The Best Stocks to Invest $2,000 in Right Now

Investors seeking the best stocks to buy right now to generate significant wealth, here are two TSX stocks you should have on your radar.

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After rallying by 2.83% between June 19 and July 8, the S&P/TSX Composite Index looks like there might be new all-time highs in the works. The Canadian benchmark index is 1.9% below its latest all-time high as of this writing. When the market is trending upward, identifying stocks to capture the upside can get challenging.

Ideally, you want to buy shares of stock that will continue growing in value. While several stocks have grown significantly in value over the last few weeks, the TSX still has plenty of growth stocks you can add to your self-directed portfolio to capture potential capital gains. To this end, these two stocks might be worth keeping on your radar if not in your portfolio.

Restaurant Brands International

Restaurant Brands International (TSX:QSR) might not be a name many people can identify on its own, but it is a massive name in the global restaurant industry. The $44.89 billion market cap company headquartered in Toronto is a fast-food giant and boasts the likes of Burger King, Popeyes, Tim Hortons, and Firehouse Subs under its belt.

While the pandemic took a toll on restaurants worldwide, RBI has recovered and is performing well again. During the first quarter of fiscal 2024, RBI reported a 3.9% net restaurant growth and 4.6% sales growth compared to the same quarter last year. The company ended the quarter with US$2.3 billion in liquidity, with around US$1 billion of it being in cash.

As of this writing, Restaurant Brands International stock trades for $95.53 per share, down by 14.79% from its 52-week high. It boasts a nine-year dividend-growth streak and, at current levels, pays its shareholders a 3.31% dividend yield.

Alimentation Couche-Tard

Alimentation Couche-Tard (TSX:ATD) is a $76.08 billion market capitalization multinational convenience store operator headquartered in Laval. It operates over 14,000 stores across Canada, the U.S., Mexico, Ireland, and several other international markets. However, the year has been largely challenging for its share prices amid significant changes for the company.

The uncertainty surrounding a change in chief executive officer (CEO) does not make investors happy. However, Alex Miller, the new CEO taking over from Brian Hannasch later this year, has already been at the company for years. The company’s balance sheet itself is solid and Alimentation Couche-Tard has the kind of liquidity to land a few big acquisition deals.

How things exactly play out under the new CEO is yet to be seen, but Miller is inheriting a business in great shape. As of this writing, Alimentation Couche-Tard stock trades for $79.37 per share and is up by 22.44% from its 52-week low.

Foolish takeaway

Identifying and investing in stock that has significant long-term growth potential can be an excellent way to grow your wealth.

Allocating a portion of your Tax-Free Savings Account to high-quality stock can help you enjoy that wealth growth without incurring taxes on your earnings. To this end, Restaurant Brands International stock and Alimentation Couche-Tard stocks can be solid investments to consider.

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 Adam Othman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alimentation Couche-Tard. The Motley Fool recommends Restaurant Brands International. The Motley Fool has a disclosure policy.

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