Dividend-paying stocks that combine healthy balance sheets with hefty yields can provide investors with steady incomes, cushion against market downturns, and grow investments at a healthy clip. In April 2025, the top-performing dividend payers included gold company Lundin Gold LUG, asset management firm Sprott Physical Gold and Silver Trust SII, and agricultural inputs company Nutrien NTR.
To find the month’s 10 best-performing income-focused stocks, we screened the Morningstar Canada Index—which measures the performance of Canada’s broad regional markets, targeting the top 97% of stocks by market capitalization—for companies with a forward dividend yield of at least 1.5%, excluding real estate investment trusts.
The Best-Performing Canadian Dividend Stocks of April 2025
- Lundin Gold LUG
- Sprott Physical Gold and Silver Trust SII
- Nutrien NTR
- Hydro One Networks H
- The North West Company NWC
- Capital Power CPX
- Savaria SIS
- Saputo SAP
- Pet Valu PET
- Superior Plus SPB
Best-Performing Dividend Stocks in Canada
Source: Morningstar Direct. Data as of April 30, 2025.
How Have Dividend Stocks Performed?
Over the past month, the Morningstar Canada Dividend Growth Index, which tracks the performance of Canadian stocks with a history of uninterrupted dividend growth and the capacity to sustain that growth, was roughly unchanged. The Morningstar Canada Dividend Yield Focus Index, which tracks the performance of high-quality, dividend-paying Canadian stocks, was roughly flat. In the 12 months leading up to April 30, the dividend growth index gained 23.5% and the dividend yield focus index gained 15.9%.
1-Year Performance of Canadian Dividend Stocks
Source: Morningstar Direct. Data as of April 30, 2025.
The overall Canadian stock market, as measured by the Morningstar Canada Index, was roughly flat on the month, but has risen 19.0% on the year.
Yields and Metrics for April’s Best-Performing Dividend Stocks
Lundin Gold
Gold company Lundin rose 26.2% in April and gained 206.5% over the past 12 months. Trading at C$56.23 per share, the stock has a forward dividend yield of 3.05%. Lundin pays investors an annual dividend of C$1.71 per share. The stock has a quantitative Morningstar Rating of 2 stars.
Sprott Physical Gold and Silver Trust
Asset management firm Sprott rose 12.3% in April and gained 37.0% over the past 12 months. At C$72.43 per share, the stock has a forward dividend yield of 2.37% and an annual dividend of C$1.72 per share. It has a quantitative Morningstar Rating of 2 stars.
Nutrien
Agricultural inputs company Nutrien gained 10.2% in April and rose 12.6% over the past 12 months. The stock’s C$78.70 price gives it a forward dividend yield of 3.91%. Nutrien pays investors an annual dividend of C$3.07 per share. With a fair value estimate of C$99 per share and a narrow economic moat, the stock is moderately undervalued, trading at a 21% discount to our fair value estimate. It has a Morningstar Rating of 4 stars.
Hydro One Networks
Regulated electric company Hydro One rose 9.6% in April and gained 40.8% over the past 12 months. Trading at C$53.04 per share, Hydro One stock has a forward dividend yield of 2.37% and an annual dividend of C$1.26 per share. The stock, which has no economic moat, is significantly overvalued, trading 40% above its fair value estimate of C$38 per share. It has a Morningstar Rating of 1 star.
The North West Company
Grocery store North West gained 9.6% in April and rose 45.8% over the past 12 months. Trading at C$55.30 per share, its forward dividend yield is 2.89%. North West pays investors an annual dividend of C$1.60 per share. It has a quantitative Morningstar Rating of 3 stars.
Capital Power
Independent power producer Capital Power gained 9.4% in April and rose 52.8% over the past 12 months. At C$52.34 per share, Capital Power stock has a forward dividend yield of 4.98% and an annual dividend of C$2.61 per share. It has a quantitative Morningstar Rating of 5 stars.
Savaria
Specialty industrial machinery firm Savaria rose 8.5% in April and gained 8.4% over the past 12 months. Trading at C$17.36 per share, Savaria stock has a forward dividend yield of 3.11% and an annual dividend of C$0.18 per share. It has a quantitative Morningstar Rating of 5 stars.
Saputo
Packaged foods company Saputo rose 8.3% in April and gained 4.5% over the past 12 months. Trading at C$26.90 per share, Saputo stock has a forward dividend yield of 2.83% and pays investors an annual dividend of C$0.76 per share. The stock, which has no economic moat, is currently trading near its fair value estimate of C$26 per share, leaving it with a Morningstar Rating of 3 stars.
Pet Valu
Specialty retail firm Pet Valu gained 8.0% in April and fell 6.0% over the past 12 months. The stock’s C$28.61 price gives it a forward dividend yield of 1.68%. Pet Valu pays investors an annual dividend of C$0.48 per share. The stock has a quantitative Morningstar Rating of 3 stars.
Superior Plus
Regulated gas company Superior Plus rose 7.6% in April and lost 21.0% over the past 12 months. At C$6.92 per share, Superior Plus has a forward dividend yield of 2.6% and an annual dividend of C$0.18 per share. It has a quantitative Morningstar Rating of 3 stars.
What Is the Morningstar Canada Index?
The Morningstar Canada Index measures the performance of Canada’s broad regional markets, targeting the top 97% of stocks by market capitalization. The index does not incorporate environmental, social, or governance criteria.
What Is the Morningstar Canada Dividend Yield Focus Index?
The Morningstar Canada Dividend Yield Focus Index captures the performance of a portfolio of high-quality, dividend-paying securities.
It’s a subset of the Morningstar Canada Index (which represents 97% of the equity market capitalization) that includes only stocks that pay dividends. The stocks are screened for economic moat and financial strength compared to others in their sector. Real estate investment trusts are excluded.
The 25 highest-yielding stocks are included in the index, weighted by the dollar value of the dividends. See the full rulebook here.
The Best Dividend Stock Leaders: More Ideas to Consider
Investors who would like to find more top-performing or cheap dividend stocks can do the following:
- Review the full list of stocks in the Morningstar Canada Dividend Yield Focus Index. Stocks with Morningstar Ratings of 4 or 5 stars are undervalued, according to our metrics.
- Use our Morningstar Stock Screener tool to find the best dividend stocks according to your specific criteria. You can search for stocks based on their dividend yields, valuation measures like price/earnings ratios, and more.
- When it comes to buying stocks, it’s more than just dividends. Read here how valuations and competitive advantages—known as economic moats—matter when it comes to a stock’s potential for outperformance.
- Read Morningstar’s Guide to Stock Investing to learn how our approach to investing can inform your stock-picking process.
Companies that are not formally covered by a Morningstar analyst are statistically matched to analyst-rated companies, allowing our models to calculate a quantitative star rating.
This article was compiled by Bella Albrecht, edited by Lauren Solberg, and reviewed by Nathalie Cordier.
The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar's editorial policies.
