Here Are the Next 3 Stocks I’m Going to Buy

These three stocks continue to be on my watchlist, even though I’ve already bought them. And I plan to buy even more in the years to come.

Amy Legate-Wolfe

Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Before joining Motley Fool Canada, she wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote: “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published August 18, 2023 11:15 am EDT

When it comes to investing, it seems to be about what stock you want to buy next. Investors remain focused on what they’re missing out on, how their stocks are performing, and where they should focus next.

Yet really, investors should focus on long-term income. That’s why the next stock I’m going to buy is likely to be one I already own. Here are three I’m considering as my next stocks to buy on the TSX today.

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CIBC stock

First off, the Canadian banks are where I’ll be putting my attention. Canadian banks, in particular, are great options for investors wanting long-term income, and offer a deal right now. The economy remains a volatile place in Canada, with interest rates looking like they’ll continue to rise again in 2023.

However, this has caused Canadian banks, such as Canadian Imperial Bank of Commerce (TSX:CM), to be a top choice for investors. These banks offer high dividends at a steep discount. CIBC stock, for instance, is down about 13% in the last year alone. It now trades at just 10.43 times earnings, with a dividend yield at 6.26% as of writing. Compared to its five-year average of 5.1%, you’re certainly getting a great deal on that.

The best part? Canadian banks have recovered back to 52-week highs within a year after hitting 52-week lows. So, you can also look forward to more returns from these stocks in the very near future.

NorthWest REIT

Real estate investment trusts (REIT) are another strong option for investors looking for passive income in particular. NorthWest Healthcare Properties REIT (TSX:NWH.UN) is a great option in this respect. The company is also down by about 50% in the last year! But again, it invests in something that’s essential: healthcare properties.

While shares are certainly far down right now, I’ll likely continue to pick it up in the near future thanks to its high dividend yield. That currently sits at 11.11% as of writing! Down from the 12% or so experienced earlier in the year. But hey, I bought it back then, too.

Drip feeding in this way, I’ve not only created passive income through dividends but also through returns, as the stock has bounced up and down. This is certainly one I would consider, as it’s bound to return to normal share prices in the near future as well.

WELL Health stock

Finally, of all the growth stocks that have the potential to explode, I certainly am considering buying more of WELL Health Technologies (TSX:WELL). WELL stock, in particular, has demonstrated it’s not just some popular stock that investors bought and sold, and now it’s back to nothing. No, WELL stock has reported 18 consecutive record earnings report, with revenue exploding in the last year or so.

Certainly, much of this comes down to the pandemic, when the company came to the attention of investors. But WELL stock used its investments wisely. It reinvested through acquisitions, now expanding through North America, and showing no signs of slowing down.

While shares are up 6.5% in the last year, it’s a great time to buy before it starts to show signs of real recovery. In fact, as the market recovers, I wouldn’t be surprised if this stock doubled in share price before another year passes us by.