15 Best Blue Chip Stocks Canada (February 2024)

Friends reviewing financials of blue chip stocks
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Here are the 15 of the best blue chip stocks for Canadians to consider:

1. Apple Inc. (AAPL)
2. Microsoft Corporation (MSFT)
3. Amazon.com Inc. (AMZN)
4. Alphabet Inc. (GOOGL)
5. Johnson & Johnson (JNJ)
6. Procter & Gamble Company (PG)
7. The Coca-Cola Company (KO)
8. Visa Inc. (V)
9. Royal Bank of Canada (RY)
10. Toronto-Dominion Bank (TD)
11. Canadian National Railway Company (CNR)
12. Enbridge Inc. (ENB)
13. Bank of Nova Scotia (BNS)
14. Shopify Inc. (SHOP)
15. Canadian Pacific Railway Limited (CP)

1. Apple Inc. (AAPL)

Apple Inc Logo

Apple Inc

AAPL
NASDAQ

$180.35 USD

  • -1.07
  • (0.59%)

Quote as of 02/29/2024 13:03 ET

  • $2,801,469,489,152 USD

    Market Cap

  • 21.8x

    Enterprise Value to EBITDA

  • 25.3x

    Forward PE

  • 0.53%

    Forward Annual Dividend Yield

Metrics as of 02/29/2024 11:05 ET


 

Apple Inc. (AAPL) is a well-known blue chip stock.

It is a market leader with great financial performance, due to its technology focus.

Its products and services have won the hearts and wallets of people worldwide.

The company’s success is from creating user-friendly devices that connect to its software and services.

Its flagship product, the iPhone, is a top player in the industry.

Plus, its Mac computers are popular for their performance and operating systems.

Apple has diversified its revenue by offering services like Apple Music, iCloud, and the App Store.

This increases income and customer loyalty.

Investing in Apple could be profitable.

It has a history of revenue growth and high return on equity.

Plus, it has cash reserves.

In the future, Apple could continue to grow with new products and entering emerging markets.

It is known for introducing innovative technologies.

Long-term investors can benefit from capital appreciation.

Don’t miss out on owning shares in one of Canada’s best blue chip stocks.

Investing in Apple could result in returns and be part of a global technology leader.

2. Microsoft Corporation (MSFT)

Microsoft Corp Logo

Microsoft Corp

MSFT
NASDAQ

$408.68 USD

  • +0.96
  • (0.24%)

Quote as of 02/29/2024 13:02 ET

  • $3,029,538,963,456 USD

    Market Cap

  • 25.84x

    Enterprise Value to EBITDA

  • 30.52x

    Forward PE

  • 0.74%

    Forward Annual Dividend Yield

Metrics as of 02/29/2024 11:05 ET


 

Microsoft Corporation (MSFT) is a top-tier technology firm renowned for its extensive software, hardware, and cloud services.

It has earned its place as a blue chip stock through its progressive approach and unrelenting pursuit of excellence.

The company’s success is due to its strong market presence and strategic partnerships.

Its main products – like the Windows OS, Office suite, and Azure cloud platform – have become staples in both consumer and business markets.

In recent years, Microsoft has also made huge acquisitions.

For instance, taking over LinkedIn expanded its reach into the professional networking sector.

By leveraging LinkedIn’s vast user base, Microsoft can further improve its services and offer more value to customers.

Pro Tip

It is important for potential investors to recognize the might and diversity of Microsoft Corporation when considering blue chip stocks. Investing in this tech giant will give you exposure to a powerful portfolio of products and services that continuously shape the digital sphere.

3. Amazon.com Inc. (AMZN)

Amazon.com Inc Logo

Amazon.com Inc

AMZN
NASDAQ

$174.77 USD

  • +1.61
  • (0.93%)

Quote as of 02/29/2024 13:03 ET

  • $1,798,682,181,632 USD

    Market Cap

  • 21.91x

    Enterprise Value to EBITDA

  • 32.61x

    Forward PE

  • N/A

    Forward Annual Dividend Yield

Metrics as of 02/29/2024 11:10 ET


 

Amazon.com Inc., a prominent blue chip stock, is renowned for its amazing growth and innovation in the e-commerce industry.

It offers convenience, competitive prices, and an impressive selection of products.

Plus, its commitment to customer satisfaction has created a loyal customer base and boosted its financial performance.

Even with a highly successful e-commerce platform, Amazon has continued to expand.

It’s made waves in cloud computing with AWS, and in entertainment with Prime Video.

These ventures have been super profitable, making Amazon an even bigger player in the market.

Long term investing in Amazon stocks offers potential returns.

With its solid fundamentals and ongoing expansion into new markets, Amazon.com Inc. is an attractive option.

4. Alphabet Inc. (GOOGL)

Alphabet Inc Logo

Alphabet Inc

GOOGL
NASDAQ

$137.14 USD

  • +0.76
  • (0.56%)

Quote as of 02/29/2024 13:03 ET

  • $1,701,572,378,624 USD

    Market Cap

  • 16.12x

    Enterprise Value to EBITDA

  • 17.44x

    Forward PE

  • N/A

    Forward Annual Dividend Yield

Metrics as of 02/29/2024 11:10 ET


 

Alphabet Inc., the parent corp of Google, is a renowned force in the tech industry.

Research and development fuels their progress and keeps them ahead of the competition.

Google Search, YouTube, Android, and Cloud Computing are the core of Alphabet’s success.

These platforms revolutionized industries and offered valuable info, entertainment, and smooth digital experiences.

Alphabet also dives into other ventures, such as Waymo (self-driving cars), Verily (healthcare tech), and DeepMind (AI).

This diversified portfolio lets Alphabet explore new opportunities while still earning money from existing ventures.

5. Johnson & Johnson (JNJ)

Johnson & Johnson Logo

Johnson & Johnson

JNJ
NYSE

$162.12 USD

  • +0.57
  • (0.35%)

Quote as of 02/29/2024 13:04 ET

  • $389,136,809,984 USD

    Market Cap

  • 12.89x

    Enterprise Value to EBITDA

  • 14.63x

    Forward PE

  • 2.95%

    Forward Annual Dividend Yield

Metrics as of 02/29/2024 10:45 ET


 

Johnson & Johnson (JNJ) is a top-notch blue chip stock.

It has been around for a long time and has an outstanding track record, making it a reliable investment option.

J&J operates in the pharmaceutical, medical devices, and consumer goods sectors.

Their diverse portfolio offers both stability and growth potential.

They also invest in research and development, allowing them to come up with new products that match consumers’ changing needs.

Not only does J&J have a strong market position, but they also have a strong financial footing.

Their steady revenue growth, healthy profit margins, and robust cash flow make them a great choice for investors looking for stability and long-term returns.

6. Procter & Gamble Company (PG)

Procter & Gamble Co-The Logo

Procter & Gamble Co-The

PG
NYSE

$158.93 USD

  • -1.12
  • (0.70%)

Quote as of 02/29/2024 13:04 ET

  • $376,600,854,528 USD

    Market Cap

  • 17.01x

    Enterprise Value to EBITDA

  • 23x

    Forward PE

  • 2.38%

    Forward Annual Dividend Yield

Metrics as of 02/29/2024 10:45 ET


 

Procter & Gamble Company (PG) is an influential player in the business world.

It has a great reputation and an impressive selection of consumer goods, making it a great stock to consider.

For more than a century, Procter & Gamble has been a pioneering force, creating innovative products and retaining a faithful customer base.

One factor that sets Procter & Gamble apart is its dedication to research and development.

It spends a lot on creating new and improved goods, always striving to meet customers’ evolving needs.

This commitment to innovation has allowed the company to stay ahead of trends and remain a leader in the consumer goods market.

Moreover, Procter & Gamble has an extensive international presence with operations in over 180 countries.

This wide reach gives the company access to varied markets and allows it to benefit from growth opportunities.

By taking advantage of its global presence, Procter & Gamble can tailor its products and marketing strategies to various cultures and preferences.

7. The Coca-Cola Company (KO)

Coca-Cola Co-The Logo

Coca-Cola Co-The

KO
NYSE

$60.19 USD

  • -0.21
  • (0.35%)

Quote as of 02/29/2024 13:04 ET

  • $260,472,569,856 USD

    Market Cap

  • 20.28x

    Enterprise Value to EBITDA

  • 20.13x

    Forward PE

  • 3.06%

    Forward Annual Dividend Yield

Metrics as of 02/29/2024 10:50 ET


 

The Coca-Cola Company (KO) is a renowned blue chip stock.

It has a strong brand and global presence, and provides stellar financial performance.

Its product portfolio boasts popular drinks like Coca-Cola, Sprite, and Minute Maid.

Furthermore, it keeps innovating and entering new markets to stay ahead of competition.

An interesting part of Coca-Cola’s approach is sustainability.

The company aims to reduce water use, replenish water sources, and have a net-zero carbon footprint by 2030.

This effort is not only in keeping with global sustainability trends but also helps enhance the firm’s reputation and draw conscious consumers.

Moreover, Coca-Cola’s distribution network is extensive, covering over 200 countries.

This reach allows it to explore markets and take advantage of changing consumer trends.

It has a good record of collaboration and acquisitions that have added to its progress and dominance.

Pro Tip

Investors should consider investing in The Coca-Cola Company (KO) for security and long-term growth potential. With its renowned brand and dedication to sustainability, Coca-Cola is a great blue chip stock investment for Canadians.

8. Visa Inc. (V)

Visa Inc Logo

Visa Inc

V
NYSE

$283.85 USD

  • -1.78
  • (0.62%)

Quote as of 02/29/2024 13:04 ET

  • $586,704,027,648 USD

    Market Cap

  • 24.65x

    Enterprise Value to EBITDA

  • 25.59x

    Forward PE

  • 0.73%

    Forward Annual Dividend Yield

Metrics as of 02/29/2024 11:10 ET


 

Visa Inc. (V) is a leader in the payments industry with global reach and groundbreaking payment solutions.

Visa strives to stay ahead of the competition by investing in R&D and forming strategic partnerships.

This has enabled Visa to penetrate the growing digital payment market.

Additionally, Visa’s fiscal success has made it an attractive long-term investment option.

Its business model and capacity for significant cash flow produce stability and profitability in unfavourable economic conditions.

Visa’s commitment to corporate social responsibility is also noteworthy.

It supports numerous philanthropic organizations and social projects, reflecting its moral principles.

9. Royal Bank of Canada (RY)

Royal Bank of Canada Logo

Royal Bank of Canada

RY
TSX

$130.79 CAD

  • -0.14
  • (0.11%)

Quote as of 02/29/2024 13:03 ET

  • $184,155,668,480 CAD

    Market Cap

  • N/A

    Enterprise Value to EBITDA

  • 10.76x

    Forward PE

  • 4.19%

    Forward Annual Dividend Yield

Metrics as of 02/29/2024 10:05 ET


 

Royal Bank of Canada (RY) is a top-tier, blue chip stock in Canada.

It has a great performance record and is a reliable investment option.

RBC offers a range of services, from personal and commercial banking to wealth management and investment banking, making it a great choice for all kinds of customers.

The bank has a strong balance sheet and takes risk management and lending practices seriously.

This is reflected in their consistent dividend payouts, giving investors a regular income.

Plus, RBC has embraced technology to make operations more efficient and engage customers better.

They offer digital platforms such as mobile banking and online investing for added convenience.

10. Toronto-Dominion Bank (TD)

Toronto-Dominion Bank-The Logo

Toronto-Dominion Bank-The

TD
TSX

$80.94 CAD

  • +0.33
  • (0.41%)

Quote as of 02/29/2024 13:03 ET

  • $144,349,937,664 CAD

    Market Cap

  • N/A

    Enterprise Value to EBITDA

  • 9.61x

    Forward PE

  • 5.01%

    Forward Annual Dividend Yield

Metrics as of 02/29/2024 10:05 ET


 

TD, one of Canada’s best blue chip stocks, is a prominent player in the financial sector.

It offers comprehensive banking services and is a preferred choice for investors seeking stability and long-term returns.

TD Bank offers diverse financial products and services.

These include personal and commercial banking, wealth management, insurance, investment banking, and capital markets.

It has a wide network of branches across Canada and USA, catering to both individuals and businesses.

The Bank stands out for its commitment to innovation and technology.

It has focused on digital capabilities to provide seamless customer experiences.

Its online and mobile banking platforms let customers manage finances anytime, anywhere.

Besides financial success, TD Bank has a strong social responsibility.

It supports community initiatives through philanthropy and volunteer efforts.

The bank’s dedication to environmental sustainability has earned it recognition as a green bank in North America.

Its strong performance makes it one of Canada’s top blue-chip stocks.

11. Canadian National Railway Company (CNR)

Canadian National Railway Co Logo

Canadian National Railway Co

CNR
TSX

$176.47 CAD

  • +0.33
  • (0.19%)

Quote as of 02/29/2024 13:03 ET

  • $113,034,846,208 CAD

    Market Cap

  • 14.76x

    Enterprise Value to EBITDA

  • 19.48x

    Forward PE

  • 1.79%

    Forward Annual Dividend Yield

Metrics as of 02/29/2024 10:55 ET


 

Canadian National Railway Company (CNR) is a top transportation provider in Canada.

It boasts an extensive rail network, connecting businesses and people across the country.

CNR is renown for its dependability and safety, making it a favoured choice for shipping.

To stay ahead of the competition, CNR invests in technology and infrastructure.

By utilizing modern analytics and automation, the company guarantees on-time delivery and effective supply chains.

Additionally, CNR is devoted to sustainability; they strive to reduce their environmental impact by adopting eco-friendly practices.

Examples include fuel-efficient locomotives and carbon offset programs.

12. Enbridge Inc. (ENB)

Enbridge Inc Logo

Enbridge Inc

ENB
TSX

$46.89 CAD

  • +0.22
  • (0.47%)

Quote as of 02/29/2024 13:03 ET

  • $99,158,777,856 CAD

    Market Cap

  • 13.43x

    Enterprise Value to EBITDA

  • 15.55x

    Forward PE

  • 7.83%

    Forward Annual Dividend Yield

Metrics as of 02/29/2024 10:45 ET


 

Enbridge Inc. is a premier energy infrastructure company in Canada, renowned for its dependable and diverse operations.

It has enjoyed a strong position in the market, with steady returns for investors.

The network of pipelines transporting crude oil, natural gas liquids, and natural gas across North America has provided a reliable source of revenue for Enbridge.

The company also invests in renewable energy projects, showing its dedication to sustainability.

Wind and solar power are being added to its portfolio, to ensure long-term growth and a greener future.

Investing in Enbridge gives shareholders the chance to gain from regular dividend payments.

There’s a history of increasing dividends each year, which makes it an attractive option for income-oriented investors.

Pro Tip

When looking at blue-chip stocks such as Enbridge, you must assess their financial health, market position, and growth potential. Do your research before making any investment decisions.

13. Bank of Nova Scotia (BNS)

Bank of Nova Scotia-The Logo

Bank of Nova Scotia-The

BNS
TSX

$65.52 CAD

  • +0.44
  • (0.68%)

Quote as of 02/29/2024 13:03 ET

  • $79,536,226,304 CAD

    Market Cap

  • N/A

    Enterprise Value to EBITDA

  • 9.27x

    Forward PE

  • 6.49%

    Forward Annual Dividend Yield

Metrics as of 02/29/2024 10:10 ET


 

The Bank of Nova Scotia, also known as Scotiabank, is a well-known Canadian blue-chip stock.

Scotiabank is one of Canada’s biggest banks.

It provides financial services to individuals, businesses, and organizations.

With over 25 million customers around the world, the bank has a stellar reputation for trustworthiness and stability.

What makes Scotiabank unique is its focus on international markets.

It has a major presence in Latin America and the Caribbean.

This worldwide reach gives Scotiabank diversification and additional growth potential.

Scotiabank investors can take advantage of regular dividend payments.

The bank has a history of increasing its dividend payout over time, which makes it an attractive investment for income-oriented investors.

Pro Tip

Consider adding Scotiabank to your portfolio for a dependable source of dividends and access to international markets.

14. Shopify Inc. (SHOP)

Shopify Inc Logo

Shopify Inc

SHOP
TSX

$102.69 CAD

  • +0.10
  • (0.10%)

Quote as of 02/29/2024 13:03 ET

  • $131,646,554,112 CAD

    Market Cap

  • 388.37x

    Enterprise Value to EBITDA

  • 57.31x

    Forward PE

  • N/A

    Forward Annual Dividend Yield

Metrics as of 02/29/2024 09:40 ET


 

Shopify Inc. is a blue chip stock listed as SHOP in Canada.

It’s a popular e-commerce platform that helps businesses simply set up and manage their online stores.

Shopify gives users plenty of templates and customizations, so they can build unique stores that match their brand.

The platform also has secure payment gateways, allowing both businesses and customers to make safe transactions.

Plus, Shopify offers more than just store features.

It also has inventory tracking, order management, and analytics tools.

These help businesses streamline their operations, manage their supply chain better, and make informed decisions.

Fun Fact

Shopify was created in 2006 by Tobias Lütke, Daniel Weinand, and Scott Lake. It all started when the three wanted to open a snowboard shop called Snowdevil. After facing frustrations with other e-commerce solutions, they decided to develop Shopify, eventually transforming the industry.

15. Canadian Pacific Railway Limited (CP)

Canadian Pacific Railway Ltd Logo

Canadian Pacific Railway Ltd

CP
TSX

$115.79 CAD

  • +0.50
  • (0.43%)

Quote as of 02/29/2024 13:03 ET

  • $107,499,626,496 CAD

    Market Cap

  • 20.24x

    Enterprise Value to EBITDA

  • 22.34x

    Forward PE

  • 0.66%

    Forward Annual Dividend Yield

Metrics as of 02/29/2024 09:45 ET


 

CP, or Canadian Pacific Railway Limited, is a well-known stock in Canada.

It’s a major player in the rail transportation industry, with a wide network of railways that connect cities and move goods.

It has a track record of delivering solid financial results, due to its business model and initiatives.

These have helped CP stay ahead of competitors, providing returns for shareholders.

CP is also committed to sustainability and environmental responsibility.

It’s invested in technologies that reduce emissions and improve fuel efficiency, in line with global trends.

Investing in CP brings several advantages.

Firstly, rail services are essential to many industries, and the demand for them is increasing.

CP is ready to benefit from this growth.

It can also adjust to changes in the market, with strategies like infrastructure development and technological advancements.

Plus, its efficient management team has shown they can optimize costs without compromising service quality.

Lastly, CP offers regular dividends supported by strong cash flow, providing extra incentive for long-term investors.

What is a Blue Chip Stock?

In simple terms, blue chip stocks are shares of large, well-established, and financially sound companies that have a proven track record of success.

These companies have earned their blue-chip status by being leaders in their respective industries.

Some well-known blue chip stocks are Apple, Microsoft, Coca-Cola, and Amazon.

These household names are the epitome of stability and reliability, having stood the test of time and market fluctuations.

One of the key attributes of blue chip stocks is their consistency in delivering profits and dividends to shareholders.

Key Considerations for Investing in Blue Chip Stocks

  • Financial Strength: Blue chip stocks are known for their financial stability and strong balance sheets. Before investing, assess the company’s financial health and profitability.
  • Long-Term Performance: Look at the company’s track record over the years. Consider their historical stock performance, dividend history, and ability to adapt to market changes.
  • Market Conditions: Take into account the current economic environment and industry trends. Blue-chip stocks can still be impacted by market fluctuations and economic conditions.
  • Valuation: Pay attention to the stock’s valuation to avoid overpaying. Consider factors like price-to-earnings (P/E) ratio and other valuation metrics.
  • Diversification: Avoid putting all your money in just one or a few blue-chip stocks. Diversify your portfolio across various industries and asset classes.
  • Risk Tolerance: Assess your risk tolerance before investing. While blue-chip stocks are relatively stable, there is no investment without some level of risk.
  • Dividends: Blue-chip stocks often pay dividends. Consider the dividend yield and the company’s history of dividend payments.
  • Research: Do thorough research on the company, its management, and future growth prospects. Stay updated with the latest news and developments.
  • Investment Horizon: Determine your investment horizon. Blue-chip stocks can be suitable for both short-term and long-term investors.
  • Financial Advisor: Consult with a qualified financial advisor for personalized advice based on your financial goals and risk profile.

Frequently Asked Questions

  • What are blue chip stocks?
  • How are blue chip stocks selected?
  • Why should I consider investing in blue chip stocks?
  • Can blue chip stocks still be risky?
  • Are blue chip stocks suitable for all investors?
  • Can you provide some examples of blue chip stocks in Canada?