5 Best Canadian Dividend Stocks To Buy Now

In this article, we discuss 5 best Canadian dividend stocks to buy now. If you want to read our detailed analysis of Canadian dividend stocks and their performance and go directly to read 11 Best Canadian Dividend Stocks To Buy Now. 

5. Manulife Financial Corporation (NYSE:MFC)

Dividend Yield as of November 28: 5.59%

Manulife Financial Corporation (NYSE:MFC) is a Toronto-based multinational insurance company that provides a wide range of investment solutions to its consumers. In October, Barclays maintained an Overweight rating on the stock with a C$29 price target, highlighting the company’s reinsurance business.

Manulife Financial Corporation (NYSE:MFC) is one of the best dividend stocks on our list as it has been raising its dividends consistently for the past nine years. The company currently pays a quarterly dividend of C$0.33 per share and has a dividend yield of 5.59%, as of November 28.

In the third quarter of 2022, Manulife Financial Corporation (NYSE:MFC) reported net sales of C$1.3 billion, and its net inflows for the quarter amounted to over C$3 billion. The company’s new business value came in at C$514 million, falling by 6% from the same period last year.

At the end of Q3 2022, 14 hedge funds tracked by Insider Monkey owned stakes in Manulife Financial Corporation (NYSE:MFC), compared with 15 in the previous quarter. The collective value of these stakes is over $130 million. Galibier Capital Management was one of the company’s major stakeholders in Q3.

Harding Loevner mentioned Manulife Financial Corporation (NYSE:MFC) in its Q2 2022 investor letter. Here is what the firm has to say:

“Manulife Financial Corporation (NYSE:MFC), the Canadian life insurer operating primarily in North America and Asia, is a new holding. Manulife offers a full suite of life insurance products as well as retirement and wealth management services. While the wealth management and retirement products appeal to the aging populations of the Western world, long-term life insurance products address the needs of the growing number of middle-class families in places like China and southeast Asia. COVID-19-induced lockdowns in China brought the shares down to a significant discount to our estimate of long-term value. The holding now serves as a nice diversifier to our Asia-centered insurers AIA and Ping An.”