3 Top TSX Stocks Outside of Tech to Own in May

Jed Lloren
·4 min read

With a new month upon us, investors are undoubtedly looking for the best stocks to hold over the next few weeks. A lot of investors often look toward the top movers in the tech sector. However, there are exceptional companies that can be owned in other areas of the market. In this article, I will cover three top TSX stocks outside the tech sector that you should consider owning this month. All three companies have excellent histories, strong dividends, and promising futures.

Canada’s top bank

The first stock you should consider buying this month is Bank of Nova Scotia (TSX:BNS)(NYSE:BNS). This is one of the Big Five Banks and is a highly sought-after dividend stock. As of this writing, Bank of Nova Scotia has a forward dividend yield of 4.57%. While its dividend-payout ratio of 67.7% may be on the high end for some, the company’s strong history of dividend distributions should be reassuring. Bank of Nova Scotia has managed to increase its distributions for the past 10 years, making it a Canadian Dividend Aristocrat.

What most investors don’t focus on is Bank of Nova Scotia’s outstanding growth potential. The company is one of the most internationally diversified banks among the Big Five. Bank of Nova Scotia has also managed to establish an impressive presence within the Pacific Alliance, a region pegged for top growth over the coming years. As its domestic and international segments continue to grow, investors should be rewarded. This is a top stock to consider this month.

This stock is having a rough year, but all the trends look promising

One of the most impressive stocks over the past two years has been Brookfield Renewable Partners (TSX:BEP.UN)(NYSE:BEP). The company operates an internationally diversified portfolio of assets capable of producing more than 19,000 MW of power. Brookfield Renewable has also prioritized its continued growth by investing in new projects and acquisitions.

Since the start of 2019, Brookfield Renewable stock has gained as much as 240%! However, the stock has fallen on tough times since the start of the year. Year to date, the stock is down nearly 20%. However, with countries around the world starting to push towards renewable energy, there is no doubt that the company will see exceptional returns from here. This downturn in Brookfield Renewable stock is as attractive as ever.

Invest in Canada’s Warren Buffett

Of course, there is only one Warren Buffett in the world. However, there are CEOs like Bruce Flatt who have impressed shareholders for so long that he has been compared to the Oracle of Omaha. Flatt has been leading Brookfield Asset Management (TSX:BAM.A)(NYSE:BAM) as its chief executive officer since 2002. Since then, he has helped the company develop a global presence in more than 30 countries.

For the unfamiliar, Brookfield Asset Management an international alternative asset management firm. The company operates assets within the real estate, renewable energy, infrastructure, and private equity industries. Since hitting its lowest point in last year’s market crash, Brookfield Asset Management has quietly gained about 50%. With the strong leadership and diversified portfolio associated with this company, there is no doubt the Brookfield Asset Management will continue to grow.

The post 3 Top TSX Stocks Outside of Tech to Own in May appeared first on The Motley Fool Canada.

Looking for another stock to buy now? Here's a better stock to own than Tesla!

Should you invest $1,000 in Tesla right now?

Before you consider Tesla, you may want to hear this.

Motley Fool Canadian Chief Investment Advisor, Iain Butler, and his Stock Advisor Canada team just revealed what they believe are the 10 best stocks for investors to buy right now... and Tesla wasn't one of them.

The online investing service they've run since 2013, Motley Fool Stock Advisor Canada, has beaten the stock market by over 3X. And right now, they think there are 10 stocks that are better buys.

Learn More Today!

More reading

Fool contributor Jed Lloren owns shares of Brookfield Renewable Partners. The Motley Fool owns shares of and recommends Brookfield Asset Management. The Motley Fool recommends BANK OF NOVA SCOTIA and BROOKFIELD ASSET MANAGEMENT INC. CL.A LV.

5 Years From Now, You’ll Probably Wish You’d Grabbed These Stocks…Click here now for your free subscription to Take Stock, The Motley Fool Canada’s free investing newsletter. You aren’t on the list to receive our newest stock picks — but it’s not too late. 2021

  • Up next
  • Up next
  • Up next
  • Up next

Latest Stories

  • A Gen X mom makes $25,000 at Applebee's and can only afford one meal a day. She's one of many Americans who live paycheck to paycheck but don't qualify for government help.

    Cherie Tobias, 48, can't afford groceries but doesn't qualify for government assistance.

  • Freight train derailment, fire forces Interstate 40 closure near Arizona-New Mexico line

    A freight train carrying fuel derailed and caught fire Friday near the Arizona-New Mexico state line, forcing the closure of interstate highway that serves as a key trucking route. No injuries were reported in the midday train wreck east of Houck, the Arizona Department of Transportation said in a news release. Interstate 40 was closed by authorities in both directions in the area in the early afternoon, directing trucks and motorists off the freeway to alternate routes, New Mexico State Police and the Arizona Department of Public Safety announced.

  • Vice President Kamala Harris Tells Drew Barrymore 'I Have My Mother's Laugh'

    Harris has no shame in expressing her joy

  • Ellen DeGeneres breaks silence on talk show's 'devastating' end 2 years ago: Reports

    Two years after "The Ellen DeGeneres Show's" finale, the comedian opened up about how she felt after a report detailed a toxic workplace on set.

  • Can Trump Really Kill His Rival? The Supreme Court Says, Hmm

    Photo Illustration by Luis G. Rendon/The Daily Beast/Getty ImagesDonald Trump’s presidency has served as a wake-up call that our Constitution and our laws were not designed to handle an authoritarian like him. And Thursday’s Supreme Court hearing on presidential immunity was yet another reminder of that fact.It’s dangerous to try and divine the court’s opinion based on oral arguments; however, the consensus seems to be heading in a direction that says that a president should be immune from prose

  • Editorial: Health Care Crisis

    Editorial: Health Care Crisis

  • Chin Teck Plantations Berhad Second Quarter 2024 Earnings: EPS: RM0.23 (vs RM0.032 in 2Q 2023)

    Chin Teck Plantations Berhad ( KLSE:CHINTEK ) Second Quarter 2024 Results Key Financial Results Revenue: RM51.3m (up...

  • Hailey Van Lith is headed to TCU for a final season after a one-year run with LSU

    Hailey Van Lith, who joined LSU this past season and reached the Elite Eight with the defending national champion before a loss to Caitlin Clark and Iowa, is transferring to TCU for her fifth and final season. Van Lith spent her first three seasons with Louisville, reaching a Final Four and another Elite Eight before deciding to join four-time champion coach Kim Mulkey's team at LSU.

  • Why can’t Sechelt Airport operate at night?

    The following are briefs from District of Sechelt’s April 16 Airport Development Select Committee. Sechelt recently hired a professional airport advisor who pointed out potential issues at the airport, district communications manager Lindsay Vickers told Coast Reporter. They stated that the airport is unsafe for night flights because the reduced visibility affecting depth perception combined with the surrounding trees is dangerous. Planes using the airport approach and depart relying solely on p

  • Heated moments at Pro-Palestine protest at ASU

    Heated protests sparked at ASU over the Hamas-Israel conflict in the Middle East.

  • Great Britain's Whitehouse retains European floor title

    Great Britain's Luke Whitehouse wins gold at the Gymnastics European Championships in Rimini, Italy as he retains his floor title.

  • Callander, Free Cycle weekend returns

    “One man’s rubbish may be another’s treasure.” So wrote Hector Urquhart in his introduction to The Popular Tales of the West Highlands. His rubbish referred to how some folk thought of these popular tales. This weekend’s rubbish may be a nice lamp. Callander’s Free Cycle weekend is back. It’s that time of year when folks bring their items to the curb, and if those items catch the eye of a passer-by, said item could be off your hands and out of your garage. We’re talking lamps, coffee tables, toy

  • Tornado tears through Nebraska, causing severe damage in Omaha suburbs

    OMAHA, Neb. (AP) — A tornado plowed through suburban Omaha, Nebraska, on Friday afternoon, destroying homes and other structures as the twister tore for miles along farmland and into subdivisions. Injuries were reported but it wasn’t yet clear if anyone was killed in the storm. Multiple tornadoes were reported in Nebraska but the most destructive storm moved from a largely rural area into suburbs northwest of Omaha, a city of 485,000 people. Photos on social media showed heavily damaged homes an

  • King Charles III's return to public duties is 'significant,' analyst says

    A royal expert from King's College London, Dr George Gross feels the announcement by Buckingham Palace that King Charles III will resume his public duties next week following treatment for cancer is significant after his long absence.

  • Golden Knights have limited Stars' scoring chances to take 2-0 series lead

    LAS VEGAS (AP) — The problems for Dallas are two-fold — the Stars aren't getting great scoring chances and for long stretches aren't even putting the puck on net. That's primarily why the Golden Knights are back in Las Vegas with a 2-0 lead in the first-round NHL playoffs series. Game 3 is Saturday night (10:30 p.m. EDT, TBS). In Game 1, a 4-3 Dallas loss, the Stars didn't get a shot on goal in the second period until 8:52 into it. Vegas closed out the 3-1 victory in Game 2 by holding Dallas wit

  • Reba McEntire to host ACM Awards for 17th time, talks fan diversity in country music

    Reba McEntire is set to host the Academy of Country Music Awards for a record 17th time. The music legend also talks about the discussion Beyoncé's “Cowboy Carter” album has created about the lack of diversity among fans and singers in country music. (April 26) (AP Production by Gary Gerard Hamilton)

  • Blue Jays pitching prospect Ricky Tiedemann out with nerve inflammation in elbow

    TORONTO — Blue Jays pitching prospect Ricky Tiedemann will miss about seven to 10 more days with a sore elbow. Toronto manager John Schneider said on Friday that the 21-year-old left-hander has ulnar nerve inflammation. The diagnosis comes after Tiedemann met with team doctors earlier this week. "No second opinions on anything," said Schneider. "I'm confident he'll be back throwing again pretty soon." Schneider said it was the "best possible news" after the triple-A Buffalo Bisons put him on the

  • Helping Baltimore residents build towards home ownership

    A lot of us put our heart and soul into making our homes our own. But these soon-to-be homeowners are putting in a lot more than that. Habitat for Humanity of the Chesapeake and Bank of America volunteers worked on building five homes in South Baltimore's Curtis Bay neighborhood.

  • Car chase suspect renews concern over proposed Stuart sober house

    An Arkansas man arrested in a high speed crash in Palm City is renewing calls for concern from the Martin County Sheriff's Office over a proposed sober home in Stuart.

  • The 'peak boomer' crisis might only get worse: A fifth of Americans 50 and up have no retirement savings, and the majority are worried they won't have enough money

    Many Americans headed toward retirement don't have the funds. It could contribute to the peak boomer crisis.