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4 of the Best Canadian Stocks to Buy Today

Stock MarketsJun 17, 2021 12:15
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4 of the Best Canadian Stocks to Buy Today

The Canadian economy continues to rebound with the TSX continue to trade at all-time highs. Some of the best Canadian stocks to buy are those that will do well during this recovery. Yet many investors have been taking on risk looking for strong growth, growth that isn’t sustainable. Here at the Motley Fool Canada, we recommend sustainable income.

So here are four Canadian stocks to buy that should continue to see sustained income for years, and decades, to come.

WELL Health Technologies There was a lot of growth for WELL Health Technologies (TSX:WELL) during the last year, leaving some wondering if things will return to pre-pandemic levels after the pandemic is over. However, that’s simply not the case for WELL Health stock.

WELL Health stock is now the country’s largest outpatient clinic and continues to expand. It’s raking in revenue, recently reported record-setting revenue of 150% year over year. Shares are up 198% in the last year alone as well and are heading toward all-time highs. I continue to be bullish on telehealth stocks as options for the future.

Physicians simply save too much time and money by offering this service, and WELL Health stock continues to be one of the Canadian stocks to buy for sustainable income.

Lightspeed stock Lightspeed POS (TSX:LSPD)(NYSE:LSPD) is another company working back toward all-time highs. There are many Canadian stocks to buy in the tech industry, but I would definitely put Lightspeed stock at the top of my list.

That’s because the company is taking on a different approach to its e-commerce peers. Rather than investing in a few countries and expanding on a large scale, it’s taking the “land and launch” approach. This is where Lightspeed stock lands in as many countries as possible and launches slowly and steadily from there.

The company looks to be focused on this for the next five years at least, according to Chief Executive Officer and Founder Dax Dasilva. Since January 2020, Lightspeed stock has invested US$2.3 billion almost in acquisitions. Almost half that was made recently by Lightspeed stock investing a total of US$975 million in two acquisitions. So this could be an excellent time to buy and wait for revenue to soar for this Motley Fool Canada recommendation.

Nutrien But it’s not just tech stocks that have been climbing. Another industry seeing massive improvement is the crop nutrients industry. In particular, crop nutrient provider Nutrien (TSX:NTR)(NYSE:NTR) is increasing its potash production due to demand. This demand allowed it to increase its annual guidance in expectations of a strong spring. So it’s definitely one of the Canadian stocks to buy ahead of this increase.

Nutrien boasts the market share of the crop nutrient industry, and that’s only going to increase as its continues to acquire businesses. Meanwhile, shares are up 62% in the last year alone! And it offers a dividend yield of 2.88% to boot. It’s one of the top recommendations made by Motley Fool Canada writers. So definitely add this to your list of must-haves as the economy rebounds.

Spin Master Finally, with consumers paying down debt and increasing savings, they’re looking to spend. One area this is going to happen is with toys. Spin Master (TSX:TOY) boasts several revenue streams that have seen massive success in the last year. There’s Paw Patrol fuelling revenue both now and in the future with a new film on the way. There’s also its digital gaming industry, which has been exploding in the last year.

Spin Master is one of the best Canadian stocks to buy with a recovery on the way. The company saw revenue increase 39.3% year over year during the last report, with a 21.3% increase in sales. Yet it remains a deal trading at 3.7 times book value, and shares are also up 91%! There’s been a correction, so now is the best time to buy up this stock while you can.

The post 4 of the Best Canadian Stocks to Buy Today appeared first on The Motley Fool Canada.

Fool contributor Amy Legate-Wolfe owns shares of Lightspeed POS Inc. and WELL Health Technologies. The Motley Fool owns shares of and recommends Lightspeed POS Inc and Spin Master Corp. The Motley Fool recommends Nutrien Ltd.

This Article Was First Published on The Motley Fool

4 of the Best Canadian Stocks to Buy Today
 

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