(MENAFN- Baystreet.ca) The S & P/TSX Composite Index was up 67 points in mid-afternoon trading on April 23. However, Canadian stocks encountered some turbulence over the past week. Some investors may be looking to hold some defensive stocks in their portfolio as stocks look broadly overheated.

Saputo (TSX:SAP) is one of the largest dairy producers on the planet. The Montreal-based company has seen its stock climb 11% in 2021 at the time of this writing. Its shares are up 15% from the prior year.

The company released its third quarter fiscal 2021 results on February 4.

Revenues fell 3.3% from the prior year to $3.76 billion. Net earnings increased 6.1% year-over-year to $209 million. Meanwhile, adjusted EBITDA came in at $431 million - up 3.4% from the prior year. Saputo benefited from improved sales volumes in the Canadian retail market. However, sales volumes sunk in its United States segment.

Shares of Saputo last possessed a price-to-earnings ratio of 26. That puts it in favourable value territory relative to its industry peers. Moreover, its strong position in the Canadian market makes it a strong defensive stock.

Saputo has advocated for a loosening of supply management in recent years. However, it also provides solid protection for domestic dairy producers.

Saputo last delivered a quarterly dividend of $0.175 per share. That represents a modest 1.7% yield. Canadians should look to add this defensive stock that offers favourable value in late April.

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