Top Canadian Dividend Stocks to Supercharge Your Income

ByDan Kent Published On:

Key takeaways

As rates fall, money should flow out of fixed income investments and into dividend paying equities

Most dividend payers in Canada are mature businesses with significant competitive moats

Dividends account for a large portion of the total returns of the stock market

3 stocks I like better than the ones on this list.

Many investors first learning how to buy stocks in Canada want to know what the best options are today in terms of dividend stocks.

In this article, I’m going to give you some of my favorite Canadian dividend stocks to buy for 2024. These are hand-picked by myself, and this article contains hours of comprehensive research on some of the best Canadian stocks on the market.

I picked these stocks not only for their dividends, but also due to strong company fundamentals. A dividend is only as good as the company behind it, and you as an investor need to understand that the dividend itself is only one portion of total return.

What are the best dividend stocks in Canada?

Canada’s Most Efficient Railway

Canadian National Railway (TSE:CNR)

Canadian National’s railway spans Canada from coast to coast and extends through Chicago to the Gulf of Mexico. In 2024, CN generated CAD 17 billion in revenue by hauling intermodal containers (22% of consolidated revenue), petroleum and chemicals (20%), grain and fertilizers (20%), forest products (11%), metals and minerals (12%), automotive shipments (5%), and coal (5%). Other items constitute the remaining revenue.

Valuation: 80/100

Profitability: 57/100

Outlook: 70/100

Risk: 60/100

Dividend: 92/100

P/E: 19.6

5 Yr Revenue Growth: 2.7%

5 Yr Earnings Growth: 3.8%

5 Yr Dividend Growth: 9.5%

Yield: 2.4%

  • One of the widest economic moats in North America. Railway infrastructure is nearly impossible for new competitors to build out
  • One of the most efficient railways in North America when it comes to operating ratios
  • The company has a multi-decade dividend growth streak
  • Rail will continue to be a dominant method of transportation of vital goods for the foreseeable future
  • The company is in what I feel is the bottom of a cyclical downtrend
  • Despite being such a large company, is still able to grow earnings at a high single-digit pace
  • The economy. It would be difficult to find a company that is more economically sensitive than the railways. As economies slow or ramp up, trading volumes increase and decrease, impacting earnings
  • The company’s expansion of intermodal transportation. This involves moving containers between trains, trucks, and ships, and is a growing area for CN Rail
  • Cost controls. Rising fuel and material costs ultimately hit the bottom line for the company. If commodity prices get too high, it can take a while for the company to absorb these costs and pass them on to customers
  • Commodity pricing volatility. CN Rail ships a lot of vital goods for the economy, many of which are commodities. This means that shipping volumes will be heavily reliant on the price of things like grain, oil, coal, and forestry
  • Disruptions. A railroad’s operations are contingent on keeping its trains on the tracks and moving. Any sort of large scale weather event, train derailment, or even as we’ve seen in the past, a strike, can impact earnings
  • Labor costs. We’ve seen railroad companies go through numerous strike situations, and as I’ve mentioned, they bank on keeping their trains on the track and moving to generate revenue
  • The economy. Ultimately, during a slower economy there will be less demand for shipping, which can ultimately hit shipping volumes and shipping costs

Eastern Canada’s Largest Grocer

Metro (TSE:MRU)

Metro’s grocery banners include supermarket chain Metro, discounters Super C and Food Basics, and ethnic food grocer Adonis, while its pharmacies primarily operate under the Jean Coutu and Brunet trademarks. Metro operates both as a food retailer and a franchisor, licensing its trademarks and supplying merchandise to registered pharmacists. The firm also acts as a wholesaler and distributor to serve smaller, neighborhood grocery stores.

Valuation: 54/100

Profitability: 41/100

Outlook: 60/100

Risk: 96/100

Dividend: 95/100

P/E: 23.7

5 Yr Revenue Growth: 4.8%

5 Yr Earnings Growth: 8.1%

5 Yr Dividend Growth: 10.9%

Yield: 1.3%

  • Canada’s grocery companies face very little competition. Although they do compete with each other, Metro’s Quebec exposure somewhat shelters it from this
  • The company does have low margins, but its high levels of sales volume compensate for this, leading to strong free cash flow generation
  • The company has made short-term investments into the business that have resulted in pressure on earnings right now, but ones that should ultimately drive future earnings growth over the long-term
  • The company has grown the dividend for 25+ straight years
  • The company’s pharmacy operations fuel strong growth and provide a bit of diversity to the business model
  • Investments made in discount brands should fuel earnings growth in the current cost of living crisis in Canada
  • Private label brand growth. As mentioned, Canada is in a cost of living crisis. Consumers are refusing to pay high prices for groceries, and as such Metro will need to develop more discount brands and stores to continue to appeal to Canadians
  • Online expansion. The age of convenience is here, and it is very easy to get things delivered online, even groceries. Metro will need to continue to make investments into its e-commerce business to stay relevant
  • Capital expenditure improvements. The company has made large investments back into the business to make its stores more efficient and increase margins
  • Exposure to Quebec. Metro has a large amount of exposure to a single province, leaving it vulnerable to the economic condition of that province
  • Regulatory issues. Canadians are getting fed up with higher grocery prices, and as a result politicians are zeroing in on the major grocers. If new regulatory caps on food prices or food margins were to come into place, Metro would be impacted
  • Supply chain disruptions. This is a company that relies very heavily on a smooth supply chain. Any disruptions can hit sales or margins in a big way
  • Lack of discount stores. Although the company is making improvements in this regard, it doesn’t quite keep up with Loblaw yet, and could narrow its consumer base

North America’s Largest Natural Gas Distributor

TC Energy (TSE:TRP)

TC Energy operates natural gas, oil, and power generation assets in Canada and the United States. The firm operates more than 60,000 miles of oil and gas pipelines, more than 650 billion cubic feet of natural gas storage, and about 4,300 megawatts of electric power. The company spun off some of its oil pipelines to focus more so on the natural gas end of the business, with the new company being named South Bow.

Valuation: 47/100

Profitability: 59/100

Outlook: 50/100

Risk: 52/100

Dividend: 25/100

P/E: 16.8

5 Yr Revenue Growth: 0.1%

5 Yr Earnings Growth: 0.1%

5 Yr Dividend Growth: 3.6%

Yield: 5.1%

  • The company’s South Bow spinoff will allow it to focus on a more profitable and long-term business operation, that being its natural gas distribution
  • The company’s network of pipelines is practically impossible for competitors to replicate, leading to a wide economic moat
  • The company’s take-or-pay contracts means it will get paid for distribution regardless of whether product is shipped
  • Falling interest rates should bring higher valuations for higher-yielding debt heavy companies
  • Although it is exposed to the price of oil and natural gas, it is not as heavily reliant on it as an oil producer, which leads to lower volatility
  • High-yielding, well covered dividend, which can be attractive for income seekers. Our low dividend grade is on an earnings basis, but distributable cash flows, the more important metric for a pipeline, is still strong at a 60%-70% payout ratio.
  • The shift to renewable energy. TC Energy does have renewable energy exposure, it is not as high as major competitors like Enbridge. The pipelines will need to make significant infrastructure investments to capitalize on growing renewable demand
  • Commodity prices. Although TC Energy is not as exposed as a producer, it still is dependent on strong energy prices and demand
  • Debt levels. Although rates are falling, pipelines still carry extensive debt due to infrastructure expansion. These debt levels need to be monitored
  • Political and regulatory risks. The oil and gas sector has fallen heavily out of favor in a post-pandemic environment. Many politicians and consumers are demanding greener forms of energy production, and as a result, investment in the oil and gas sector is bordering all-time lows
  • Project execution. We’ve witnessed TC Energy costs drag on when it comes to the Keystone XL, ultimately impacting profitability. Newer projects for pipelines need to be finished on time and on budget
  • Interest rates. Pipelines are heavily rate sensitive due to high levels of debt, and as such they tend to struggle when rates are high. Although rates are declining now, there is no guarantee they will continue to do so in the future

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Canada’s Fastest Growing Big 6 Bank

National Bank (TSE:NA)

National Bank of Canada is the sixth-largest Canadian bank. The bank offers integrated financial services, primarily in the province of Quebec as well as the city of Toronto. Operational segments include personal and commercial banking, wealth management, and a financial markets group.

Valuation: 52/100

Profitability: 43/100

Outlook: 60/100

Risk: 86/100

Dividend: 94/100

P/E: 11.2

5 Yr Revenue Growth: 9.3%

5 Yr Earnings Growth: 11.0%

5 Yr Dividend Growth: 10.2%

Yield: 3.7%

  • The company is the fastest growing bank out of all the Big 6 options
  • The acquisition of Canadian Western Bank is likely to be accretive to earnings within a year and gives the bank a significant presence in Western Canada
  • Because it is primarily Canadian-based, it is exposed to some of the highest financial regulations, resulting in less uncertainty
  • The highest efficiency level out of all Big 6 banks
  • The company’s current payout ratios signal it should be able to grow the dividend at one of the fastest paces out of all banks
  • Because it is smaller, there are more avenues for growth than the major institutions
  • The Canadian economy. Because this bank has large-scale Canadian exposure, it will not be as sheltered from weakness in the economy as some of the other major institutions with larger geographical diversity
  • Interest rates. Typically, high rates are a good situation for banks. However, the rapid increase in rates put a ton of pressure on the Canadian consumer, impacting the banks
  • Provisions for credit losses. This is capital the bank sets aside due to loans they expect to go unpaid
  • Digital transformation. Because of challenger banks like Equitable Bank and brokerages like Wealthsimple, the banks are having to spend a significant amount of time and money in expanding digital infrastructure to stay competitive
  • Exposure to Quebec. National has the highest exposure to Canada, particularly to Quebec, out of all the major banks. Any economic issues in the country could impact earnings
  • Synergies from the Canadian Western Acquisition. Although the acquisition looks promising at this time, any difficulties in integrating could case a drawdown in the stocks price
  • The health of the Canadian economy. The weaker the Canadian consumer gets, the higher the loan defaults and the larger the impact to earnings because of provisions
  • Competition. Although there is not a lot of competition in terms of the sheer number of banks here in Canada, there is still competition from the other Big 5 Banks plus challenger banks like Equitable and even to an extent Wealthsimple

Canada’s Largest Residential REIT

Canadian Apartments REIT (TSE:CAR.UN)

Canadian Apartment Properties Real Estate Investment Trust, or CAPREIT, is a real estate investment trust primarily engaged in the acquisition and leasing of multiunit residential rental properties located near major urban centers across Canada. The company’s real estate portfolio is mainly composed of apartments and townhouses situated near public amenities. Most of CAPREIT’s holdings are aimed towards the midtier and luxury markets in terms of demographic segments.

Valuation: 55/100

Profitability: 69/100

Outlook: 5/100

Risk: 40/100

Dividend: 31/100

P/E: 25.2

5 Yr Revenue Growth: 7.3%

5 Yr Earnings Growth: -25.4

5 Yr Dividend Growth: 1.4%

Yield: 3.4%

  • Canada is currently in a large housing crisis, which should continue to push demand and prices for residential real estate upwards
  • The company is the largest residential REIT in the country, and has performed exceptionally well even during the pandemic
  • While many commercial and industrial REITs struggle when it comes to occupancy, CAP REIT maintains occupancy levels of 99% or more
  • The company’s payout ratios from a FFO standpoint continue to decline, which should fuel dividend growth in the future
  • Has exposure to the Netherlands, giving it a bit of diversity outside of the Canadian market
  • Urbanization. This company gives you large exposure to apartment and residential properties. Because of this, there will need to be continued urbanization of Canadians heading to large cities in order to continue increasing demand for its properties
  • Interest rates. REITs primarily operate on cap rates and also new financing and developments. Interest rates impacts the profitability of both of these
  • Growth of rental rates. In order for a REIT to grow earnings, it needs to invest in both new properties and churn out higher profits from older properties. Increasing rents is a less capital intensive way to grow, and the market typically rewards companies that can do this consistently
  • Geographical diversification. As I mentioned earlier, CAP REIT has exposure to the Netherlands. If it can continue to expand internationally, earnings growth should follow
  • Regulatory issues. Consumers, particularly renters, already hate REITs and are demanding government bodies step in to regulate rent control and these large corporations from having such a large impact on housing. Ultimately, government regulations could have an impact on the company
  • A housing crash. It has been predicted for many years but has never happened. However, that is not to say it can’t happen. If it does, there would likely be markdowns of the company’s properties which would lead to extensive volatility in terms of stock price
  • Economic sensitivity. CAP REIT is sensitive to economic cycles, as recessions or economic downturns can affect tenant affordability and occupancy rates.

Canada’s Fastest Growing Telecom Company

TELUS (TSE:T)

Telus is one of the Big Three wireless service providers in Canada, with over 10 million mobile phone subscribers nationwide constituting about 30% of the total market. It is dominant in the western Canadian provinces of British Columbia and Alberta, where it provides internet, television, and landline phone services. It also has a small wireline presence in eastern Quebec. Mostly because of recent acquisitions, more than 20% of Telus’ sales now come from nontelecom businesses, most notably in the international business services, health, security, and agriculture industries.

Valuation: 61/100

Profitability: 45/100

Outlook: 60/100

Risk: 54/100

Dividend: 41/100

P/E: 30.9

5 Yr Revenue Growth: 6.7%

5 Yr Earnings Growth: -14.3%

5 Yr Dividend Growth: 6.7%

Yield: 7.6%

  • Falling interest rates should fuel increased cash flows and earnings per share
  • The company forms an oligopoly with the other 2 major telecom companies, and it is very hard for new competitors to enter the space
  • The company doesn’t own any media assets unlike Rogers and Bell, which are typically slower growing and hard to make money from
  • Expected to be the fastest growing telecom moving forward due to its tech-based growth verticals
  • Has one of the better covered dividends in the space
  • The company has scaled back capital expenditures and debt issuances at a much better pace than BCE
  • 5G expansion. The telecoms have just finished up a significant round of capital expenditures to expand their 5G infrastructure, which should fuel future growth
  • Telecom competition. Although the space is relatively difficult to enter, many telecoms are now facing stiff competition from each other, with a weaker Canadian consumer causing them to chase cheaper phone plans
  • Telus Digital’s rebound. Telus Digital has been a disastrous IPO for Telus overall, however, there is a likelihood it could rebound during improved economic conditions, which would improve Telus’s bottom line
  • Expansion. Telus has been expanding its services into rural and underserved areas in Canada. This expansion could be an added growth vertical for the company moving forward
  • Debt levels. Telecom infrastructure is very expensive, leading to high levels of debt. If interest rates decline yet remain high, the costs of this debt will impact the telecoms for the foreseeable future and make infrastructure expansion more difficult
  • Government regulations. This is arguably the largest risk to the telecoms today. Consumers are demanding lower prices, and with the oligopoly that exists right now, government intervention may be the only way to reduce prices
  • Rising material costs. As mentioned, infrastructure spending is needed for these telecoms to grow. In a time of rising material prices, costs of expansion also increase, reducing the overall returns it can generate from these assets

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Canada’s Most Powerful Brand

Royal Bank of Canada (TSE:RY)

Royal Bank is a global enterprise with operations in Canada, the United States, and, as you’ll see the importance of later, 40 other countries. When it comes to international banking, there isn’t a bank with more exposure.

Valuation: 53/100

Profitability: 45/100

Outlook: 70/100

Risk: 76/100

Dividend: 70/100

P/E: 13.6

5 Yr Revenue Growth: 4.2%

5 Yr Earnings Growth: 4.7%

5 Yr Dividend Growth: 6.1%

Yield: 3.4%

  • Company’s global exposure diversifies it away from its heavy Canadian operations
  • The company’s payout ratio is among the best of the Big 6 banks, which should allow it to grow the dividend at the fastest pace
  • One of the best underwriting teams out of all the major institutions
  • The largest expected growth rates out of any Canadian bank
  • The company’s strong brand and reputation continues to drive client growth
  • Although valuations are high, the company’s results in harsh economic climates make it worth the price
  • The health of the Canadian economy
  • Mortgage renewals in a post-pandemic rate environment
  • Provisions for credit losses
  • Deposit activity relative to challenger banks
  • Loss of brand power due to poor customer service
  • Challenger banks stealing retail clients
  • High valuations leading to lower margin of safety
  • Regulatory issues in foreign countries

Canada’s Most Cost Efficient Oil Producer

Canadian Natural Resources (TSE:CNQ)

Canadian Natural Resources Ltd is an independent crude oil and natural gas exploration, development, and production company. The Company’s exploration and production operations are focused in North America, largely in Western Canada; the United Kingdom (UK) portion of the North Sea, and Cote d’Ivoire and South Africa in Offshore Africa. The Company’s exploration and production activities are conducted in three geographic segments: North America, the North Sea, and Offshore Africa.

Valuation: 61/100

Profitability: 49/100

Outlook: 45/100

Risk: 46/100

Dividend: 91/100

P/E: 13.9

5 Yr Revenue Growth: 10.5%

5 Yr Earnings Growth: 4.0%

5 Yr Dividend Growth: 22.5%

Yield: 5.4%

  • One of the lowest cost producers out of all major Canadian oil producers
  • The company showed during the pandemic it can navigate virtually any oil environment and continue to raise dividends
  • Company allocates 100% of its free cash flow back to shareholders when debt is below $10B
  • Mergers and acquisitions are expected to be extensive due to strong cash flow generation and discounted industry valuations
  • 20% CAGR on its dividend over its 25 year dividend growth streak
  • Exposure to multiple commodities, which should help to reduce volatility based on individual commodity pricing
  • Regulations in Canada. Primarily focused on the Alberta oil sands
  • Debt levels of the company. Increased debt could change FCF return policy
  • Global oil demand and oil pricing. No matter how good operations are, lower oil likely means lower share prices for CNQ
  • OPEC decisions. Changes in production direction for OPEC can cause significant shifts in the supply and demand dynamics
  • Commodity sensitivity. The company’s cyclical nature will have it outperforming during times of high prices and vice versa
  • Energy transition. As renewables continue to increase in popularity, the demand for oil and gas is expected to peak in the next decade
  • Currency fluctuations. CNQ has a lot of exposure to the USD. Large swings in currency can impact earnings
  • Lack of investor interest. The oil and gas industry is notorious for lackluster investments. This can lead to persistently low valuations

Canada’s Largest Gas Station Operator

Alimentation Couche-Tard (TSE:ATD)

Alimentation Couche-Tard Inc operates a network of convenience stores across North America, Europe, and Asia. The company generates income through the sale of tobacco products, groceries, beverages, fresh food, quick service restaurants, car wash services, other retail products and services, road transportation fuel, stationary energy, marine fuel, and chemicals. In addition, the company operates more stores under the Circle K banner in other countries such as Indonesia, Egypt, Macau, and others.

Valuation: 69/100

Profitability: 34/100

Outlook: 75/100

Risk: 88/100

Dividend: 95/100

P/E: 19.0

5 Yr Revenue Growth: 3.7%

5 Yr Earnings Growth: 12.3%

5 Yr Dividend Growth: 24.2%

Yield: 1.0%

  • The company’s ability to acquire gas stations, improve their margins and integrate them into the company has resulted in significant returns over the long-term
  • The company’s business model can be understood by even the most novice investors
  • High returns on invested capital have led to outsized earnings and dividend growth over the years
  • Gas stations are still a fragmented market. Although Couche-Tard is a dominant player, it still holds a very small portion of the total market
  • Arguably one of the best management teams in North America
  • At what I believe is the bottom of a cyclical downtrend
  • The company’s mergers and acquisitions. This is the primary driver for growth for Couche-Tard at this point
  • The company’s ability to adapt to electric vehicles. Couche-Tard has been at the forefront of electric vehicle testing for quite some time now, but it will need to keep up with the trends
  • Fuel margins. The company makes the bulk of its money off fuel purchases, so margins are arguably the most important key performance indicator
  • The economy. Couche-Tard is cyclical. As the economy gets weaker, more consumers will opt out of travel and also opt out of high priced convenience store items
  • The transition to greener energy and carbon emissions. Couche-Tard is consistently making improvements to its business to adapt to electric vehicles, but ultimately its primary business is gasoline. The phasing out of combustion engines is a long-term headwind it will need to adapt to
  • Competition. Although Couche-Tard is a dominant player, the industry is highly competitive. It is also potentially disrupted by discount stores, especially in the age of online ordering and delivering
  • Acquisition costs and synergies. Although Couche-Tard has done very well in the past buying and integrating new stores into the fold, there is no guarantee it will continue to do so in the future. This can impact earnings

Canada’s Largest Regulated Utility

Fortis (TSE:FTS)

Fortis owns and operates eight utility transmission and distribution subsidiaries in Canada and the United States, serving more than 3.4 million electricity and gas customers. The company has smaller stakes in electricity generation and several Caribbean utilities. Subsidiary ITC operates electric transmission in seven US states, with more than 16,000 miles of high-voltage transmission lines in operation.

Valuation: 57/100

Profitability: 74/100

Outlook: 30/100

Risk: 62/100

Dividend: 61/100

P/E: 20.5

5 Yr Revenue Growth: 4.9%

5 Yr Earnings Growth: -3.7%

5 Yr Dividend Growth: 4.8%

Yield: 3.6%

  • 99% of the company’s revenue comes from regulated utilities, making earnings about as consistent as they can get
  • Falling interest rates and lower rates of return on fixed income investments should fuel valuation expansion for utilities
  • Declining rates should also reduce the burden of overall debt costs for the company on both its floating rate debt and refinanced fix rate debt
  • $26B+ capital plan should allow the company to continue to grow its rate base at a mid-single digit pace, fueling earnings and dividend growth
  • The company is one of the lowest beta stocks on the TSX Index, making it perfect for risk-averse dividend seekers
  • Rate base growth. A utilities rate base effectively determines what it can charge its customers for services. The larger the rate base, the more it can charge
  • International expansion. Fortis continues to expand heavily in the United States, which is a much larger market than both Canada and the Caribbean
  • Interest rates. Utilities are arguably the most sensitive to policy rates out of any sector in the market. Lower rates will make Fortis more attractive and also contribute to higher earnings through lower debt costs
  • Regulatory risks. Fortis deals with a lot of local regulatory bodies to determine what rate it can charge for energy distribution. If rates are denied or reduced, it can impact profitability
  • Weather related incidents. Although Fortis doesn’t have as much exposure to states prone to large weather incidents (Emera in Florida, for example) it is still at the mercy of mother nature. A large event could impact infrastructure and power distribution
  • Interest rates. Interest rates remain key for utilities. Higher rates will impact debt levels and also the attractiveness of these stocks. Higher rates for longer could impact valuations

Warning – The best dividend stocks don’t always have the highest yield

I see investors make this mistake, particularly new ones who haven’t been burned yet, time and time again.

It is having tunnel vision for dividend yield. They ignore the dividend payout ratio or the company’s financial health and instead chase high yields to generate larger passive income.

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Unfortunately for many in early 2020, this strategy resulted in devastating consequences. I witnessed the quickest pace of dividend cuts in history, and many income stocks that were bloated in value due to their high yields saw their share prices collapse.

Chasing yield is one of the biggest and most common mistakes beginners make, and it is imperative that you prioritize the quality of the company over its pay.

Is there an ETF to make dividend investing easier?

Many people who don’t have the time to consistently monitor a dividend portfolio want to make their lives easier by investing in an ETF. Fortunately, we have a plethora of them in Canada.

Whether it is Vanguard, Horizons, BMO, or iShares, Canadians can choose a wide variety of dividend ETFs to generate passive income in a single click. Some quick examples?

  • Horizons Active CDN Dividend ETF (TSE:HAL)
  • BMO Canadian Dividend ETF (TSE:ZDV)
  • S&P/TSX Canadian Dividend Aristocrats Index Fund (TSE:CDZ)
  • iShares Core S&P/TSX Composite High Dividend Index ETF (TSX:XEI)
  • iShares Canadian Select Dividend Index ETF (TSX:XDV)

It’s important to note that these dividend ETFs come with management fees and need to be considered before purchasing.

What Canadian stocks pay the best dividends?

In my opinion, you will typically see the best dividends located in reliable, mature sectors like telecoms, pipelines, and financial companies.

However, we have plenty of industrial options that pay strong dividends as well, but their yields are often not as high as those of a pipeline or telecom company.

Which Canadian stocks pay monthly dividends?

Right now, we track over 67 Canadian stocks and REITs that pay monthly dividends. If you’re interested to see what they are and what we view as the best, you can read our page on monthly dividend stocks here.

What are the 5 highest dividend-paying stocks?

At the time of writing, the 5 highest dividend-paying stocks in Canada are:

  • PetroTal Corp (TSE:TAL) at 15%
  • Tidewater Midstream (TSE:TWM) at 13.5%
  • Parex Resources (TSE:PXT) at 12.6%
  • Fiera Capital (TSE:FSZ) at 11.5%
  • Cardinal Energy (TSE:CJ) at 11.3%

However, I would strongly caution investors from focusing on dividend yield and instead look to buy strong companies. A very high yield can often be a warning sign of a dividend cut. And a dividend cut usually leads to a cratering share price.

Keep in mind as well, I have excluded split corporations from the list of high-yielders above.