Image source: Getty Images
Dividend stocks are very popular among investors who want to build a passive income source. However, I think growth investors should also be concerned with dividends. These stocks can provide stability in a volatile growth portfolio, as dividend stocks have been found to experience less serious losses during downturns. In addition, there are some dividend stocks that are innovative companies and beat the broader market by a wide margin. Here are three dividend stocks that growth investors should buy today.
One of the Big Five Banks
The first dividend stock that growth investors should consider buying is Bank of Nova Scotia (TSX: BNS) (NYSE: BNS). One of the Big Five banks, investors often turn to this company because of its high return and reliable distribution. However, what interests me about this company is its growth potential. In general, the Big Five banks are largely focused on North American clients. However, Bank of Nova Scotia distinguishes itself by establishing a significant presence within the Pacific Alliance.
The economy within the Pacific Alliance is expected to grow at a faster rate than that of Canada and the United States over the coming years. This is due to the rapidly growing middle class in Chile, Colombia, Mexico and Peru. If that happens, the Bank of Nova Scotia could see its international business take off. This can lead to much larger profits and a higher share price.
A play about telehealth
There is no denying that the industry has come to be highly relied upon for the past couple of years, thanks to the COVID-19 pandemic. However, we are still in the very early stages. The telehealth industry is expected to grow at a compound annual growth rate of 32.1% from 2021 to 2028. This means that companies that are establishing leadership positions in this industry can experience significant growth over the coming years. In Canada, there are a few companies that operate in this industry. However, Telus (TSX: T) (NYSE: TU) is what stands out to me.
Of course, many Canadians know Telus as a big telecom provider. However, Telus Health’s business segment is very interesting. There are two distinct services that Telus Health offers. The first is professional healthcare services. Here, Telus offers a range of products that healthcare providers can use such as EMR software, billing, and more. Secondly, Telus Health offers the MyCare service. This is a mobile app that the public can use to contact physicians, mental health counselors, and dietitians from their phones.
This stock has been a trusted fortune teller
Companies that have managed to outperform the market for more than two decades should be on your radar. That’s exactly what we have Brookfield Asset Management (TSX: BAM.A) (NYSE: BAM). Since its initial public offering in 1995, Brookfield Asset Management has doubled its returns TSX.
Brookfield operates a portfolio of more than $625 billion and is one of the largest alternative asset management companies in the world. Through its subsidiaries, it has exposure to the infrastructure, real estate, utilities and private equity markets. One of the motivating factors that could push Brookfield stock higher in the coming years is his partnership with Tesla. The two companies plan to develop a large-scale sustainable neighborhood in the United States. This is an interesting project that comes at a critical time.