Where I would reinvest my Commonwealth Bank of Australia dividends

Commonwealth Bank of Australia (ASX:CBA) shares went ex-dividend this morning. Here's where I would reinvest this dividend…

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This morning Commonwealth Bank of Australia (ASX: CBA) shares went ex-dividend for the banking giant's interim $2.00 per share fully franked dividend.

Eligible shareholders can now look forward to receiving this dividend in their nominated account on March 28.

While some investors are likely to use it as income, others may wish to reinvest it back into the share market.

Here are three shares which I would consider reinvesting these funds into:

Aristocrat Leisure Limited (ASX: ALL)

If you want to reinvest these funds into growth shares then you could do a lot worse than this leading gaming technology company. Thanks to the continued success of its existing portfolio of social and mobile games, together with a series of big acquisitions, I think Aristocrat has the potential to grow its earnings at an above-average rate for the foreseeable future.

BHP Billiton Limited (ASX: BHP)

If you'd like to diversify your portfolio through a little bit of exposure to the resources sector then BHP Billiton would be my first pick. I believe the strength of the global economy will lead to sustained solid demand for commodities, keeping prices at favourable levels. I feel this should ultimately lead to a strong performance from the mining giant in FY 2018 and the potential for a large increase in its dividend.

Dicker Data Ltd (ASX: DDR)

Investors that are looking for even more dividends might want to consider an investment in this leading wholesale distributor of computer hardware and software. Yesterday Dicker Data revealed that it has beaten its guidance ever so slightly in FY 2017 with a 10.2% lift in revenue and a 9.9% increase in pre-tax profits. It also declared a final dividend of 4.8 cents per share, bringing its full-year dividend to 16.8 cents per share. This equates to an annual fully franked 5.6% yield.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Dicker Data Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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