2 Top Defensive Stocks to Buy Before June
The S&P/TSX Composite Index dropped 218 points on Wednesday, May 24. Some of the worst performing sectors included Battery Metals, Base Metals, Financial, and Industrials. Today, I want to look at two top defensive stocks that Canadian investors may want to stash in this volatile environment.
Metro (TSX:MRU) is a Montreal-based grocery and pharmaceutical retailer. Shares of this defensive stock have dropped 3.9% month-over-month as of close on May 24. Meanwhile, the stock is down 2.2% in the year-to-date period.
In the second quarter of fiscal 2023, the company delivered sales growth of 6.6% to $4.55 billion. Moreover, it posted adjusted net earnings of $225 million or $0.96 diluted earnings per share (EPS) – up 10% or 14%, respectively, compared to the second quarter of fiscal 2022. Shares of this defensive stock possess a favourable price-to-earnings ratio of 19. Meanwhile, Metro offers a quarterly dividend of $0.302 per share. That represents a modest 1.6% yield.
Waste Connections (TSX:WCN)(NYSE:WCN) is a Toronto-based company that provides non-hazardous waste collection, transfer, disposal, and resource recovery services in the United States and Canada. This defensive stock has dropped 1.8% over the past month. Its shares are still up 3.6% so far in 2023.
This company posted revenue growth of 15% to $1.90 billion in the first quarter of fiscal 2023. Meanwhile, it posted adjusted net income per share of $0.89. Waste Connections has delivered 13 straight years of dividend growth, which makes this defensive stock a Canadian dividend aristocrat. It offers a quarterly distribution of $0.255 per share, which represents a 0.7% yield.
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.