3 Remarkably Cheap TSX Stocks to Buy Right Now

There are some remarkably cheap TSX stocks on the market right now that are great long-term buys. Here are three to consider today.

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There’s no shortage of great investments on the market to consider adding to your portfolio. Right now, many of those great investments trade at steep discounts, making it an excellent time to purchase. These remarkably cheap TSX stocks can provide years, if not decades, of superb growth.

Here’s a look at some of those remarkably cheap TSX stocks you can add to your portfolio now.

Remarkably cheap TSX stocks? Yes, please!

Canada’s big banks are among the best long-term options for any portfolio. Apart from the stable revenue the banks generate from operations in Canada, they also boast a growing presence internationally. Additionally, the banks pay out some of the best, juiciest yields on the market.

But which big bank stock is one of the remarkably cheap TSX stocks to buy now? That would be Toronto-Dominion Bank (TSX:TD).

TD is the second largest of the big banks, and it has a growing presence both at home and abroad. TD’s international segment is focused on the U.S. market, with a large branch network along the East Coast.

As of the time of writing, TD trades down 12% year to date, trading within a dollar of its 52-week low. With a price-to-earnings (P/E) of just 12.59, TD is handily one of the remarkably cheap TSX stocks to consider buying right now.

Part of the reason for that drop comes thanks to ongoing investigations in the U.S. relating to TD’s ability to identify and report suspicious transactions. Once those investigations come to a close, pundits believe that TD could be on the hook for paying out some hefty fines.

Some see those fines numbering into the billions, and TD has already set aside a significant amount of money to cover those eventual fines.

TD’s price weakness also means that the bank’s dividend yield has swelled. As of the time of writing, the yield on TD’s quarterly dividend has grown to 5.46%.

That yield, coupled with TD’s eventual recovery, makes it a great option to buy among the remarkably cheap TSX stocks on the market.

A defensive business going through a rough patch

Another one of the remarkably cheap TSX stocks to consider right now is BCE (TSX:BCE). BCE is one of the largest telecoms in Canada. Telecoms are incredibly defensive stocks.

That’s because they provide an increasingly necessary service through subscriptions. Those subscription services include internet, wireline and wireless services, and TV.

As of the time of writing, BCE trades down 14% year to date. Looking back over the trailing 12-month period, that dip extends to a whopping 24%.

Part of the reason for BCE’s epic drop can be attributed to rising interest rates and inflationary pressures we’ve seen over the past year. And while there’s no doubt that rates will come down, the impact on capital-intensive businesses like BCE can’t be understated.

Adding to that mix is a flurry of change at BCE. This includes the company selling off some of its media assets and reducing staffing levels.

Finally, we have BCE’s dividend. While the stock price has dropped, BCE’s yield has shot up into the stratosphere. As of the time of writing, BCE’s yield now boasts an insane 8.94%, making it one of the best-paying dividends on the market.

A retailer with a huge upside

Canadian Tire (TSX:CTC.A) is the third of remarkably cheap TSX stocks to look at right now. Canadian Tire is best known for its namesake retail operation, but the company operates a flurry of retail brands on both traditional and online channels.

And it’s that impressive and successful push into digital channels that has made Canadian Tire such an impressive option to consider now. Moreover, there’s also the company’s increasing number of brands, many of which are offered exclusively in-store, that prop it up as a viable long-term play.

As of the time of writing, Canadian Tire’s stock price has dipped 20% over the trailing 12-month period. During that same period, the dividend has swelled to 5.16%.

Bottom line

In short, Canadian Tire, BCE ,and TD, are remarkably cheap TSX stocks that, in my opinion, should be a part of any larger, well-diversified portfolio.

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 Demetris Afxentiou has positions in BCE and Toronto-Dominion Bank. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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