3 Top TSX Stocks I’m Buying in June

Do you want more returns and fewer losses in June? These are the three top stocks I’m considering on the back of strong earnings.

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Earnings season is winding down, and it’s time to look back after the dust has settled and see which stocks came out on top. The ones that have been climbing higher since earnings while also providing a strong long-term outlook. With that in mind, these are the three top TSX stocks I’ll be considering buying this month.

Brookfield Renewable

Of the top performers on the TSX today, Brookfield Renewable Partners (TSX:BEP.UN) was certainly a strong contender. The renewable energy assets manager reported record first-quarter results. But that’s not the only reason I’ll consider upping my stake.

The company has a partnership underway with Microsoft, which looks like a strong long-term provider of significant returns. Brookfield will be providing 10,500 gigawatts of energy to the tech company. This will be to help it expand its artificial intelligence (AI) use, powering it with renewable means.

Yet even as shares have surged by about 40% since earnings, it’s still a steal trading at half its all-time highs. And with a dividend yield of 5.07%, it’s certainly one I’ll keep drip-feeding into.

Dollarama

Another company that just won’t stop climbing is Dollarama (TSX:DOL). However, this company is actually nearing its next earnings report. And so once that’s in the books, it could be a good time to add a stake as well.

Dollarama stock certainly is a strong investment during times of trouble when inflation and interest rates cause consumers to look for low-cost options. However, even during the good times, Dollarama stock does well. This likely helped the company when it decided to increase its dividend by a whopping 29.9% during its most recent quarter. I know it certainly doesn’t hurt!

With that in mind, and as shares continue to climb higher for the company, I’d say right now is a strong tie to invest — especially considering while there have been improvements in the market, we’re not out of the woods yet. Costs are still high, and Dollarama stock is still in high demand. So, it’s another company I’ll be considering this month.

Royal Bank

Finally, we Canadians love our Big Six banks. But while many are either struggling or just starting to climb back upwards, Royal Bank of Canada (TSX:RY) is passing all-time highs. This comes from a variety of reasons.

Royal Bank stock has a long history of stability thanks to its wealth and commercial management and capital markets sectors. These are highly lucrative, providing the company with stable long-term income. However, there was another major move that had investors quite interested.

This came from its purchase of HSBC Canada. The purchase added a slew of new clients, including high-income newcomers to Canada. So, not only is the bank doing well, it has even more growth in the near and distant future. And with a dividend yield of 3.84%, it continues to look like one of the best options on the market today.

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 Amy Legate-Wolfe has positions in Brookfield Renewable Partners, Microsoft, and Royal Bank Of Canada. The Motley Fool recommends Brookfield Renewable Partners and Microsoft. The Motley Fool has a disclosure policy.

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