Top TSX Dividend Stocks To Consider In October 2024
In This Article:
As the Canadian market enjoys a robust year with the TSX up over 17%, investors are keenly observing how this performance aligns with global trends and what it might mean for dividend-focused strategies. In such an environment, selecting dividend stocks that align with a growing economy and favorable interest-rate policies can offer potential stability and income, making them an attractive consideration for those looking to capitalize on current market dynamics.
Top 10 Dividend Stocks In Canada
| Name | Dividend Yield | Dividend Rating |
| Whitecap Resources (TSX:WCP) | 6.92% | ★★★★★★ |
| Labrador Iron Ore Royalty (TSX:LIF) | 8.22% | ★★★★★☆ |
| Power Corporation of Canada (TSX:POW) | 5.08% | ★★★★★☆ |
| Enghouse Systems (TSX:ENGH) | 3.33% | ★★★★★☆ |
| Firm Capital Mortgage Investment (TSX:FC) | 8.59% | ★★★★★☆ |
| Russel Metals (TSX:RUS) | 4.25% | ★★★★★☆ |
| Sun Life Financial (TSX:SLF) | 4.12% | ★★★★★☆ |
| National Bank of Canada (TSX:NA) | 3.34% | ★★★★★☆ |
| Royal Bank of Canada (TSX:RY) | 3.32% | ★★★★★☆ |
| Canadian Natural Resources (TSX:CNQ) | 4.32% | ★★★★★☆ |
Click here to see the full list of 29 stocks from our Top TSX Dividend Stocks screener.
Let's take a closer look at a couple of our picks from the screened companies.
High Liner Foods
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: High Liner Foods Incorporated processes and markets frozen seafood products in North America, with a market cap of CA$395.17 million.
Operations: High Liner Foods generates revenue of $992.12 million from the manufacturing and marketing of prepared and packaged frozen seafood.
Dividend Yield: 4.6%
High Liner Foods' dividend is well-covered by earnings and cash flows, with a payout ratio of 30.2% and a cash payout ratio of 8.2%. Despite its volatile dividend history, recent payments have increased over the past decade. The company approved a quarterly CAD 0.15 per share dividend, reflecting stable current coverage but not top-tier yield compared to Canadian peers. Recent debt refinancing extends maturity to July 2031, potentially improving financial stability despite high leverage levels.
IGM Financial
Simply Wall St Dividend Rating: ★★★★★☆
Overview: IGM Financial Inc. is a Canadian wealth and asset management company with a market cap of approximately CA$9.89 billion.
Operations: IGM Financial Inc. generates revenue from its Asset Management segment with CA$1.21 billion and Wealth Management segment with CA$2.30 billion.
Dividend Yield: 5.4%
IGM Financial's dividends are well-covered by earnings and cash flows, with payout ratios of 62.9% and 70.8%, respectively. Over the past decade, its dividends have been stable and growing, though its current yield of 5.39% is below the top Canadian dividend payers' average of 6.08%. Recent financials show improved quarterly net income at CAD 216.19 million, supporting continued dividend reliability amidst a completed share buyback worth CAD 49.1 million.