider renewable energy one of the best options, and there is certainly a difference.
While there are clean energy options out there, long-term investors will see that renewable energy is more likely to be the long-term choice of companies and countries around the world. Yet it’s unclear which renewable energy will be the top choice, if not all of them.
That’s why Brookfield Renewable Partners (TSX:BEP.UN) is a great option. This company invests in it all. Solar power? Check. Wind power? Also check. It even invests in nuclear reactors! The company is in every asset all around the world.
Yet with inflation and interest rates hurting its bottom line right now, shares have slumped. Shares are down 13% in the last year alone after rising to all-time highs back in 2021. You can now pick up a 4.86% dividend yield among your dividend stocks and look forward to a future of stellar growth.
NorthWest
While there is a potential when it comes to renewable energy, one of the best investments investors can choose right now is through healthcare. Yet don’t go for big pharma or an up-and-coming pharmaceutical stock. Instead, choose healthcare direct.
By that, I mean invest in the properties that support healthcare. This could be offices, hospitals, even parking garages. And that’s exactly what you get when investing in NorthWest Healthcare Properties (TSX:NWH.UN).
NorthWest stock currently continues to expand throughout the world, with an average lease agreement of 14 years as of writing and a 97% occupancy rate. The company also offers a seriously high dividend yield at 8.24% as of writing, while trading at 8.37 times earnings. And with shares down 24% in the last year, it’s a great time to pick up this long-term hold on the TSX today.
CIBC
Now, if you really want security, I would go straight to a Big Six bank. Yet of the Big Six, your cheapest option right now is Canadian Imperial Bank of Commerce (TSX:CM). There’s certainly a reason for this. CIBC stock is the hardest hit during this housing downturn, as it’s the most heavily invested in Canada.
Yet don’t let that keep you from investing in it among your other dividend stocks. After all, it’s shown decade after decade that an economic downturn or even a recession won’t keep it from recovering. So, long-term investors should see now as a great time to pick up CIBC stock for a great price and a great dividend.
Investors can pick up CIBC stock down 20% in the last year trading at 9.18 times earnings and get a 5.42% dividend yield as of writing. And that’s the highest of the banks right now as well.
