CTC:CC - The Best Stocks to Invest $500 in Right Now
2024-03-05 16:20:00 ET
There’s no shortage of great stocks to invest in right now. Some of those best stocks to invest in offer massive long-term appeal to investors. Additionally, many of those stocks can be purchased with just $500 or less.
This makes them superb options to consider for both new and seasoned investors alike. Here’s a look at the best stocks to invest in for your portfolio.
Start with a defensive titan that trades at a discount
One of the things that investors look out for when considering the best stocks to invest in is long-term potential. That’s precisely why one of the first stocks investors should look at is BCE ( TSX:BCE ).
BCE is one of, if not the largest telecom in Canada. The company offers a series of core subscription services to customers across the country. Those core subscription services provide the company with a stable and recurring source of revenue. That stability allows BCE to pay out a generous dividend , which it has done for over a century.
That dividend currently boasts one of the highest yields on the market. As of the time of writing, that works out to an insane 7.96%. Part of the reason for that yield is because the stock trades at a 52-week low now.
That drop can be traced back to the spillover effects of rising interest rates. Another key factor is the market reaction to BCE’s recent decision to offload some of its massive media segment. For long-term investors, it represents a massive opportunity to buy one of the best stocks at a hefty discount.
Sprinkle in a great long-term retail stock
Canadian Tire Corporation ( TSX:CTC.A ) is one of the oldest and best-known retailers in Canada. In recent years, Canadian Tire has also revamped itself, by bolstering its online presence and expanding to new brands.
Despite that growing online presence, Canadian Tire’s brick-and-mortar operation still provides a unique advantage over its retail peers. If anything, Canadian Tire’s growing portfolio, which now includes Party City, SportCheck, Marks, and several others provides additional revenue streams for the company.
The same could be said for Canadian Tire’s growing number of product labels. Many of those brands are available only in stores or online through Canadian Tire. This provides yet more defensive appeal for the company, particularly from online retailers.
Another reason Canadian Tire is one of the best stocks to invest in right now is the hefty discount. Specifically, Canadian Tire trades down nearly 20% over the trailing 12-month period. As of the time of writing, the stock trades at just over $137, which puts it into focus for investors with $500 to drop into the best stocks right now.
Another intriguing reason to consider Canadian Tire is the quarterly dividend the company offers. As of the time of writing, Canadian Tire offers a juicy quarterly dividend with a yield of 5.06%. The retailer has also provided investors with juicy annual increases to that dividend going back well over a decade.
The best stocks to invest in are here
Both BCE and Canadian Tire offer investors long-term growth and a juicy dividend packaged in a defensive shell. Throw in a hefty discount on both stocks right now and you have two great long-term picks.
In my opinion, one or both of the stocks should be core holdings in any well-diversified portfolio .
The post The Best Stocks to Invest $500 in Right Now appeared first on The Motley Fool Canada .
Fool contributor Demetris Afxentiou has positions in BCE. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy .
2024