In this article, we will dive into the top 6 best stocks to buy right now in Canada 2023. Investment in stocks is a great way to earn money. Normally, you can buy the stocks at a lower price and sell them at a higher price. Instead of this, there are a number of things that you need to keep in mind while buying stocks.
If you are a long-term investor then you have to get the knowledge that what stocks are good for your long-term investment or vice versa.
Usually, the best time to buy stocks is when it’s at a lower price. Otherwise, you have to watch the stock market trend and read the news.
Today, we discuss the 6 best stocks to buy right now in Canada 2023. Due to inflation in Canada, the prices of everything are skyrocketing.
During this time, you can invest in huge Canadian companies that never going to disappear in the future. So that your investment is safe and you don’t lose any money.
List of Top 6 Best Stocks to Buy Right Now in Canada 2023
Here, is the list of the top 6 best stocks to buy right now in Canada. You can invest in these companies and earn some extra income.
1. Telus (TSE: T)
Telus Corporation is a telecommunication company in Canada. It provides technology products and services in Canada. This company was registered in 1998. The headquarters of Telus Corporation is in Vancouver, BC, Canada.
The current price of Telus (TSE:T) stock is $27.79. The market cap is $39.24 Billion. This company pays a 5.05% dividend annually to its shareholders.
Moreover, the 52-week high stock price is $34.65 and the 52-week low stock price is $25.94. The Q2 and Q3 2022 earnings of Telus stock are +0.03 and +0.02.
Telus is the best Canadian stock to grow your passive income. This stock is growing slowly but it pays a dividend that is good for its shareholders.
In the upcoming years, Telus Corporation increase its dividend by 7-10% annually. If want to grow your passive income then you can consider this stock to buy right now.
2. Algonquin Power (TSE:AQN)
Algonquin Power and Utilities Corporation is a renewable energy company in Canada. It was established in 1988 and has headquarters in Oakville, ON, Canada. This company operates under two categories such as Regulated Services Group and Renewable Energy Group.
In the Regulated services group, they provide utilities in Canada, the US, Bermuda, and Chile. Under the Renewable Energy Group, they provide electrical energy, ancillary products, and many others.
The current price of AQN stock is $7.90. The market cap is $5.34 Billion. It pays a 9.49% dividend annually to its shareholders.
In the last six months, the AQN stock price dropped from $15.73 to $7.90. This stock is considered the best dividend stock. You can earn some extra income as dividends.
3. Loblaw (TSE: T)
Loblaw is the largest food and pharmacy company in Canada. It was established in 1919 and has headquarters in Brampton, Canada. It has two segments retail and financial services.
The current price of Loblaw stock is CAD $118.89. The market cap is $38.52 Billion. This company pays 1.36% dividends annually to its shareholders.
Due to inflation in Canada, grocery bills are very high. Food prices rose by 10% in 2022. It might be inclining in 2023. This company’s earnings increased in Q2, Q3, and Q4 of 2022.
In addition to that, the Q1 2022 earnings was +C0.04, Q2 2022 was +C0.08 and Q3 2022 was +C0.06.
If the food prices remain high in 2023 then the Loblaw stock price will increase. The price target of Loblaw stock is $136.95 in 2023. Loblaw is the best stock to buy right now in Canada.
4. Shopify (TSE: SHOP)
Shopify Inc. is an e-commerce company in Canada. It was established in 2004 and has headquarters in Ottawa, Canada. This e-commerce company provides services in Canada, the US, Asia Pacific, the Middle East, Africa, Latin America, and Europe.
Furthermore, the current price of SHOP stock is USD $43.61. The market cap of this stock is $55.27 Billion. The 52-week high is $78.00 and the 52-week low stock price is $23.63.
In the last five years, the Shopify stock price has increased by more than 67%. So, the growth of Shopify stock is incredible in the last few years. This stock is good for long-term investment.
The average target price of Shopify stock is $55.10 in 2023. This stock is considered the best stock to buy right now in Canada.
You may also like: Top 6 Best Canadian Stock Trading Apps in 2023
5. Royal Bank of Canada (TSX: RY)
Royal Bank of Canada (RBC) is a financial service company in Canada. It is the largest and most financially diversified company in Canada. It was founded in 1864 and has headquarters in Toronto, Canada. It provides services in Canada, the US, the Caribbean, and internationally.
This company has five categories under which it operates.
- Personal & Commercial Banking
- Wealth Management
- Insurance
- Investor & Treasury
- Capital Markets
The current RBC stock price is CAD $138.79. The market cap of RBC stock is 191.93 Billion. This company pays 3.80% divided annually to its shareholders.
Due to inflation in Canada, the interest rate on loans is going high which makes a profit margin for the RBC stock. On the other hand, due to high interest rates, people stop to take loans right now.
Overall, RBC is a fundamentally strong financial company in Canada. The RBC stock is good for long-term investment. You can consider RBC stock as the best stock to buy right now in Canada.
6. Dollarama (TSE:DOL)
Dollarama Inc. has a chain of dollar stores in Canada. It was established in 1992 and has headquarters in Montreal, Canada. They operated 1,444 total stores in Canada.
The current price of DOL stock is CAD $79.92. The market cap of DOL stock is $22.96 Billion. They pay 0.28% divided annually to their shareholders.
The Dollarama stock increased by 23% in the last 12 months. The 52-week high price is 89.88 and the 52-week low price is 62.82.
Moreover, Dollarama has a different and unique price for merchandising things. This thing creates value for shoppers towards them.
The price target of Dollarama stock is $89.90 in 2023. It is the best stock to buy right now in Canada.
So, these are the 6 best stocks to buy right now in Canada.
“We are not encouraging you to buy these stocks. This is just based on our search and analytical tools.”
The stock market is very volatile. No one knows about the future of the stock market. You can also do your own search on these stocks before buying them.
1 thought on “Top 6 Best Stocks to Buy Right Now in Canada 2023”