It seems crazy, but there actually are TSX stocks out there trading at 52-week highs on the TSX today. What’s more, while many of these may be worth taking a second look during a dip, others are great buys right now.
Today, let’s look at three TSX stocks trading at 52-week highs I would consider picking up today.
It’s not just investors excited about Shopify (TSX:SHOP) stock again, it’s analysts as well. Analysts were impressed by the moves made during Shopify stock’s most recent earnings report. The company made another round of layoffs, and this created savings of $230 million. However, it was its sale of its logistics business to Flexport that really brought in more attention.
This sale brought in a 13% stake in Flexport as well as a renewed focus on the company’s e-commerce business. Shopify stock continues to see growth in its merchants, enterprise-level companies, and recurring subscription and monthly revenues. With focus on this historically lucrative area, analysts and investors alike are now back on board.
With the sale of about 20% of its business from the logistics sale, Shopify stock looks like a buy once more. That being said, it’s currently trading around the consensus target price. Yet long-term investors may find that now is the time to hop back on the long-term bandwagon.
Canadian Tire stock
Another of the TSX stocks surprisingly trading at 52-week highs is Canadian Tire (TSX:CTC.A). Canadian Tire stock has proven that even during a downturn it can bring in retail customers, as the company continues to offer low-cost items that deliver results. Furthermore, it’s expanded into numerous areas to bring in more revenue.
These areas include its Triangle Rewards program, credit card partnerships as well as the purchase of Sports Chek and Mark’s Work Warehouse, to name a few. With its properties also offering warehouse space, it never needs to worry about supply-chain disruptions. Finally, Canadian Tire stock also continues to be the go-to for Canadians needing basic auto work done. So, it really offers it all, and for a good price.
Even so, now is a good time to get in as the company reported earnings that were flat year over year, the first slowdown since 2020. With April sales expecting to heat things up again, I would take this opportunity to bring on Canadian Tire stock as well as its 4.1% dividend yield.
Speaking of essentials, of which Canadian Tire stock offers many, waste also remains essential. That’s perhaps why Waste Connections (TSX:WCN) continues to trade near or at 52-week highs as of writing. Shares are up about 19% in the last year right now, with the stock offering a dividend yield at 0.71% as well.
In fact, after the company announced strong earnings during its first quarter, analysts continue to peg the stock as a buy. One that could continue to outperform in 2023. Waste Connections stock continues to see above-average solid waste margin expansion for this year and beyond. It also continues to be active with mergers and acquisitions across North America, and many opportunities available.
Long-, short-, and medium-term investors will likely do well considering Waste Connections stock with their other TSX stocks — especially with a potential upside of around 10% to reach consensus analyst estimates.