Luckily in this low interest rate environment, the Australian share market has plenty of options for investors looking to generate a passive income.
But which ASX dividend shares should you buy today? Here are two that come highly rated:
Integral Diagnostics Ltd (ASX: IDX)
The first ASX dividend share to look at is this medical imaging service provider. At present, Integral Diagnostics operates from a total of 72 radiology clinics, including 26 comprehensive sites. From these sites, the company employs some of the region's leading radiologists and nuclear medicine specialists.
During the first half of FY 2021, the company reported a 29.5% increase in revenue to $170.7 million and a 61.1% jump in net profit after tax to $23.2 million.
This went down well with analysts at Goldman Sachs. In response to the release, the broker initiated coverage on the company with a buy rating and $5.50 price target.
In addition to this, based on the latest Integral Diagnostics share price, it estimates that its shares offer a fully franked 2.5% dividend yield. While this is not the biggest yield you'll find, the broker believes it can grow at a solid rate in the coming years.
Goldman notes that Integral Diagnostics is "a well-run business in an attractive industry, with a relatively secure volume profile of mid/high single digit growth, and a clear path for further growth through brownfield and M&A activities."
Wesfarmers Ltd (ASX: WES)
Another dividend share to consider is Wesfarmers. Like Integral Diagnostics, this conglomerate was on form during the first half of FY 2021.
For the six months ended 31 December, Wesfarmers reported a 16.6% increase in revenue to $17,774 million and a 25.5% increase in net profit after tax to $1,414 million.
While this was driven by solid sales growth across much of the company, its key Bunnings business was clearly the star of the show. The hardware giant recorded a 24.4% increase in revenue to $9,054 million.
Goldman Sachs was pleased with this result as well. In response to it, the broker put a buy rating and $59.70 price target on its shares.
Looking ahead, Goldman is forecasting a fully franked FY 2021 dividend of $1.88 per share. Based on the latest Wesfarmers share price, this equates to an attractive 3.8% yield.
