5 Best Canadian Dividend Stocks For Income Investors

2. Agnico Eagle Mines Limited (NYSE:AEM)

Number of Hedge Fund Holders: 41

Agnico Eagle Mines Limited (NYSE:AEM) is a Canadian mining company that specializes in the mining and exploration of gold and other commodities. In May, National Bank raised its price target on the stock to C$98 and maintained an Outperform rating on the shares, appreciating the company’s performance.

Agnico Eagle Mines Limited (NYSE:AEM) is one of the best dividend Canadian stocks on our list as it has been paying regular dividends to shareholders for the past 40 years. The company’s current quarterly dividend comes at $0.40 per share for a dividend yield of 2.68%, as of May 7.

At the end of Q4 2022, 41 hedge funds tracked by Insider Monkey owned stakes in Agnico Eagle Mines Limited (NYSE:AEM), up from 39 in the previous quarter. These stakes have a total value of over $613.7 million.

Old West Management mentioned Agnico Eagle Mines Limited (NYSE:AEM) in its Q4 2022 investor letter:

“Agnico Eagle Mines Limited (NYSE:AEM) is the third largest gold miner in the world with mines in Canada, Australia, Finland, and Mexico. Although we have long respected the company, we became shareholders when they acquired our portfolio holding, Kirkland Lake Gold. Agnico chairman Sean Boyd is one of the most respected executives in the mining industry. He was appointed CEO in 1998 and was recently appointed Executive Chairman. Boyd is a large shareholder and perfectly fits our owner/manager role. This year the company is projected to make nearly $1 billion in net income on $5.8 billion in revenue with $758 million of free cash flow. Net income has been growing 15% per year for several years. Agnico has a fortress balance sheet with $1.3 billion of long term debt, which is only 2 times EBITDA, and $820 million cash in the bank. The stock trades at $55 per share, which is 26 times earnings with a 2.9% dividend yield.”