This morning it is the turn of shareholders of mining giant Rio Tinto Limited (ASX: RIO) to receive their generous final fully franked $1.64 per share dividend.
While some investors may use this pay out as a source of income to live from, others may want to reinvest it into the market again.
If I were reinvesting these dividends I would buy the following three shares:
Appen Ltd (ASX: APX)
Investors looking to reinvest in growth shares could consider this leading provider of high-quality language data and services to government agencies, automakers, and major technology companies including the likes of Microsoft and Facebook. Although at 25x trailing earnings its shares are a little expensive, with management expecting earnings growth in excess of 20% this year I think it justifies the premium.
Premier Investments Limited (ASX: PMV)
Thanks largely to the ongoing international expansion of its Smiggle brand, I expect this retailer to deliver above-average earnings growth for the foreseeable future. With its shares currently providing a trailing fully franked 3.6% dividend, I think Premier Investments could be a great option for investors looking to reinvest in dividend shares.
Webjet Limited (ASX: WEB)
Another growth share which I would suggest investors consider today is Webjet. The online travel agent continues to go from strength to strength, most recently posting an incredible 86.9% increase in half-year net profit after tax from continuing operations. Impressively all of the company's divisions continued to experience strong organic bookings growth and market share growth during the half. This is a company on the rise in my opinion.
