If you’re one of many Canadians weighing their options on the TSX today, you’re not alone. After all, we’re being told that we should get in on the market while it’s down for long-term returns. That’s true. It’s also true that having cash on hand is important.
That’s why we’re going to look at the three best deals on the TSX today — ones that are due to recover because they’ve done it before. So, let’s look at three blue-chip stocks on the TSX today you can buy with ease.
BCE stock
BCE (TSX:BCE) may have been on the market since the 1980s, but the company dates back far further. It’s learned to move with the times, stretching from telephones to television, to internet, to wireless phone lines. And now, it offers the fastest 5G internet of any other telecommunication company.
BCE stock also holds the top spot among telecommunication companies when it comes to market cap and client base. That’s not going to be moved easily, even with the potential of a merger putting pressure on the stock.
BCE stock is now in a great place for those wanting dividends and returns. Shares trade at just 22.10 times earnings, with a dividend yield of 7.14% and shares down 12.58% in the last year. So, you can look forward to stellar returns from this major deal.
TD stock
Another strong option I would consider is Toronto-Dominion Bank (TSX:TD). TD stock is perfect because it’s one of the Canadian Big Six banks. In fact, it’s tied for first in terms of assets under management and set in terms of market cap.
But what’s great about TD stock as well on the TSX today is value. The company closed several United States locations to focus on creating more of an online focus, meeting clients where they are rather than having them come in. Yet it’s still one of the largest banks in the U.S., offering exposure to the country when the market recovers.
TD stock also provides many loan offerings, credit card deals, and growth through wealth and commercial management. Such diversification makes it a great stock to consider on the TSX today, especially while trading at just 10.44 times earnings and with a 4.72% dividend yield.
Canadian Utilities
Finally, if you want one of the best blue-chip stocks on the TSX today, you should certainly consider Canadian Utilities (TSX:CU). CU stock climbed at the beginning of the market downturn, as investors looked to secure their cash through utilities. It was a smart move, except it drove prices up and led to a downturn.
Now, the company is a great deal, trading at just 13.99 times earnings. And you gain access to the stable long-term contracts that come with utilities — so stable, in fact, that CU stock is now one of just two Dividend Kings on the TSX today. That’s over 50 years of consecutive dividend increases.
The dividend you can grab hold of today comes in at 5.74% as of writing. That’s far higher than the five-year average of 4.89%. And with shares down about 12% in the last year, it’s a great time to pick it up for quick returns.
