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By Michael McCullough on January 20, 2024
Estimated reading time: 3 minutes
By Michael McCullough on January 20, 2024
Estimated reading time: 3 minutes
Use this ranking as a tool to help you identify the companies that offer the best investment potential now, based on yield, stability and value.
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Image by Freepik
Overview Top 100 Dividend Stocks Past Performance Methodology
- Overview
- Past Performance
- Methodology
Top 100 dividend stocks in Canada
Consider our list of the top 100 Canadian dividend stocks for 2024, below, as a starting point for your search for investing prospects, not the final destination. You may find yourself looking long and hard for what investors typically consider dividend aristocrats: banks, telecoms, utilities, pipelines and real estate investment trusts (REITs). (They’re here. It’s just not that obvious.)Understand that this exercise is meant to identify candidates based on quantitative factors including not just dividend yield and sustainability, but also measures of profitability, financial strength and value. (Learn more about our best dividend stocks methodology.)
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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.
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers.Learn more about our advertising and trusted partners.
Rating the top 100 dividend stocks in Canada
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.
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
The best RRSPs in CanadaREAD NOW
Read more about investing:
- The MoneySense Glossary for personal finance and investing terms—for Canadians
- The best TFSAs in Canada
- Making sense of the markets this week
- The best ETFs in Canada
About Michael McCullough
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.
Comments
Fortis doesn’t make the top 100 dividend stocks?
Reply
why is Enbridge not on the list?
Reply
Hi LD, Enbridge scored 109th on the rankings, so in the middle-range of companies. It was OK but not as well balanced as the other high scoring companies. While it scored high in terms of yield metrics, it was “weaker” in the profitability side, which carried a higher weighting. The rankings are not simply based on high dividend yields.
Reply
we have a stack of manulife stocks…from 2020 they went down from covid.by feb 2024 they had came up to our initial investment…was this the norm for that time period FOR MOST OTHER INVESTORS
Reply
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