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Investing in cheap dividend stocks can help you benefit from a tasty dividend yield and long-term capital gains. Investors need to identify beaten-down stocks that are fundamentally strong, allowing them to benefit from outsized returns over time.
Here are two such cheap TSX dividend stocks to buy for 2024.
Magna International stock
Valued at $22 billion by market cap, Magna International (TSX:MG) is among the largest companies on the TSX. An auto-ancillary manufacturer, Magna International stock is down 38% from all-time highs, raising its dividend yield to 3.2%.
The company’s top line depends on production levels in North America, Europe, and China. It supplies systems and components to every major OEM (original equipment manufacturer), resulting in a customer mix relative to market trends.
Magna International reported revenue of US$10.7 billion in the third quarter (Q3) of 2023, an increase of 15%…
