Top and Bottom Stocks of Q2 2024

The Morningstar Canada Large-Mid Cap Index fell 0.6% in the second quarter amid struggles in the healthcare sector. The large-mid index tracks the performance of the top 90% of the Canadian investable universe by market cap, and each quarter we screen from among the stocks in this index to find the best- and worst-performing companies. Data in this article is sourced from Morningstar Direct.

Best-Performing Stocks of the Second Quarter 2024

Bombardier BBD.B
Kinross Gold K
Pan American Silver PAAS
First Quantum Minerals Ltd FM
Dollarama Inc DOL

Worst-Performing Stocks of the Second Quarter 2024

Magna International MG
OpenText OTEX
Bausch + Lomb BLCO
Shopify SHOP
BMO Financial Group BMO

Metrics for the Best-Performing Stocks

Bombardier BBD.B

Sector: Industrials
Industry: Aerospace & Defense
Economic Moat: Narrow

Bombardier rose 50.9% in the second quarter, rising 34.3% from one year ago.  The company’s stock has a Morningstar Rating of 3 stars and is trading at a 5% discount to its fair value estimate of C$92.00.

Kinross Gold K

Sector: Basic Materials
Industry: Gold
Economic Moat: None

Kinross Gold climbed 37.6%, bringing the stock up 84.0% over the past year.  The company’s stock has a Morningstar Rating of 2 stars and is trading at a 42% premium to its fair value estimate of C$8.00.

Pan American Silver PAAS

Sector: Basic Materials
Industry: Gold
Economic Moat: Not Rated

Pan American Silver rallied 33.8%, bringing the stock up 44.6% over the past year. Shares are 12.4% below their last high on May 28, 2024. The company’s stock has a quantitative Morningstar Rating of 3 stars.

First Quantum Minerals Ltd FM

Sector: Basic Materials
Industry: Copper
Economic Moat: Not Rated

First Quantum Minerals Ltd advanced 23.4%, but was still down 42.5% for the year. Shares are 54.1% below their last high on July 31, 2023. The company’s stock has a quantitative Morningstar Rating of 3 stars.

Dollarama Inc DOL

Sector: Consumer Defensive
Industry: Discount Stores
Economic Moat: Not Rated

Dollarama Inc jumped 21.1%, leaving the stock up 39.7% for the year.  The company’s stock has a quantitative Morningstar Rating of 2 stars.

 Metrics for the Worst-Performing Stocks

Magna International MG

Sector: Consumer Cyclical
Industry: Auto Parts
Economic Moat: None

Magna International fell 21.5% in the second quarter and declined 20.6% over the past year. Shares are 34.1% below their last high on Aug. 4, 2023. The company’s stock has a Morningstar Rating of 4 stars and is trading at a 41% discount its fair value estimate of C$97.00.

OpenText OTEX

Sector: Technology
Industry: Software – Application
Economic Moat: Not Rated

OpenText slid 21.2%, having fallen 23.4% from one year ago. Shares are 31.5% below their last high on Feb. 2, 2024. The company’s stock has a quantitative Morningstar Rating of 3 stars.

Bausch + Lomb BLCO

Sector: Healthcare
Industry: Medical Instruments & Supplies
Economic Moat: Narrow

Bausch + Lomb slid 15.5% and declined 25.3% over the past year. Shares are 31.6% below their last high on June 30, 2023. The company’s stock has a Morningstar Rating of 4 stars and is trading at a 24% discount to its fair value estimate of C$26.00.

Shopify SHOP

Sector: Technology
Industry: Software – Application
Economic Moat: Wide

Shopify fell 14.4%, shares were still up 2.2% for the year. Shares are 27.9% below their last high on Feb. 12, 2024. The company’s stock has a Morningstar Rating of 3 stars and is trading at an 8% discount to its fair value estimate of USD 72.00.

BMO Financial Group BMO

Sector: Financial Services
Industry: Banks – Diversified
Economic Moat: Narrow

BMO Financial Group slid 12.1%, but shares are flat from one year ago, having risen only 0.9%. Shares are 14.3% below their last high on April 9, 2024. The company’s stock has a Morningstar Rating of 4 stars and is trading at a 14% discount to its fair value estimate of C$133.00.

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 generated with the help of automation and reviewed by Morningstar editors.

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