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Top TSX dividend stocks are starting to attract bargain hunters after an extended pullback over the past two years. Contrarian investors seeking high-yield passive income are wondering which great Canadian dividend stocks remain undervalued and could be good to buy for a self-directed Tax-free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) portfolio.
BCE
BCE (TSX:BCE) is down 30% in the past year and off nearly 40% from the 2022 high.
The drop is largely due to the impact of higher interest rates. BCE uses debt to fund part of its large capital program. Increased borrowing costs reduce profits and can put a dent in cash flow available for distributions to shareholders.
BCE raised the dividend by 3.1% for 2024. This is down from the 5% average increase the company gave investors in each of the previous 15 years.
BCE is also facing revenue challenges in the media business….
