The market is full of great, if not magnificent stocks that can be superb additions to any portfolio. And among those great picks, some currently trade near their 52-week lows.
Here’s a look at two of those magnificent stocks to buy now for any long-term portfolio.
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A great telecom that’s going through a rough patch
Most investors are aware of BCE (TSX:BCE) as one of the largest telecoms in Canada. Additionally, most investors are likely aware of the very public deep cuts that BCE has announced over the past two years.
Ultimately, those cuts were fueled by BCE’s rising debt load, which was exacerbated by rising interest rates.
Finally, BCE also slashed its quarterly dividend. As of the time of writing, that dividend now boasts a still impressive yield of 5.9%, which is a far cry from the 13% of a few months ago.
Perhaps more importantly, despite offering a still-juicy yield, BCE’s dividend is now at a sustainable level.
Fortunately, BCE’s fortunes have also improved. Apart from the savings from the staffing cuts, BCE also sold off its MLSE stake. The telecom then used those funds to acquire U.S.-based Ziply. The acquisition represents a unique opportunity for BCE to enter the underserved U.S. fibre market.
That improvement now extends to BCE’s quarterly results. In the most recent quarter, BCE reported net earnings of $683 million, reflecting an impressive 49.5% improvement over the prior year. BCE also impressively reported free cash flow of $798 million.
The stock now trades at just under $30, down a whopping 33% in the past year, making BCE one of the magnificent stocks to pick up at a discount.
How to become a landlord at a discount
Another great option for investors seeking magnificent stocks to buy at a discount is RioCan Real Estate (TSX:REI.UN).
RioCan is one of the largest REITs in Canada. The company boasts a portfolio of approximately 190 properties located across Canada’s major metro markets.
Those properties comprise mainly commercial retail properties, but the REIT has shifted into the mixed-use residential market in recent years. The segment represents a unique opportunity for long-term investors right now, particularly those looking to become landlords.
That’s because, rather than investing in a single property with a significant down payment, investing in RioCan can provide a healthy monthly income with a considerably smaller investment.
As of the time of writing, RioCan offers a juicy monthly distribution that currently works out to a tasty 6.6%. The REIT also trades just over $2 above its 52-week low of $15.46, making it one of the magnificent stocks to own right now.
Own these magnificent stocks today
All the magnificent stocks mentioned above can provide a healthy income and significant growth. They also trade down considerably, making them ideal candidates for any well-diversified portfolio today.
Buy them, hold them, and watch them (and your future income) grow.
