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As the Canadian market navigates the complexities of global trade dynamics and potential inflationary pressures, investors are keeping a close eye on dividend stocks for their ability to provide steady income amidst economic uncertainty. In this environment, a good dividend stock is characterized by its strong fundamentals and consistent payout history, offering stability even when market volatility remains elevated.
Top 10 Dividend Stocks In Canada
| Name | Dividend Yield | Dividend Rating |
| Whitecap Resources (TSX:WCP) | 9.52% | ★★★★★★ |
| SECURE Waste Infrastructure (TSX:SES) | 3.17% | ★★★★★☆ |
| Russel Metals (TSX:RUS) | 4.67% | ★★★★★☆ |
| Savaria (TSX:SIS) | 3.41% | ★★★★★☆ |
| Olympia Financial Group (TSX:OLY) | 6.92% | ★★★★★☆ |
| Royal Bank of Canada (TSX:RY) | 3.81% | ★★★★★☆ |
| IGM Financial (TSX:IGM) | 5.60% | ★★★★★☆ |
| Power Corporation of Canada (TSX:POW) | 4.61% | ★★★★★☆ |
| Acadian Timber (TSX:ADN) | 7.01% | ★★★★★☆ |
| Richards Packaging Income Fund (TSX:RPI.UN) | 6.33% | ★★★★★☆ |
Click here to see the full list of 28 stocks from our Top TSX Dividend Stocks screener.
Let's dive into some prime choices out of the screener.
High Liner Foods
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: High Liner Foods Incorporated processes and markets prepared and packaged frozen seafood products in North America, with a market cap of CA$495.88 million.
Operations: High Liner Foods generates revenue of $959.22 million from its manufacturing and marketing of prepared and packaged frozen seafood products in North America.
Dividend Yield: 4.1%
High Liner Foods' dividend payments are well-covered by earnings and cash flows, with payout ratios of 22.7% and 20.8%, respectively. Despite a history of volatility in dividends, recent increases have been noted over the past decade. The company is trading significantly below its estimated fair value, but it carries a high level of debt. Recent strategic initiatives include seeking M&A opportunities while maintaining balance sheet strength and continuing share buybacks to enhance shareholder value.
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Delve into the full analysis dividend report here for a deeper understanding of High Liner Foods.
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Upon reviewing our latest valuation report, High Liner Foods' share price might be too pessimistic.
Martinrea International
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: Martinrea International Inc. designs, develops, manufactures, and sells engineered lightweight structures and propulsion systems for the automotive sector across North America, Europe, and internationally with a market cap of CA$492.77 million.
Operations: Martinrea International Inc. generates its revenue primarily from the Auto Parts & Accessories segment, amounting to CA$5.01 billion.