In this article, we will be looking at the 5 best Canadian dividend stocks to buy now. If you want to see our detailed analysis of dividend investing, you can go directly to the 10 Best Canadian Dividend Stocks to Buy Now.
5. The Bank of Nova Scotia (NYSE: BNS)
Number of Hedge Fund Holders: 19
Dividend Yield: 4.66%
The Bank of Nova Scotia (NYSE: BNS) offers a range of banking products and services in the US, Canada, Mexico, Peru, Chile, Colombia, the Caribbean, and Central America. The company ranks 5th on our list of the best Canadian dividend stocks to buy now.
Paul Holden, an analyst at CIBC, also raised his price target on The Bank of Nova Scotia (NYSE: BNS) from $72.37 to $73.17 this June. Additionally, Barclays’ John Aiken upgraded The Bank of Nova Scotia (NYSE: BNS) shares from Underweight to Equal Weight in the same month.
In the fiscal second quarter of 2021, The Bank of Nova Scotia (NYSE: BNS) had an EPS of $1.57, beating estimates by $0.12. The company’s revenue was $6.41 billion, up 11.11% year over year but missing estimates by $101.76 million. The Bank of Nova Scotia (NYSE: BNS) has also gained 14.21% in the past 6 months and 15.14% year to date.
By the end of the first quarter of 2021, 19 hedge funds out of the 866 tracked by Insider Monkey held stakes in The Bank of Nova Scotia (NYSE: BNS) worth roughly $239 million. This is compared to 19 hedge funds in the previous quarter with a total stake value of approximately $336 million.
4. The Toronto-Dominion Bank (NYSE: TD)
Number of Hedge Fund Holders: 19
Dividend Yield: 4.81%
The Toronto-Dominion Bank (NYSE: TD) is a company operating in the diversified banks industry to provide a range of personal and commercial banking products and services in the US and Canada. It ranks 4th on our list of the best Canadian dividend stocks to buy now.
National Bank’s Gabriel Dechaine has raised his price target on The Toronto-Dominion Bank (NYSE: TD) shares this June. The new target is $72.37, and Dechaine also holds a Sector Perform rating on the company’s shares.
In the fiscal second quarter of 2021, The Toronto-Dominion Bank (NYSE: TD) had an EPS of $1.69, beating estimates by $0.23. The company’s revenue was $8.14 billion, up 13.45% year over year and beating estimates by $12.35 million. The Toronto-Dominion Bank (NYSE: TD) has also gained 13.32% in the past 6 months and 14.94% year to date.
By the end of the first quarter of 2021, 19 hedge funds out of the 866 tracked by Insider Monkey held stakes in The Toronto-Dominion Bank (NYSE: TD) worth roughly $212 million. This is compared to 22 hedge funds in the previous quarter with a total stake value of approximately $171 million.
3. Exchange Income Corporation (OTC: EIFZF)
Number of Hedge Fund Holders: N/A
Dividend Yield: 5.63%
Exchange Income Corporation (OTC: EIFZF) is an airline company that works in the aerospace and aviation services and equipment, and manufacturing businesses across the globe. The company ranks 3rd on our list of the best Canadian dividend stocks to buy now.
Scott Fromson, an analyst at CIBC, raised his price target on Exchange Income Corporation (OTC: EIFZF) shares just this July. The new price target on the stock is $35.78, with Fromson also retaining a Neutral rating on Exchange Income Corporation (OTC: EIFZF).
In the first quarter of 2021, Exchange Income Corporation (OTC: EIFZF) had an EPS of $0.16. The company’s revenue was $239.29 million, beating the previous quarter’s $235.12 million revenue. Exchange Income Corporation (OTC: EIFZF) has also gained 12.11% in the past 6 months and 16.64% year to date.
2. TC Energy Corporation (NYSE: TRP)
Number of Hedge Fund Holders: 25
Dividend Yield: 5.84%
TC Energy Corporation (NYSE: TRP), an energy infrastructure company operating in North America and based in Calgary, Canada, ranks 2nd on our list of the best Canadian dividend stocks to buy now. It operates through its Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines, and Power and Storage segments.
Robert Catellier, an analyst at CIBC, raised his price target on TC Energy Corporation (NYSE: TRP) this June from $55.66 to $58.84. Catellier also holds an Outperformer rating on TC Energy Corporation (NYSE: TRP) shares.
In the first quarter of 2021, TC Energy Corporation (NYSE: TRP) had an EPS of $0.96, beating estimates by $0.05. The company’s revenue was $2.79 billion, up 14.61% year over year and beating the previous quarter’s revenue of $2.60 billion. TC Energy Corporation (NYSE: TRP) has also gained 14.43% in the past 6 months and 19.64% year to date.
By the end of the first quarter of 2021, 25 hedge funds out of the 866 tracked by Insider Monkey held stakes in TC Energy Corporation (NYSE: TRP) worth roughly $429 million. This is compared to 19 hedge funds in the previous quarter with a total stake value of approximately $249 million.
1. Enbridge Inc. (NYSE: ENB)
Number of Hedge Fund Holders: 22
Dividend Yield: 7.14%
Enbridge Inc. (NYSE: ENB) is an energy infrastructure company that operates through its Liquids Pipelines, Gas Transmission and Midstream, Gas Distribution and Storage, Renewable Power Generation, and Energy Services segments. The company ranks 1st on our list of the best Canadian dividend stocks to buy now.
Scotiabank’s Robert Hope has raised his price target on Enbridge Inc. (NYSE: ENB) shares this July, alongside retaining his Outperform rating on the stock. The new price target is $43.72.
In the first quarter of 2021, Enbridge Inc. (NYSE: ENB) had an EPS of $0.67, beating estimates by $0.08. The company’s revenue was $10.04 billion, up 17% year over year and beating estimates by $624.56 million. Enbridge Inc. (NYSE: ENB) has also gained 14.95% in the past 6 months and 21.68% year to date.
By the end of the first quarter of 2021, 22 hedge funds out of the 866 tracked by Insider Monkey held stakes in Enbridge Inc. (NYSE: ENB) worth roughly $144 million. This is compared to 28 hedge funds in the previous quarter with a total stake value of approximately $181 million.
ClearBridge Investments, an investment management firm, mentioned Enbridge Inc. (NYSE: ENB) in its first-quarter 2021 investor letter. Here’s what they said:
“Enbridge owns and operates one of the largest oil and gas pipeline networks in North America. The company also owns regulated gas distribution utilities in Ontario, Canada. The first quarter saw the market giving the energy sector credit for its leverage to the eventual economic recovery as COVID-19 vaccines get rolled out through 2021.”
You can also take a look at 10 Best Dividend Champions to Buy Now and 10 Best Dividend Aristocrats to Buy According to Hedge Funds.
