3 TSX Stocks on Sale for Long-Term Investors

These three TSX stocks offer amazing options for long-term holders, thanks to a history of growth and more to come.

Amy Legate-Wolfe

Author Bio

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. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy 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.

Social Media

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 November 19, 2023 9:30 am EST

It can be really hard to think about long-term investing when the short-term is so bleak. After all, the market is still down from 52-week highs, though shares have started to recover slightly on consumer price index (CPI) data from the United States.

This is why now could actually be a great time to buy, but, of course, you’ll need to be patient. The market always comes back, but the question is when. I don’t have a crystal ball, but what I can tell you is that these three TSX stocks have some of the best chance at rebounding and should rebound for life.

sale discount best price — Image source: Getty Images

CP stock

Canadian Pacific Kansas City (TSX: CP) was climbing up and up over the last few years after announcing that it had made its acquisition of Kansas City Southern. This put it as the only railway that runs throughout North America, from Canada down to Mexico.

Yet after hitting three digits, shares of CP stock started to drop. This comes after earnings that weren’t as positive as the company hoped. CP stock in particular saw a drop as a strike at the port in Vancouver led to lower results.

However, in the long term, there are many sales that the company will be adding on. This is certainly a long-term hold that many investors won’t want to miss — especially after shares have dropped 14% from 52-week highs. Certainly consider at least adding it to your watchlist.

WELL Health

WELL Health Technologies (TSX: WELL) experienced a boost this week as the healthcare tech stock announced record earnings. The company reported an increase across the board, expanding in the United States and Canada. Further, it’s investing in artificial intelligence and cybersecurity for its clients.

All this, and yet WELL stock still only climbed a few percentage points. Honestly, I believe this is because investors are frightened after the massive drop they experienced during the fall in tech stocks. But long-term investors should certainly keep an eye out.

In the long term, this company has the means to even go global. It could be one of the growth stocks you wished you had bought at these prices. And with it on sale among TSX stocks, with guidance now raised to $1 billion in revenue in 2024, it’s time to consider the tech stock once more.

Bank of Montreal

Canadian Big Six banks remain some of the best options, but I really like Bank of Montreal (TSX: BMO) right now. That’s because it managed to be perhaps the last foreign company to make a major acquisition in the United States.

BMO purchased Bank of the West to expand its United States offerings. Now, it offers huge growth opportunities for long-term investors. Yet right now, it continues to trade at just 10.9 times earnings, with a dividend yield of 5.46%. That’s certainly enough reason to consider it right there.

However, long-term investors will see that BMO stock has risen back from the ashes again and again. In fact, for over 200 years! There isn’t another bank that can claim this. So, certainly consider BMO stock for some protection as well as returns, as the market rebounds in the long term.