By Michael McCullough on January 20, 2024
Estimated reading time: 3 minutes

Canadian Dividend All-Stars 2024: Past performance

By Michael McCullough on January 20, 2024
Estimated reading time: 3 minutes

Last year’s dividend stock picks did fairly well, despite competition from other investments, and the B-Team managed to outperform the A-Team.

Canadian investor looking at MoneySense's best dividend stocks

Image by Freepik

Overview Top 100 Dividend Stocks Past Performance Methodology

Best Dividends in Canada Table of Contents

It’s all very well to recommend a list of dividend stocks, but they’re still equities, right? That means volatility in the market. Their stock values can fall as well as rise, leaving Canadian investors with the possibility of a loss—in the case of dividend stocks, mitigated by their payouts—over the course of the year. The truth is, we can’t tell you for certain what will turn out to be the best picks for 2024. But we can show you how our 2023 selections performed, using the same best dividends methodology.

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The dividend category in general suffered from competition from rising interest rates and bond yields in 2023, prompting some investors to shift their money into short-term cash and fixed income. It didn’t help dividend investors’ cause that the S&P/TSX Composite Index’s top performer for the period was Celestica Inc., which doesn’t even pay a dividend.

Still, the MoneySense dividend picks didn’t do too badly overall. Aman Raina of Sage Investors, who compiled the lists for both last year and this year, says: “If you held a basket of those stocks, you’d be fine.”

Among our A-Team picks for 2024, the top performers from last year were oil and gas producer Canadian Natural Resources Ltd., consumer finance firm Goeasy Ltd., and miner Teck Resources Ltd., all of which posted total returns in the mid- to high teens.

Unfortunately, those solid returns were offset by big losses to ECN Capital Corp. and Cargojet Inc., leaving someone holding equal weights of the whole group with a barely positive return. Yamana Gold, meanwhile, got taken out in March in a cash-and-shares deal worth USD$5.85 a share, about where it began the year.

Last year’s B-list, as a group, turned out to be far better overall, with eight of the 10 stocks posting positive returns for the year to Nov. 30, 2023. Badger Infrastructure Solutions stood out with a 44% return, though private equity firm Onex Corp. and royalty streaming company Wheaton Precious Metals Corp. also saw gains in excess of 30%.

Among the underperformers, TC Energy’s and Bank of Montreal’s lavish dividends failed to push their total returns into the black. The average gain for the group was 17.3%.

If you’d bought equal weights of the 20 stocks in both lists, you would have ended up with a 9.1% total return, comfortably beating the S&P/TSX Composite Index return for the year through Nov. 30, 2023, of 7.5%.

A-team average: 0.88%
B-team average: 17.31%
A- and B-teams total average: 9.10%

How to use the charts: To view the tables in their entirety, slide the columns right or left using your fingers or mouse. You can also filter or rearrange the rankings by using the search tool or clicking on column headings. Download the data to your device in Excel, CSV and PDF formats.

Below data is from November 30, 2022.

Dividend All-Stars 2023 past performance A-team

wdt_ID	Rank	Symbol	Company	Dividend Yield (Nov-30-2022)	12-month Price return (to Nov-30-2023)	Total Return
1	1	CNQ-T	Canadian Natural Resources Ltd.	4.21%	13.85%	18.06%
2	2	WFG-T	West Fraser Timber Co Ltd	1.52%	-8.62%	-7.10%
3	3	LIF-T	Labrador Iron Ore Royalty Corp	10.54%	-0.79%	9.75%
4	4	YRI-T	Yamana Gold Inc	2.50%		2.50%
5	5	GSY-T	Goeasy Ltd	3.11%	12.66%	15.77%
6	6	QBR-B-T	Quebecor Inc Cl B Sv	4.15%	4.72%	8.87%
7	7	TECK-B-T	Teck Resources Ltd Cl B	1.04%	13.94%	14.98%
8	8	ECN-T	ECN Capital Corp	1.00%	-29.78%	-28.78%
9	9	CJT-T	Cargojet Inc	0.87%	-25.56%	-24.69%
10	10	CTC-A-T	Canadian Tire Corp Cl A NV	4.63%	-5.17%	-0.54%
	Rank	Symbol	Company	Dividend Yield (Nov-30-2022)	12-month Price return (to Nov-30-2023)	Total Return

Dividend All-Stars 2023 past performance B-team

wdt_ID	Rank	Symbol	Company	Dividend Yield (Nov-30-2022)	12-month Price return (to Nov-30-2023)	Total Return
1	11	MFC-T	Manulife Financial	5.41%	11.73%	17.14%
2	12	CIGI-T	Colliers International Group Inc	0.31%	14.07%	14.38%
3	13	ABX-T	Barrick Gold Corp	3.36%	13.85%	17.21%
4	14	ATD-T	Alimentation Couche-Tard Inc.	0.91%	24.52%	25.43%
5	15	WPM-T	Wheaton Precious Metals Corp	1.57%	31.74%	33.31%
6	16	BMO-T	Bank of Montreal	4.23%	-13.94%	-9.71%
7	17	AEM-T	Agnico Eagle Mines Ltd	3.03%	10.89%	13.92%
8	18	ONEX-T	Onex Corp	0.58%	33.14%	33.72%
9	19	TRP-T	TC Energy Corp	5.88%	-22.38%	-16.50%
10	20	BDGI-T	Badger Infrastructure Solutions Ltd	2.34%	41.84%	44.18%
	Rank	Symbol	Company	Dividend Yield (Nov-30-2022)	12-month Price return (to Nov-30-2023)	Total Return

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About Michael McCullough

Michael is a financial writer and editor in Duncan, B.C. He’s a former managing editor of Canadian Business and editorial director of Canada Wide Media. He also writes for The Globe and Mail and BCBusiness.

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