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The Morningstar Canada Large-Mid Cap Index rose 10.4% in the third quarter amid a rally in the real estate 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 Third Quarter 2024
• Lundin Gold LUG
• Colliers International CIGI
• Bausch + Lomb BLCO
• Industrial Alliance Insurance and Financial Services IAG
• Canadian Imperial Bank of Commerce CM
Worst-Performing Stocks of the Third Quarter 2024
• Veren VRN
• Curaleaf CURA
• Boyd Group Services BYD
• Cenovus Energy CVE
• Methanex MX
Metrics for the Best-Performing Stocks
Lundin Gold LUG
• Sector: Basic Materials
• Industry: Gold
• Economic Moat: Not Rated
Lundin Gold advanced 46.2% in the third quarter, lifting shares 98.2% over the past year. The company’s stock has a quantitative Morningstar Rating of 2 stars.
Colliers International CIGI
• Sector: Real Estate
• Industry: Real Estate Services
• Economic Moat: Not Rated
Colliers International jumped 34.4%, lifting shares 59.1% over the past year. 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 climbed 32.0%, lifting shares 13.3% over the past year. The company’s stock has a Morningstar Rating of 3 stars and is trading at a 1% premium to its fair value estimate of C$26.00.
Industrial Alliance Insurance and Financial Services IAG
• Sector: Financial Services
• Industry: Insurance – Diversified
• Economic Moat: Not Rated
Industrial Alliance Insurance and Financial Services advanced 31.5%, lifting shares 36.3% over the past year. The company’s stock has a quantitative Morningstar Rating of 3 stars.
Canadian Imperial Bank of Commerce CM
• Sector: Financial Services
• Industry: Banks – Diversified
• Economic Moat: Narrow
Canadian Imperial Bank of Commerce jumped 28.9%, lifting shares 66.6% from one year ago. The company’s stock has a Morningstar Rating of 2 stars and is trading at a 19% premium to its fair value estimate of C$70.00.
Metrics for the Worst-Performing Stocks
Veren VRN
• Sector: Energy
• Industry: Oil & Gas E&P
• Economic Moat: Not Rated
Veren fell 21.7% in the third quarter and declined 22.3% over the past year. Shares are 34.3% below their last high on April 29, 2024. The company’s stock has a quantitative Morningstar Rating of 5 stars.
Curaleaf CURA
• Sector: Healthcare
• Industry: Drug Manufacturers – Specialty & Generic
• Economic Moat: None
Curaleaf fell 21.5%, leaving the stock down 32.5% for the year. Shares are 52.8% below their last high on April 30, 2024. The company’s stock has a Morningstar Rating of 5 stars and is trading at a 75% discount to its fair value estimate of C$16.50.
Boyd Group Services BYD
• Sector: Consumer Cyclical
• Industry: Auto & Truck Dealerships
• Economic Moat: Not Rated
Boyd Group Services fell 20.2%, leaving the stock down 14.9% for the year. Shares are 36.9% below their last high on Feb. 28, 2024. The company’s stock has a quantitative Morningstar Rating of 4 stars.
Cenovus Energy CVE
• Sector: Energy
• Industry: Oil & Gas Integrated
• Economic Moat: Not Rated
Cenovus Energy slid 15.2%, leaving the stock down 17.4% for the year. Shares are 24.5% below their last high on April 11, 2024. The company’s stock has a quantitative Morningstar Rating of 3 stars.
Methanex MX
• Sector: Basic Materials
• Industry: Chemicals
• Economic Moat: Not Rated
Methanex slid 15.0% and declined 7.1% over the past year. Shares are 24.7% below their last high on May 21, 2024. The company’s stock has a quantitative Morningstar Rating of 5 stars.
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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