TopPicks from Chris Blumas, portfolio manager, Raymond James Investment Counsel
Chris Blumas, portfolio manager at Raymond James Investment Counsel Ltd., discusses his top picks: TD Bank, Raytheon Technologies, and Brookfield Corporation.TD is a retail-focused North American bank. Its share price is down around 10 per cent year-to-date and has underperformed its peer group. The bank recently terminated its deal to buy First Horizon , a U.S. regional bank headquartered in Memphis, Tennessee, because it was unable to secure regulatory approval.
The company also has a strong management team and is very shareholder friendly. Going forward, the two main drivers of growth in future profits are the structural cost reductions associated with the merger and the continued recovery within the commercial aerospace sector. The shares currently trade around 17 times forward earnings and have a dividend yield of 2.4 per cent.
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