Ready to Invest With $5,000? 5 Stocks for March 2023

These stocks are trading cheap, offer strong growth potential, and will diversify your portfolio.

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The S&P/TSX Composite Index witnessed a bit of recovery in the first couple of months of 2023. However, several top-quality Canadian stocks are still trading at a significant discount and offering high yields, providing an excellent opportunity for investors to buy them now and hold them for the long term. 

So, if you are ready to invest $5,000, here are my top five picks you can buy in March 2023 and hold for the long term. These stocks have strong growth potential. Moreover, a few offer reliable dividends, providing stability to your portfolio.


The pullback in Cargojet (TSX:CJT) stock is an opportunity to invest in this high-quality company. The air cargo company’s solid domestic network, next-day delivery capability to more than 90% of Canadian households, revenue diversification, and a 100% customer retention rate position it well to deliver solid revenue and earnings. 

Furthermore, its long-term contracts with minimum revenue guarantee and provision to pass through costs to customers offer stability. In addition, its long-term strategic partnerships with the top logistics brands, opportunities from the growing penetration of e-commerce, fleet optimization, and barriers to entry bode well for growth.  

WELL Health 

Trading at a forward enterprise value-to-sales multiple of 2.3, shares of digital health company Well Health (TSX:WELL) is too cheap to ignore. While WELL Health stock is trading at a significant discount, its revenue continues to grow rapidly. Further, WELL Health has achieved profitability on an adjusted net income basis. 

The momentum in its high-margin virtual services revenue, increase in omnichannel patient visits, and strategic acquisitions position it to deliver strong and profitable growth. 


E-commerce giant Shopify (TSX:SHOP) could be a solid addition to your portfolio. This technology stock dropped quite a lot from its peak and looks attractive near the current levels. Shopify is fundamentally strong and will likely deliver stellar gains on the back of its growth initiatives that have started gaining traction. 

Its innovative products like Capital, POS (Point of Sale), and Markets are witnessing strong adoption. Moreover, its investments to strengthen fulfillment offerings augur well for growth. Shopify stock is trading cheap at a forward enterprise value-to-sales multiple of 8.5. At the same time, the company is gaining market share in overall retail. All in all, Shopify is poised to gain from digital transformation and deliver solid returns. 


Enbridge (TSX:ENB) is a reliable stock to earn steady income amid all market conditions. Its diversified revenue streams, contractual arrangements, investments in conventional and renewable assets, multi-billion-dollar capital projects, and strategic acquisitions are likely to drive its earnings and dividend payments. 

It has raised dividend for 28 consecutive years and offers a lucrative yield of 6.8%. Its resilient business, solid dividend payments, and high yield make it a must-have stock in your portfolio. Besides regular income, Enbridge stock could deliver decent capital gains in the long term. 


goeasy (TSX:GSY) is a solid investment for investors looking for growth and income. This non-prime lender is growing rapidly, with its sales and earnings registering double-digit growth. The large non-prime lending market, its wide product range, higher loan originations, and solid credit performance enable the company to deliver solid returns. 

The company expects the momentum in its business to sustain in the coming years and projects its revenues to increase at a double-digit rate. Meanwhile, strong credit quality and operating leverage will cushion its bottom line. Thanks to the recent correction, goeasy stock is trading cheap. Moreover, it offers a decent dividend yield of 3.3%.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Sneha Nahata has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cargojet and Shopify. The Motley Fool recommends Enbridge. The Motley Fool has a disclosure policy.

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