4 Top Stocks to Buy in September

Canadian investors should have these four stocks high up on their watch lists today.

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The Canadian stock market really showed its strength earlier this month. After dropping more than 5% in less than a week, it took the S&P/TSX Composite Index less than two weeks to rebound and return to all-time highs. The index is now up more than 10% on the year, not even including dividends. 

With more interest rate cuts potentially around the corner, now could be a wise time to put money to work in the Canadian stock market.

Here’s a well-balanced basket of four top Canadian stocks to have on your radar in September.

Shopify

Long-term investors won’t want to miss out on the opportunity of loading up on Shopify (TSX:SHOP) at these prices. 

The tech stock is currently trading more than 50% below all-time highs. Even so, shares are up close to 100% over the past five years, crushing the Canadian market’s returns. 

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Like many others in the tech sector, Shopify enjoyed massive gains in 2020 and 2021, which was then followed by a huge down year in 2022. But since late 2022, it’s been a gradual rise upward for Shopify, hinting that the tech stock is ready to return to its market-crushing ways. 

Shares are up a market-beating 30% over the past 12 months. At this rate, investors won’t be able to pick up shares at a discount for much longer.

WELL Health Technologies

WELL Health Technologies (TSX:WELL) is another growth stock that experienced multi-bagger returns in a very short period of time following the 2020 market crash. Shares were riding a bull run of more than 400% at one point in 2020.

The company saw demand for its telehealth services abruptly skyrocket in 2020. Unsurprisingly, the stock has since cooled off, but shares remain up a market-crushing 170% over the past five years.

The telehealth sector may have come back down to reality, but there’s still plenty of long-term growth potential here. 

If you’re willing to be patient, this $1 billion company is worth taking a chance on.

Bank of Nova Scotia

Now is as good a time as any to invest in Canadian banks. With top-notch dividends and bargain prices, what is there not to like about the Big Five today? 

Bank of Nova Scotia (TSX:BNS) likely won’t be the fastest-growing stock in your portfolio, and there’s absolutely nothing wrong with that. The $80 billion bank can provide your portfolio with stability and a ton of passive income. 

At today’s stock price, the bank’s dividend is yielding close to 6.5%. That ranks it as the highest amongst the major Canadian banks. 

Brookfield Renewable Partners

Who said you need to choose between market-beating growth potential and a top dividend?

Brookfield Renewable Partners (TSX:BEP.UN) has a proven market-beating track record and is yielding above 5% right now.

In addition to that, shares are trading at a bargain price, as many companies in the renewable energy space are today.

Investors bullish on the long-term rise in renewable energy consumption should have this company on their watch list.

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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 Nicholas Dobroruka has positions in Brookfield Renewable Partners and Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Bank Of Nova Scotia and Brookfield Renewable Partners. The Motley Fool has a disclosure policy.

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