Today is a big day for BHP Group Ltd (ASX: BHP) shareholders with the mining giant scheduled to pay its latest dividend.
BHP is paying eligible shareholders a fully franked $1.31 per share interim dividend. This means a whopping US$5.1 billion is heading into shareholders' bank accounts this morning.
If you're planning to reinvest these funds into the share market, then you might want to consider the ASX shares listed below. Here's what you need to know about them:
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REA Group Limited (ASX: REA)
The first ASX share to consider buying with these dividends is REA Group. It is the dominant player in real estate listings in the Australian market with its realestate.com.au website. The company also owns and operates a number of complementary businesses in Australia and other listings websites around the globe.
After a couple of difficult years because of the housing market downturn and COVID-19, REA Group looks well-placed for strong growth over the medium term. This due to the booming housing market, new revenue streams, cost cutting, and its growing international operations.
One broker that is particularly positive on the company is Morgan Stanley. It currently has an overweight rating and $175.00 price target on its shares.
ResMed Inc. (ASX: RMD)
Another ASX share to look at is ResMed. It is a sleep treatment-focused medical device company with a growing portfolio of industry-leading products.
ResMed has consistently delivered solid sales and earnings growth over the last decade. This has underpinned market-beating returns for its shares, much to the delight of shareholders.
The good news is that the next decade looks just as positive thanks to its strong market position, growing cloud business, the ever-increasing awareness of sleep disorders, and the shift to home healthcare.
Morgans is a big fan of ResMed. Its analysts currently have an add rating and $30.09 price target on its shares.
