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Top 100 dividend stocks in Canada 2024

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Scoring the best dividend stocks in Canada

  • The yield score (40% weighting) looks at the current dividend yield and the growth of the dividend over the past five years. 
  • The stability score (40% weighting) reveals the debt-to-equity ratio, return on equity, five-year earnings growth, and ratio of earnings per share to dividends. 
  • The valuation score (20% weighting) reflects the stock’s earnings yield (the inverse of price-to-earnings) and price-to-book value. 

Rating the top 100 dividend stocks in Canada

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Many dividend-seeking investors gravitate towards bank stocks—but these have taken a backseat in this year’s top 100. While scoring reasonably well on dividends and valuation, the bank stocks suffered from substandard stability scores relative to most Toronto Stock Exchange–listed dividend payers in 2023, notes Aman Raina, investing coach and founder of Sage Investors, who extracted the data. “The insurance companies, by contrast, show more balance in scoring. So, if you are looking for financial exposure, this subsector appears to have some decent upside.”

Another surprise in this year’s best dividend stock list was how well commodity-producing companies scored on all three criteria. “With potential for inflation and interest rates to fall, leading to potentially lower real rates, this could give the [materials and energy] space some legs for a run in 2024,” Raina says.

Depending on your own investment process, treat the list below as a source of ideas, to be augmented by more thorough due diligence, especially throughout 2024. Our screening does not account for qualitative factors such as the expertise of company management, consumer and/or technological trends, or risks associated with the countries in which the companies operate, for example.

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To view all the data in the table, slide the columns right or left using your fingers or mouse. You can filter or rearrange the rankings by using the search tool or clicking on column headings. You can also download the data to your device in Excel, CSV and PDF formats.

The top dividend stocks in Canada for 2024

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About Michael McCullough


About Michael McCullough

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Michael is a financial writer and editor in Duncan, B.C. He’s a former managing editor of Canadian Business and editorial director of Canada Wide Media. He also writes for The Globe and Mail and BCBusiness.

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