The Macquarie Group Ltd (ASX: MQG) share price is trading lower in morning trade after going ex-dividend.
Eligible shareholders of the investment bank can now look forward to being paid its $1.80 per share partially franked final dividend on July 3.
In the meantime, now might be a good time to think about where to reinvest these dividends if you're not planning to use the funds as income.
Three top shares that I would reinvest the dividends into are as follows:
BetaShares NASDAQ 100 ETF (ASX: NDQ)
The first option to consider investing your dividends into is the BetaShares NASDAQ 100 ETF. As its name implies, this exchange traded fund provides investors with exposure the 100 largest non-financial shares on the Nasdaq index. The majority of these companies are household names such as Amazon, Apple, Microsoft, Netflix, Starbucks, and Zoom. As a whole, I think these 100 companies have the potential to grow at a quicker rate than the rest of the economy over the next decade. This could lead to the BetaShares NASDAQ 100 ETF providing investors with strong returns for many years to come.
Dicker Data Ltd (ASX: DDR)
If you're looking for even more dividends then you might want to take a look at Dicker Data. It is a leading wholesale distributor of computer hardware and software. The company has been a real standout performer over the last few years and has been growing both its earnings and dividends at a strong rate. This has continued to be the case in 2020 despite the crisis, with management recently revealing plans to lift its full year dividend by 31% to 35.5 cents per share in FY 2020. This represents a 5.1% fully franked dividend yield.
ResMed Inc. (ASX: RMD)
A final share to consider buying is ResMed. I think it is one of the best options in the healthcare sector and a great place to invest your Macquarie dividends. ResMed is a sleep treatment focused medical device company which looks well-placed for long term growth due to the proliferation of obstructive sleep apnoea (OSA). It estimates that just 20% of OSA sufferers have been diagnosed at this point. Due to the quality of its products and software, I expect ResMed to capture a greater slice of this growing market over the next decade. This should underpin strong earnings growth for years to come.
