If you're a Telstra Corporation Ltd (ASX: TLS) shareholder then you'll be pleased to learn that today is payday. This morning the telco giant paid shareholders its fully franked interim dividend of 8 cents per share.
While many shareholders will use this for income or use its dividend reinvestment plan, others may want to reinvest these funds into other ASX shares. If that's you, then you might want to take a look at these highly rated shares:
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Goodman Group (ASX: GMG)
The first ASX share to look at reinvesting these funds into is Goodman Group.
Goodman develops and owns a high quality portfolio of assets across a number of countries. This portfolio has been curated with its gateway city strategy in mind.
Management's focus is on investing in and developing high quality industrial properties in strategic locations. These are close to large urban populations and in and around major gateway cities globally. This is where demand is strong and transformational changes are driving significant opportunities.
An example of this is the company's asset in Oakdale West Industrial Estate which is leased to Amazon Australia. Last week the company revealed that the fulfilment centre is on track for completion by the end of the year.
Once operational, the centre will house up to 11 million items and will be equipped with the most advanced Amazon Robotics technology to assist employees and serve customers.
Macquarie recently upgraded Goodman's shares to an outperform rating and lifted its price target to $20.39.
Westpac Banking Corp (ASX: WBC)
If you're looking for more dividends, then you might want to consider Westpac.
Although the big four banks have rallied strongly over the last few months, it doesn't appear to be too late to invest.
Especially given the improving economic outlook, the booming housing market, the removal of dividend restrictions, and the relaxation of responsible lending rules.
One broker that believes the Westpac share price can continue to rise is Morgans. Last month the broker put an add rating and $27.50 price target on its shares. It is also forecasting fully franked dividends of $1.32 per share in FY 2021 and $1.43 per share in FY 2022.
Based on the latest Westpac share price of $24.34, this will mean 5.4% and 5.9% yields, respectively.
