2 Growth Stocks at All-Time Highs I’m Buying Over and Over

These two growth stocks will never be boring to me, with dividends, growth, and more all combining for long-term hold opportunities.

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Many companies are trading up on the TSX today, but few that might be trading at all-time highs. Yet, in the case of these growth stocks, I couldn’t care less.

I’ll be buying these growth stocks until I’m blue in the face, mainly because they’re blue-chip companies offering far more long-term growth. So, let’s get right to it.

Loblaw stock

If you’re looking for essential, then Loblaw (TSX:L) is probably already on the top of your list. Loblaw stock proved it was essential during and after the pandemic. The company continues to grow — especially as inflation and interest rates ease and consumers are coming back to spend, but also as government cash flows their way, and the company is able to purchase more properties and renovate existing spaces.

What’s more, it has a large footprint across Canada thanks to its many brands as well as the PC Optimum program. PC Financial is another area as well, providing the company with income. With so many revenue streams then, it’s clear why investors have gained interest.

During the first quarter, revenue increased 6% year over year, with retail sales up 5.7% as well, along with food retail up by 3.1%. E-commerce expanded during the pandemic and continues to increase as lockdowns subsided over the last year. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) hit $1.448 billion — a 7.8% increase.

Add in a dividend yield of 1.52% and shares near all-time highs, it’s a great time to consider the stock. Shares are on par with where they were a year before at this point, coming down 7% from all-time highs. So, I would hop in on the stock, as it looks to rebound once again.

CP stock

Another top choice of mine that has an enormous amount of future potential is Canadian Pacific Kansas City (TSX:CP). CP stock has long been a top choice of mine, but even more so since the acquisition of Kansas City Southern became finalized. Shares surged when the official news from the United States Surface Transportation Board came in. But that’s before any revenue from the new union has even come down!

Yet there is going to be a lot of it. CP stock continues to be a top performer in the last year, seeing grain shipments and others all rise. But now it has exposure to the rail lines formerly dedicated to Kansas City Southern. It is now the only railway running from Canada down into Mexico.

During its most recent earnings, CP stock announced revenue of $2.27 billion for the first quarter of 2023. Earnings per share hit $0.86, with revenue up 23% year over year and earnings per share up 37% year over year. Add in the synergies and future opportunities, along with a potential passenger line to Mexico, and there is even more room to grow.

Shares of CP stock still trade near all-time highs, up 1% in the last three months and 14% in the last year. Meanwhile, investors have enjoyed 326% growth in the last decade. And that could easily happen again with this union.

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 Amy Legate-Wolfe has positions in Canadian Pacific Railway and Loblaw Companies. The Motley Fool recommends Canadian Pacific Kansas City. The Motley Fool has a disclosure policy.

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