When it comes to investing, whether you’re starting out or a long-time investor, blue-chip stocks are likely part of your portfolio. The companies are household names of the industry, with decades of experience and stable returns and dividends. That’s why in this volatile October, I’m going to be looking at three of my favourite blue-chip stocks on the TSX today.
So without further ado, let’s look at the best of the best. Here are the three top-performing blue-chip stocks of 2023.
Constellation Software
Coming in at first place is Constellation Software (TSX: CSU), with shares up 29% in 2023 alone! There are a few reasons for this, so let’s go over them. First off, Constellation stock has long been a strong performer, even among blue-chip stocks. It may be a tech stock, but it has found its calling as a company that acquires and refurbishes necessary software companies.
Yet another reason for growth is the roll out of Topicus (TSXV: TOI) stock. This company is a spin off of Constellation stock, providing the same potential growth but instead in Europe. This has been great for Constellation stock in general, providing growth in multiple ways this year.
So even with shares at all-time highs, it’s still a fantastic stock to consider. Especially as analysts predict the estimate-beating company will likely surpass $3,000 per share in the next year.
Great-West Lifeco
Another top choice among blue-chip stocks is Great-West Lifeco (TSX: GWO). GWO stock has long been a powerhouse among insurance and asset managers. However, as the company continues to acquire more insurance and asset managers under its umbrella, it has expanded into a global operation.
Yet the company has more room to grow, specifically in Asian countries. So there is still an opportunity for investors to bring in even more growth. That’s on top of the 15% already experienced in 2023 among blue-chip stocks.
What’s more, with GWO stock you get the added bonus of bringing in a 5.35% dividend yield. That’s all while trading at a still valuable 16 times earnings. So definitely consider picking up GWO stock if you’re looking for safety and income.
WSP Global
Finally, we have WSP Global (TSX: WSP), with shares up 19% in 2023 alone. The industrial consulting firm has had a strong year post-pandemic, with earnings beating out estimates quarter after quarter. It’s now a top recommendation by analysts pretty much across the board!
And it’s clear why. During its most recent earnings report, WSP stock announced earnings that beat out even its own expectations. This led to an increase in its overall outlook for 2023 guidance! Of course, this caused shares to climb, and they have yet to come down once more.
So among engineering stocks, it’s one of the blue-chip stocks that could certainly continue to do great things. Especially as it takes on more projects, more consulting jobs, and more acquisitions. While it’s not a valuable buy, it’s still a strong long-term hold if you’re looking for safety and growth today. So certainly consider WSP stock among the other blue-chip stocks here if you want to end 2023 in the black.
