5 High-Growth Canadian Dividend Stocks to Invest In

1. Agnico Eagle Mines Limited (NYSE:AEM)

5-Year Average Annual Dividend Growth Rate: 30.6%
Dividend Yield as of March 15: 3.32%

Agnico Eagle Mines Limited (NYSE:AEM) tops our list of high-growth Canadian dividend stocks. The company is mainly engaged in the mining and exploration of gold and other commodities. It has been paying regular dividends to shareholders since 1983 and has raised its payouts at an annual average rate of 30.6% in the past five years. The company currently pays a quarterly dividend of $0.40 per share and has a dividend yield of 3.32%, as of March 15.

At the end of December 2022, 41 hedge funds tracked by Insider Monkey owned stakes in Agnico Eagle Mines Limited (NYSE:AEM), up from 39 in the previous quarter. These stakes have a total value of over $613.7 million.

Old West Management mentioned Agnico Eagle Mines Limited (NYSE:AEM) in its Q4 2022 investor letter:

“Agnico Eagle Mines Limited (NYSE:AEM) is the third largest gold miner in the world with mines in Canada, Australia, Finland, and Mexico. Although we have long respected the company, we became shareholders when they acquired our portfolio holding, Kirkland Lake Gold. Agnico chairman Sean Boyd is one of the most respected executives in the mining industry. He was appointed CEO in 1998 and was recently appointed Executive Chairman. Boyd is a large shareholder and perfectly fits our owner/manager role. This year the company is projected to make nearly $1 billion in net income on $5.8 billion in revenue with $758 million of free cash flow. Net income has been growing 15% per year for several years. Agnico has a fortress balance sheet with $1.3 billion of long term debt, which is only 2 times EBITDA, and $820 million cash in the bank. The stock trades at $55 per share, which is 26 times earnings with a 2.9% dividend yield.”

You can also take a look at 10 Best Stocks to Buy for the Next 10 Years and 15 Under-the-Radar High Dividend Stocks to Buy

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