The Best TSX Dividend Stock to Buy in March

Some of the best dividend stocks worth scooping up this March also happen to be red-hot over the past year. Undoubtedly, it’s never fun to be a buyer of a stock when it’s sitting at or close to all-time highs. For a disciplined long-term value investor, missing out on a lengthy upside move might be enough to wait around for a pullback before getting in.

Not only does one have to pay a higher price of admission for a lower yield, but the risk of a more painful correction might make it less worth the while to “chase” a stock that’s more of a play for traders than a long-term investor who’s just looking to collect some bountiful and growing dividends.

Either way, this piece will check out one underrated dividend stock that’s still not that expensive, even after soaring to new heights in recent sessions. Enter shares of Quebecor (TSX:QBR.B), a $13.8 billion telecom firm that’s taking wireless market share quite quickly. While the firm isn’t exactly putting its rivals on notice, I think that it’s far better to be on the right side of disruption.

Quebecor’s momentum looks unstoppable

And with Quebecor’s wireless momentum (think the Freedom Mobile business) shining through, I think it might be time to start doing some buying on strength, especially as the industry looks to recover more broadly. If Quebecor can maintain its value proposition, I see more share-taking in wireless. And as industry dynamics recover, Quebecor may very well be the stock to own for dividends, dividend growth and capital gains.

In the past year, QBR.B shares have really delivered on the front of appreciation, soaring more than 72% in the past year alone, all while its telecom rivals have been scrambling and making big moves to bottom out and stage some sort of relief recovery. While there might be more value in some of the fallen telecom incumbents, I must say that I’m a bigger fan of Quebecor’s trajectory, especially given that the Canadian consumer isn’t going to shy away from value anytime soon.

So, while the headline inflation figure is tame, the fact remains that food inflation has gotten a tad out of hand. And until we see some cooling inflation in the basket of goods that matters most (think rent, food and necessities), Canadians are going to need to move a few things around in the budget to make things work.

For many, that means switching from a pricey wireless carrier to a budget one. And that’s where Freedom Mobile could continue to be a major share-taker. In addition to attracting consumers with its lower costs, I find the real long-term opportunity lies in retaining customers and driving average revenues per user (ARPU). Add the continued wireless expansion (think 5G+) into the equation, and it feels like Quebecor is the best telecom play to stick with through all seasons.

With a nice 2.73% dividend yield, a 16.6 times trailing price-to-earnings multiple, and plenty of growth runway, Quebecor stands out as a momentum stock that may very well be worth chasing, even if it means feeling the full force of the next dip.

The post The Best TSX Dividend Stock to Buy in March appeared first on The Motley Fool Canada.

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Fool contributor Joey Frenette has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.