It is a big day for BHP Group Ltd (ASX: BHP) shareholders with the mining giant scheduled to line their pockets with its latest dividend later today.
BHP is paying its shareholders a total of US$3.9 billion today, which equates to a fully franked 113.7 Australian cents per share final dividend.
If you're planning to reinvest these funds into the share market, then I would suggest you consider snapping up these ASX shares:
Coles Group Ltd (ASX: COL)
If you're looking to turn these dividends into even more dividends then I would recommend that you take a look at Coles. I'm a big fan of the supermarket giant due to its strong market position, expansion opportunities, and solid growth potential. The latter is expected to be driven partly through significant cost reductions thanks to its focus on automation. Another positive is the company's dividend policy which aims to pay out between 80% and 90% of its earnings to shareholders. Based on this policy, I estimate that its shares currently provide a fully franked forward 3.5% dividend.
Domino's Pizza Enterprises Ltd (ASX: DMP)
Although this pizza chain operator has underperformed expectations over the last couple of years, I continue to believe that it would be a great long-term investment option due largely to its expansion plans. With management planning to almost double the size of its store network over the next seven years, if it executes this successfully, it could drive strong earnings growth over the next decade.
ResMed Inc. (ASX: RMD)
A final share to consider reinvesting these funds into is ResMed. Over the last few years this medical device company has been delivering robust growth in revenue and profits thanks to strong demand for its leading sleep treatment products and services. And given the quality of its products and the large number of sleep apnoea sufferers that are yet to be diagnosed, I believe it still has a significant runway for growth.
