Yahoo Finance 3 TSX Stocks Every Canadian Should Own in December 2023
Written by Amy Legate-Wolfe at The Motley Fool Canada
As we head closer and closer to 2024, Canadians are likely going over their budgets. Hard. After all, it’s also “the most wonderful time of the year.” And that wonderful time comes with a lot of spending. Because of this, we’re entering 2024 perhaps even worse off than we have been all year.
That’s why it’s so important to stick to long-term goals and long-term winning stocks. Today, we’re going to focus on the three TSX stocks that every Canadian should have in their portfolio.
Fortis
Fortis (TSX:FTS) is a solid stock to own for those looking to create a nice base for their portfolio. The utility stock recently became the second of the TSX stocks to have reached Dividend King status. That means it now has 50 consecutive years of dividend increases under its belt.
Because of this, you can look forward to perhaps another 50 years of dividend increases for the stock. And that looks quite likely, given that Fortis stock has a history of creating stable revenue from long-term contracts, acquiring new businesses, then doing it all over again.
So with a dividend yield at 4.25%, shares up just 1% in the last year, and trading at just 2.3 times sales, this stock looks like a steal. Further, its dividend remains healthy with a payout ratio at 73.2%. So with shares up 62% in the last decade alone, ignore the noise from TSX stocks today and focus on a strong base like Fortis stock.
Constellation Software
Another of the top TSX stocks to have in your portfolio has to be Constellation Software (TSX:CSU). This acquisition powerhouse has gained a huge reputation for bringing in solid revenue over the years. That’s what comes with a management team that’s been buying up essential software companies since 1995.
Yet while the stock has been on the market far less than that, it still has over a decade of data to look back on. And that data has been hugely positive, even during the pandemic! There have been very few dips for Constellation stock. So much so that it has now even created a spin-off stock, launching the same structure over in Europe.
Today, it’s one of the TSX stocks doing well in this volatile environment, and will continue to do so. Canadians can pick it up with shares up 57% in the last year, trading at 6.4 times sales. It’s not a deal, I’ll grant you. However, there’s a reason for that. In the last decade alone, shares of Constellation stock are up 2,658%! And you can likely look forward to more of that as it surpasses $3,000 per share.
goeasy
A rebounding stock that investors may also want to get in on is goeasy (TSX:GSY) as the loan provider sees some major growth. That’s because it’s one of the TSX stocks also proving not only that it can survive a rough market, it can thrive.
The loan provider has seen record performance again and again during its quarterly reports. Now, as we see the Bank of Canada continue to hold its rate steady at 5%, Canadians are likely going to start looking at companies such as goeasy stock again. And that means even more business coming in the future.
Shares of goeasy stock remain a steal, trading at 12.2 times earnings, with a 2.68% dividend yield and shares up 24% in the last year. But there is even more room to grow back towards all-time highs. What’s more, this stock has been around for decades! With shares up 2,115% in the last decade alone! So definitely consider this among your other TSX stocks today.
The post 3 TSX Stocks Every Canadian Should Own in December 2023 appeared first on The Motley Fool Canada.
Should You Invest $1,000 In Constellation Software?
Before you consider Constellation Software, you'll want to hear this.
Our market-beating analyst team just revealed what they believe are the 5 best stocks for investors to buy in November 2023... and Constellation Software wasn't on the list.
The online investing service they've run for nearly a decade, Motley Fool Stock Advisor Canada, is beating the TSX by 24 percentage points. And right now, they think there are 5 stocks that are better buys.
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Fool contributor Amy Legate-Wolfe has positions in goeasy. The Motley Fool recommends Constellation Software and Fortis. The Motley Fool has a disclosure policy.
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