Despite cooling inflation and interest rates starting to decline, there is still a lot of uncertainty in the stock market, keeping many stocks cheap and giving Canadian investors plenty of opportunity to find TSX stocks trading under $100 to buy in August.
We saw this again last week, with a significant selloff to begin the week due to fears that the U.S. economy was cooling off too quickly. By the end of the week, markets had already recovered significantly due to new economic data showing the economy was doing better than initially expected.
Investors need to capitalize on this uncertainty and buy high-quality TSX stocks while they’re still trading at compelling valuations.
So, if you’ve got cash on the sidelines you’re looking to put to work today, here are three top TSX stocks trading under $100 to buy right now.
One of the best small-cap growth stocks in Canada
If you’re looking for top TSX stocks to buy now, WELL Health Technologies (TSX: WELL) continues to show why it’s one of the best to consider.
Throughout the pandemic and the years that followed, WELL grew rapidly by acquisition. However, it wasn’t just the new businesses it bought that allowed it to grow rapidly. It was also all the organic growth potential that these investments had themselves.
For example, one of its subsidiaries, Circle Medical, just passed the $100 million annual revenue run-rate mark for the first time. That’s extremely impressive, considering WELL bought Circle Medical less than four years ago when its annualized revenue run rate was roughly $5 million.
In addition, WELL’s strategy of acquiring numerous outpatient clinics across Canada has also given the stock a tonne of potential. It continues to scale its costs and improve the efficiency of its clinics to drive growth in its profitability, giving it a tonne of growth potential over the coming years.
The stock is set to report second-quarter earnings tomorrow, and analysts again expect these results to be strong, extending its current streak of more than four straight years of beating expectations each quarter.
So, if you’re looking for top TSX stocks to buy today, I strongly recommend WELL.
One of the top TSX stocks to buy while it’s still cheap
In addition to WELL, Cineplex (TSX: CGX) is another TSX stock with tremendous potential in the coming quarters that still trades cheaply today.
The stock has been consistently impacted by uncontrollable factors since the pandemic. However, it finally looks like Cineplex may have turned the corner, especially with so many blockbuster films scheduled to be released in the second half of 2024 and into 2025.
Traditionally, Cineplex has done a fantastic job of generating revenue growth when its attendance levels are high through increased box office prices and strong concession sales.
Therefore, as attendance continues to improve, not only should Cineplex’s sales start to rebound, but Cineplex should continue to see improvements in its profitability, creating a tonne of potential for a significant rally in its share price.
The stock continues to trade so cheaply that even with Cineplex’s struggles over the last few years, it’s still electing to start buying back shares in the near term. So, if you’ve got cash to invest today, Cineplex is certainly one of the top TSX stocks to buy in August.
A top high-yield dividend stock that’s perfect for passive-income seekers
Finally, if you’re a passive-income seeker looking for top TSX stocks to buy in August, I’d recommend a reliable stock like CT REIT (TSX: CRT.UN), the real estate investment trust (REIT) that’s largely owned by Canadian Tire.
With roughly 90% of its revenue coming from a reliable tenant like Canadian Tire and many new projects in the pipeline, CT REIT is not only a reliable dividend stock that can earn you attractive passive income but also has plenty of long-term growth potential.
Right now, the stock’s dividend yield is sitting just shy of 6.5%. Furthermore, it’s increased that dividend every year since it went public and has never had a single year where its revenue didn’t increase as well, including through the pandemic.
So, if you’re looking for a top dividend stock to buy in August, CT REIT is easily one of the best on the TSX.
