Top 100 dividend stocks of 2020 - MoneySense

Top 100 dividend stocks of 2020

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How to use this table

There are two things to consider as you review this report. First, as you scan through the ranking, you’ll stumble across many large and familiar companies, many in sectors that are traditionally home to solid dividend-paying stocks. 

The list is not meant to be a critique of dividend-paying companies or suggest poorly graded companies are at risk of cutting their payouts. The Dividend All-Stars should be used as a tool to help you identify the companies that offer the best investment potential now, based on yield, stability and value. 

For all the success the Dividend All-Stars ranking has enjoyed over the years, it should be seen as the starting point for your own research; our goal is to winnow down the field of stocks to you to review. It’s up to you to look past the grades to consider the intangible facets of each company that can influence their performance. 

To capture the performance of the Dividend All-Stars, you would have had to invest equal amounts into each of the top stocks. Following this approach, you would liquidate your portfolio at the end of the year and repeat the process with the latest top picks. Buying all of the top stocks provides some diversification and offers investors a little insurance against the odd dud that can sneak into any portfolio. Bear in mind, if you only have small sums of money to invest, the $9 or more it may cost you to execute each trade can be a significant drag on your portfolio right out of the gate. 

Still, a few investors will undoubtedly select a small number of names from the list which they feel offer the best prospects. If that sounds like you, then take even greater care before buying a stock, and decide if you are willing to take on the added risk of investing in a smaller pool of companies. 


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If you decide to pick individual stocks, then make sure you have a strategy to limit your risk of exposure. Before you start buying individual companies, Michele Robitaille, managing director at Guardian Capital LP, says investors should ensure the largest portfolio, such as their retirement savings, has a solid foundation, with input from a money manager. 

(The Canadian Couch Potato strategy, as longtime MoneySense readers know, is another sensible option.) 

Similarly, Robitaille says investors should plan to have another 5% to 10% of their portfolios in even more conservative investments for a rainy day fund. For those investors who want to add individual names to their portfolio, she suggests keeping their “play” money under 10% of their portfolio to limit their risk.

Whichever strategy you choose, before you make any investment decision make sure nothing material has changed that might make it a less attractive buy. Markets can shift fast, and this report presents a snapshot in time.

With that, here are this year’s Dividend All-Stars:

Company Ticker Industry Group Price (Oct 23) Market Cap ($M) Total 1-year return Total 5-year return Dividend yield Dividend Growth (5Yr Avg) Payout ratio Debt/Equity Return on Common Equity Price/Cash Flow 3-year earnings growth Price/Earnings Price/Book Grade
Manulife Financial Corp. MFC Insurance 24.53 $47.789 25.8% 7.3% 4.1% 12.9% 33.9% 70.38 13.25 2.43 28.1% 8.42 1.06 A
Methanex Corp. MX Chemicals 47.84 $3.645 -42.3% -3.3% 4.0% 13.4% 29.6% 80.66 25.9 6.89 41.6% 8.43 1.91 A
Magna International Inc. MG Auto Parts & Equipment 70.74 $21.900 18.2% 7.9% 2.7% 19.1% 17.7% 39.28 22.66 6.89 4.5% 8.31 1.47 A
Imperial Oil Ltd. IMO Oil & Gas 33.21 $25.109 -18.4% -7.1% 2.6% 9.5% 20.5% 21.15 12.74 10.2 27.3% 8.31 1 A
iA Financial Corp. Inc. IAG Insurance 61.11 $6.498 36.5% 10.0% 2.9% 11.0% 28.5% 15.76 12.56 7.5 18.7% 10.3 1.27 A
Genworth MI Canada Inc. MIC Insurance 52.6 $4.525 46.5% 12.7% 3.9% 22.7% 42.7% 10.87 10.23 9.42 4.3% 10.23 1.11 A
Canadian Imperial Bank of Commerce CM Banks 111.89 $49.779 3.7% 6.9% 5.1% 7.3% 48.4% 138.69 15.12 3.95 13.8% 9.22 1.41 A
Great-West Lifeco Inc. GWO Insurance 31.18 $28.937 10.2% 4.5% 5.3% 5.8% 62.3% 23.57 12.47 3.9 2.3% 14.27 1.49 A
Power Financial Corp. PWF Insurance 31.04 $20.614 15.3% 4.1% 5.9% 5.1% 71.8% 47.95 11.12 2.57 -0.9% 10.92 1.19 A
Power Corp. of Canada POW Insurance 30.83 $13.117 20.7% 5.8% 5.3% 6.3% 71.8% 26.22 7.28 1.66 -10.0% 12.3 1.01 A
Canadian Natural Resources Ltd. CNQ Oil & Gas 33.82 $40.196 -3.8% 0.2% 4.2% 10.8% 35.4% 64.5 14.45 8.63 - 12.64 1.16 B
Enbridge Inc. ENB Pipelines 47.83 $96.803 23.4% 2.8% 6.2% 16.1% 119.4% 87.98 7.98 43.61 125.6% 18.04 1.57 B
Capital Power Corp. CPX Electric 30.61 $3.424 10.0% 10.5% 6.3% 7.2% 63.7% 87.26 9.2 219.69 44.9% 15.8 1.05 B
Suncor Energy Inc. SU Oil & Gas 39.8 $61.914 -5.4% 3.6% 3.9% 11.5% 43.2% 39.43 12.59 8.12 - 11.17 1.36 B
National Bank of Canada NA Banks 67.48 $22.655 18.1% 9.9% 4.0% 7.2% 42.0% 268.37 17.84 0.74 11.5% 10.87 1.86 B
Canadian Western Bank CWB Banks 33.35 $2.908 11.6% 0.8% 3.4% 6.7% 35.5% 13.33 10.97 4.68 -6.8% 10.69 1.15 B
Toronto-Dominion Bank/The TD Banks 74.6 $135.760 7.1% 10.8% 4.0% 9.5% 44.8% 176.92 15.11 3.54 12.5% 11.3 1.68 B
Pembina Pipeline Corp. PPL Pipelines 46.84 $23.959 11.4% 4.7% 5.1% 6.5% 75.7% 52.33 13.09 24.14 46.6% 15.27 1.95 B
Bank of Montreal BMO Banks 97.71 $62.431 1.6% 7.8% 4.2% 5.6% 42.2% 223.65 14.12 5.97 7.6% 10.62 1.37 B
Atco Ltd. ACO.X Electric 47.41 $5.435 32.0% 2.7% 3.4% 13.8% 34.5% 147.45 14.07 34.84 26.7% 11.34 1.42 B
IGM Financial Inc. IGM Diversified Financial Services 37.29 $8.885 24.0% 2.8% 6.0% 0.9% 74.0% 40.2 16.68 12.31 -0.2% 11.68 2.01 B
PrairieSky Royalty Ltd. PSK Oil & Gas 15.18 $3.543 -25.8% -12.7% 5.1% 13.0% 173.3% 0.23 4.04 16.46 8.0% 33.42 1.37 B
Canadian Utilities Ltd. CU Electric 38.65 $10.546 33.0% 3.1% 4.4% 9.7% 49.3% 159.71 18.77 121.22 21.7% 12.17 2.11 B
TransAlta Renewables Inc. RNW Energy-Alternate Sources 14.13 $3.740 36.8% 10.4% 6.7% 4.2% 116.0% 38.9 9.24 11.66 6.6% 19.59 1.61 B
TFI International Inc. TFII Transportation 42.01 $3.467 3.7% 11.3% 2.3% 10.6% 24.1% 101.26 21.39 12.08 21.3% 12.28 2.37 B
Sun Life Financial Inc. SLF Insurance 58.82 $34.765 28.4% 12.4% 3.6% 7.3% 50.9% 17.66 11.16 9.92 4.6% 14.96 1.61 B
Keyera Corp. KEY Pipelines 30.33 $6.494 -4.6% -3.9% 6.3% 8.0% 83.3% 85.51 16.54 - 25.0% 16.65 2.25 B
Gildan Activewear Inc. GIL Apparel 35.07 $7.143 -9.4% 2.3% 2.0% 24.0% 34.4% 34.55 15.66 19.89 12.8% 15.72 2.84 B
Bank of Nova Scotia BNS Banks 75.09 $91.641 13.7% 6.5% 4.8% 6.4% 51.7% 205.44 13.17 46.24 6.8% 10.51 1.44 B
Canadian Tire Corp. Ltd. CTC.A Retail 143.59 $9.081 -0.9% 4.6% 2.9% 18.4% 35.0% 103.17 17.14 20.87 1.6% 12.95 2.25 B
Thomson Reuters Corp. TRI Media 86.85 $43.526 48.7% 19.9% 2.2% 40.1% 291.3% 34.86 38.22 122.76 46.5% 10.6 3.7 B
Tricon Capital Group Inc. TCN Diversified Financial Services 10.69 $2.074 6.6% 9.2% 2.6% 3.1% 29.0% 31.42 8.51 - 54.8% 9.71 0.99 B
Inter Pipeline Ltd. IPL Pipelines 22.11 $9.183 9.0% -3.0% 7.7% 5.8% 101.2% 142.72 17.52 - 11.5% 13.18 2.24 B
Husky Energy Inc. HSE Oil & Gas 9.52 $9.569 -50.8% -18.3% 5.3% 0.0% 45.1% 29.3 7.75 - - 11.42 0.47 B
Linamar Corp. LNR Auto Parts & Equipment 43.3 $2.825 -17.8% -4.8% 1.1% 4.8% 6.1% 65.43 13.97 6.65 10.6% 5.32 0.7 B
TELUS Corp. T Telecommunications 45.78 $27.552 6.1% 7.6% 4.9% 8.4% 74.8% 137.33 17.29 24.56 5.0% 17.25 2.64 C
Algonquin Power & Utilities Corp. AQN Energy-Alternate Sources 18.24 $9.477 42.9% 20.9% 4.1% 15.3% 76.2% 82.62 11.17 57.36 29.8% 24.16 2.18 C
BCE Inc. BCE Telecommunications 61.06 $54.959 22.9% 10.1% 5.2% 5.2% 95.2% 117.96 17.96 15.2 3.0% 17.3 3.43 C
Quebecor Inc. QBR.B Media 30.19 $7.742 14.7% 17.0% 1.5% 46.3% 13.0% 1,142.50 367 10.35 38.3% 17.1 9.99 C
Cogeco Communications Inc. CCA Media 106.95 $5.293 65.5% 14.8% 2.0% 11.8% 34.3% 165.59 19.34 13.55 10.4% 16.07 2.42 C
Nutrien Ltd. NTR Chemicals 63.3 $36.262 -1.3% - 3.8% 0.0% 545.2% 37.76 13.02 30.21 41.2% 18.71 1.19 C
Royal Bank of Canada RY Banks 106.27 $152.450 16.2% 10.1% 4.0% 7.5% 45.6% 310.41 17.16 - 7.7% 11.99 1.98 C
Emera Inc. EMA Electric 55.76 $13.411 44.9% 14.0% 4.4% 10.1% 72.1% 198.58 10.7 - 20.4% 18.79 1.81 C
Vermilion Energy Inc. VET Oil & Gas 20.37 $3.161 -39.8% -15.9% 13.5% 1.7% 112.2% 68.48 13.16 39.99 - 26.68 1.18 C
Maple Leaf Foods Inc. MFI Food 29.92 $3.725 -8.3% 10.2% 1.9% 28.7% 84.6% 19.11 4.12 55 34.6% 21.39 1.87 C
Shaw Communications Inc. SJR.B Media 25.04 $12.943 7.4% 2.3% 4.7% 2.0% 77.0% 72.88 13.28 30.51 -58.8% 16.57 2.17 C
Metro Inc. MRU Food 55.3 $14.072 36.9% 18.1% 1.4% 15.9% 29.5% 46.74 12.12 36.77 50.3% 20.5 2.37 C
Brookfield Asset Management Inc. BAM.A Private Equity 70.45 $70.071 35.6% 17.1% 1.2% 11.5% 21.3% 125.68 11.27 17.5 15.3% 11.47 1.94 C
Parkland Fuel Corp. PKI Oil & Gas 44.77 $6.593 7.6% 21.5% 2.7% 2.4% 54.9% 125.65 17.73 11.05 73.4% 16.73 3.68 C
Northland Power Inc. NPI Electric 26.07 $5.046 30.9% 14.7% 4.6% 2.1% 73.6% 485.18 41.6 45.14 524.3% 20.15 5.95 C
CCL Industries Inc. CCL.B Packaging & Containers 52.9 $9.451 2.8% 19.3% 1.3% 25.8% 22.7% 93.21 18.3 25.49 16.5% 19.43 3.44 C
Alimentation Couche-Tard Inc. ATD.B Retail 39.53 $44.561 30.2% 16.4% 0.6% 25.6% 10.1% 75.71 22.23 16.53 15.5% 17.57 3.59 C
Canadian National Railway Co CNR Transportation 117.1 $84.394 10.1% 10.4% 1.8% 16.5% 33.5% 71.25 24.85 38.12 7.0% 19.59 4.51 C
TC Energy Corp. TRP Pipelines 67.55 $63.010 40.6% 9.1% 4.4% 9.1% 63.7% 162.1 16.83 #N/A N/A - 16.53 2.41 C
Rogers Communications Inc. RCI.B Telecommunications 61.03 $31.461 -8.4% 10.7% 3.3% 1.8% 49.1% 202.29 23.83 19.74 15.3% 14.06 3.2 C
Onex Corp. ONEX Private Equity 77.39 $7.749 -8.6% 5.0% 0.5% 16.5% 0.7% 396.38 82.44 - - 3.57 0.88 C
Enghouse Systems Ltd. ENGH Software 36.81 $2.013 3.4% 16.1% 1.2% 17.3% 39.3% 0.46 18.29 24.85 22.5% 30.93 5.35 C
Stella-Jones Inc. SJ Building Materials 37.9 $2.620 -11.4% 4.1% 1.5% 15.7% 24.4% 40.07 11.79 135.23 -0.9% 17.45 2 C
Toromont Industries Ltd. TIH Machinery-Diversified 65.79 $5.367 9.6% 22.5% 1.6% 12.4% 30.4% 48.62 20.91 105.46 20.0% 24 3.91 C
First Capital Realty Inc. FCR REITS 21.97 $4.813 19.4% 8.2% 3.9% 0.4% 63.2% 87.61 7.57 121.81 19.0% 22.27 1.13 C
Fortis Inc. FTS Electric 54.39 $23.755 28.9% 13.2% 3.5% 7.1% 48.6% 134.3 10.44 - 13.1% 21.6 1.52 C
Fairfax Financial Holdings Ltd. FFH Insurance 550.47 $15.972 -7.5% 3.8% 2.4% 3.9% 32.9% 37.32 6.78 109.44 -12.8% 25.92 0.92 D
Canadian Pacific Railway Ltd. CP Transportation 287.11 $39.478 18.0% 6.4% 1.2% 16.2% 17.9% 131.04 32.36 32.93 13.0% 18.42 5.71 D
Intact Financial Corp. IFC Insurance 133.92 $19.149 36.3% 15.3% 2.3% 9.7% 56.2% 28.28 10.56 21.61 0.1% 31.88 2.67 D
Constellation Software Inc. CSU Software 1290.94 $27.357 55.9% 36.2% 0.4% 49.0% 21.0% 42.54 65.81 33.8 28.9% 56.71 37.42 D
Gibson Energy Inc. GEI Pipelines 22.96 $3.340 14.3% -0.1% 5.7% 2.4% 130.7% 163.69 14.75 24.47 - 20.39 4.34 D
Stantec Inc. STN Engineering & Construction 28.53 $3.187 -14.3% -3.2% 2.0% 9.7% 37.2% 48.92 3.41 57.42 -32.8% 21.02 1.71 D
Saputo Inc. SAP Food 38.02 $15.500 -4.4% 5.2% 1.8% 7.0% 34.4% 44.23 14.67 28.19 7.9% 23.57 2.76 D
TMX Group Ltd. X Diversified Financial Services 114.3 $6.420 48.0% 20.1% 2.2% 8.8% 50.9% 31.53 7.89 26.72 - 24.44 1.87 D
Superior Plus Corp. SPB Retail 12.66 $2.214 13.0% 5.9% 5.7% 3.7% 553.9% 170.25 3.88 - - 33.35 2 D
Finning International Inc. FTT Hand/Machine Tools 21.85 $3.568 -18.2% -2.4% 3.8% 4.2% 67.7% 71.74 9.4 - - 13.72 1.75 D
Open Text Corp. OTEX Software 51.65 $13.937 21.5% 13.7% 1.8% 19.9% 59.4% 67.31 7.51 13.23 0.1% 33.93 2.78 D
Premium Brands Holdings Corp. PBH Food 92.12 $3.447 1.9% 34.4% 2.3% 10.4% 70.7% 140.22 7.55 60.28 103.1% 30.4 3.15 D
Ritchie Bros Auctioneers Inc. RBA Commercial Services 52.05 $5.613 28.4% 17.1% 2.0% 11.5% 60.5% 87.4 16.04 24.18 -3.7% 33.84 5.22 D
CI Financial Corp. CIX Diversified Financial Services 19.06 $4.548 6.1% -5.6% 3.8% -9.1% 37.6% 104.94 33.71 7.84 3.7% 8.58 2.97 D
Restaurant Brands International Inc. QSR Retail 88.78 $41.197 27.2% - 3.0% 0.0% 84.8% 335.54 29.16 13.68 17.7% 29.07 9.37 D
Encana Corp. ECA Oil & Gas 5.33 $6.924 -59.6% -22.7% 1.9% -20.9% 5.7% 56.37 14.05 7.49 - 4.87 0.55 D
Loblaw Cos. Ltd. L Food 69.85 $25.425 33.6% 10.5% 1.8% 4.7% 65.2% 73.88 6.99 14.57 8.6% 21.35 2.29 D
CAE Inc. CAE Aerospace/Defense 32.94 $8.769 44.2% 19.3% 1.3% 10.4% 33.3% 96.61 14.22 893.08 12.8% 27.32 3.85 D
Empire Co Ltd. EMP.A Food 34.45 $9.351 48.7% 8.0% 1.4% 5.4% 29.0% 49.5 11.41 15.88 - 23.14 2.58 D
WSP Global Inc. WSP Engineering & Construction 81.65 $8.601 27.5% 22.4% 1.8% 0.0% 55.6% 46.12 8.93 13.43 9.5% 26.25 2.62 D
Cott Corp. BCB Beverages 16.79 $2.261 -10.1% 20.3% 1.9% 5.0% 600.0% 114.68 -0.39 21.12 197.8% 91.89 1.51 D
WestJet Airlines Ltd. WJA Airlines 30.6 $3.539 63.5% 1.9% 1.8% 4.0% 39.4% 85.95 7.25 266.31 -37.1% 23.18 1.54 D
George Weston Ltd. WN Food 106.7 $16.418 18.1% 4.9% 2.0% 4.5% 524.4% 119.35 0.26 10.51 4.0% 23.63 2.48 D
Teck Resources Ltd. TECK.B Mining 22.04 $12.290 -21.4% 5.2% 0.9% -19.7% 4.5% 23.98 11.6 19.65 - 6.09 0.5 D
Kirkland Lake Gold Ltd. KL Mining 57.54 $12.094 124.3% 87.1% 0.4% 0.0% 6.9% 1.76 27.84 32.61 - 26.2 6.56 D
Franco-Nevada Corp. FNV Mining 123.62 $23.167 52.7% 17.3% 1.1% 8.2% 121.3% 4.48 3.16 1,082.10 78.1% 74.68 3.72 D
Cenovus Energy Inc. CVE Oil & Gas 11.7 $14.376 6.6% -14.2% 2.1% -28.1% 80.0% 52.46 1.56 6.02 - 8.56 0.74 D
Lundin Mining Corp. LUN Mining 6.77 $4.972 41.1% 6.4% 1.8% 0.0% 65.5% 0.26 2.7 - - 38.8 1.03 D
Wheaton Precious Metals Corp. WPM Mining 34.4 $15.352 62.3% 11.4% 1.4% 8.9% 38.3% 24.44 -0.51 - - 69.72 2.36 D
Morneau Shepell Inc. MSI Commercial Services 31.6 $2.041 20.0% 18.5% 2.5% 0.0% 866.7% 77.43 1.88 36.28 9.9% 86.62 3.54 D
Barrick Gold Corp. ABX Mining 21.63 $38.451 33.1% 9.1% 1.0% 2.2% 5.9% 61.14 -10.39 40.71 - 130.43 1.9 D
Innergex Renewable Energy Inc. INE Electric 16.5 $2.205 41.6% 14.8% 4.2% 3.2% 1725.0% 490.73 4.57 - - 136.56 4.64 D
Norbord Inc. OSB Building Materials 36.45 $2.977 18.9% 14.5% 4.4% -5.6% 442.8% 66.83 9.1 21.19 - 17.62 3.08 D
Cameco Corp. CCO Mining 12.19 $4.825 -15.7% -7.0% 0.7% -27.5% 21.6% 29.95 3.01 20.99 36.6% 34.47 0.96 F
Waste Connections Inc. WCN Environmental Control 120.35 $31.732 29.2% 25.8% 0.7% 0.1% 29.4% 68.22 8.55 27.14 - 41.12 3.65 F
Winpak Ltd. WPK Packaging & Containers 46.43 $3.018 -0.5% 11.1% 0.3% -36.0% 5.2% 0 12.34 27.92 3.2% 20.05 2.33 F
Crescent Point Energy Corp. CPG Oil & Gas 5.35 $2.928 -5.9% -29.5% 0.7% -57.1% - 64.67 -27.61 6.36 - 9.5 0.43 F
Agnico Eagle Mines Ltd. AEM Mining 70.62 $16.909 59.8% 19.4% 0.9% 5.4% 95.7% 37.87 -5.18 - - 78.11 2.9 F
First Quantum Minerals Ltd. FM Mining 11 $7.583 -6.8% -10.9% 0.1% -41.3% 1.4% 72.3 4.13 - - 13.65 0.58 F