My 3 Favourite TSX Dividend Stocks for November 2023

Given their solid underlying businesses and high yields, these three TSX dividend stocks are excellent buys this month.

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Your investment portfolio is incomplete without quality dividend stocks. Given their regular payouts, these companies are less susceptible to market volatility, thus delivering stability to your portfolio. Besides, dividend stocks have historically outperformed the broader equity markets. Having seen the benefits of dividend stocks, here are my three top picks for this month.

Pizza Pizza Royalty

Pizza Pizza Royalty (TSX:PZA) is one of my favourites due to its stable cash flows and high dividend yields. The company operates Pizza Pizza and Pizza 73 brand restaurants through its franchises. It collects royalties from its franchises based on their sales. So, rising commodity prices and wage inflation will not hurt its financials. Meanwhile, increasing menu prices amid rising expenses could increase its royalty pool income.

Notably, the company’s same-store sales grew 9.8% in the first three quarters amid cheque size and traffic growth. The increase in menu prices as the brands passed on increased expenses to their customers drove the average customer cheque size. Besides, new menu launches, strong value messaging, and promotional activities drove its traffic. This solid operating performance boosted its financials, thus allowing the company to raise its monthly dividend three times this year. It currently pays a monthly dividend of $0.0775/share, with its forward yield at 6.52%.

Pizza Pizza Royalty trades at an attractive NTM (next 12 months) price-to-earnings multiple of 15.7, making it an attractive buy.


My second pick would be Enbridge (TSX:ENB), which has been paying dividends for 68 consecutive years. Given its highly regulated midstream business and long-term contracts with inflation indexation, the company generates stable and predictable cash flows, allowing it to raise its dividends for 28 consecutive years at a CAGR of 10%. It also offers an attractive forward dividend yield of 7.84%.

Meanwhile, the midstream energy company has signed three separate agreements to acquire three natural gas utility assets from Dominion Energy. These acquisitions could increase the company’s cash flows from low-risk utility space, thus lowering its risks. Further, it is continuing with its $24 billion secured growth program that spans through 2028. What’s more, the company is working to put $3 billion of projects into service this year. Considering these growth prospects and solid financial position, I believe Enbridge’s future payouts are safe.


The demand for telecommunication services is growing driven by digitization and remote working and learning growth. Besides, these companies enjoy stable cash flows due to their recurring revenue streams. So, I am picking BCE (TSX:BCE), one of the three top telecom players, as my final pick. It has raised its quarterly dividend by over 5% yearly for the previous 15 years. BCE also offers a healthy dividend yield of 7.14%.

Meanwhile, the company is expanding its 5G, 5G+, and broadband infrastructure to increase its customer base and grow its financials. Its liquidity stands at $4.5 billion, while its net debt leverage ratio stands at 3.5, lower than its peers. So, I believe BCE is well-equipped to continue its dividend growth. Further, it trades at an NTM (next 12 months) price-to-earnings multiple of 16.8, making it an attractive buy.

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 Rajiv Nanjapla has no position in any of the stocks mentioned. The Motley Fool recommends Enbridge. The Motley Fool has a disclosure policy.

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