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BUY ALERT: Extendicare Offers Great Value and a 6.6% Monthly Yield

Canada is passing through a demographic shift that will be transformative for its social, political, and economic future. The senior population is set to grow beyond 10 million by 2037 according to a report from the Canadian Institute for Health Information (CIHI). Meanwhile, more than half will be aged 75 years or older. This transition will be a huge challenge for Canadian health care and social services. The private sector will need to step up in the years ahead.

Extendicare (TSX:EXE) is a Markham-based company that provides care and services for Canadian seniors. Shares of this healthcare stock have increased 10% month-over-month as of close on May 23. That has pushed this top dividend stock into the black in the year-over-year period.

This company released its first quarter fiscal 2023 earnings on May 4. Home health care volume delivered average daily volume (ADV) of 26,043 – up 6.1% compared to the first quarter of fiscal 2022. Adjusted EBITDA climbed $10.8 million year-on-year to $31.0 million, as Extendicare was powered by growth in home health care volumes and managed services. It posted revenue growth of 6.2% to $324 million.

Shares of this exciting healthcare stock currently possess a favourable price-to-earnings ratio of 9.3. Meanwhile, Extendicare offers a monthly distribution of $0.04 per share. That represents a tasty 6.6% yield. This company has a bright future and can help Canadian investors gobble up big income in an increasingly turbulent market.