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I would reinvest my Telstra Corporation Ltd (ASX:TLS) dividends in these top shares

Later today eligible shareholders of Telstra Corporation Ltd (ASX: TLS) will receive the telco giant’s final fully franked 11 cents per share dividend.

While some shareholders may make use of the company’s dividend reinvestment plan or use the funds as a source of income, others will no doubt look to reinvest these funds back into the share market.

Three shares that I think Telstra shareholders ought to consider are as follows:

Helloworld Travel Ltd (ASX: HLO)

Investors that are interested in shares that offer a combination of growth and income might want to consider this integrated travel company. In FY 2018 the company delivered a massive 48.1% increase in profit after tax to $32 million thanks to the growing popularity of its offering. Management expects its strong form to continue this year and has forecast earnings growth in the region of 16.5% and 23%. I expect to see the company also grow its dividend at a similar rate. At present its shares offer a trailing fully franked 3% yield.

National Storage REIT (ASX: NSR)

If you’re interested in generating even more income then National Storage could be a great way to do it. Thanks to its growing network of self-storage centres and its high occupancy levels, the company posted a 12.5% increase in underlying earnings to $51.4 million in FY 2018. The good news is that due to solid demand for self-storage services and its recent $175 million equity raising to fund acquisitions, I expect similarly strong growth again this year. At present its shares offer a trailing 5.8% distribution yield.

ResMed Inc. (ASX: RMD)

Investors interested in buy and hold growth shares could do a lot worse than ResMed. I believe it is one of the best blue chips on the market and capable of growing its earnings at an above average rate for many years to come. This is because the sleep treatment market is expected to grow at a strong rate over the next decade and few stand to benefit as greatly as ResMed due to its high quality and industry-leading portfolio of products and effective commercial strategy.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia owns shares of Helloworld Limited. The Motley Fool Australia has recommended National Storage REIT and ResMed Inc. 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 Scott Phillips.

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