If you're wanting to boost your income with some dividend shares, then you might want to consider the ones listed below.
Here's why analysts have given them buy ratings:
Image source: Getty Images
Coles Group Ltd (ASX: COL)
The first ASX dividend share to look at is Coles. It could be a quality option due to its positive outlook and strong market position.
In respect to the latter, the company has over 800 supermarkets across the country, over 900 liquor retail stores, and over 700 Coles express stores. From this network, the company processes more than 21 million customer transactions each week. This demonstrates just how dominant its market position is alongside rival Woolworths Group Ltd (ASX: WOW).
Goldman Sachs is very positive on Coles and is forecasting robust growth over the medium term. In light of this, the broker has put a buy rating and $19.40 price target on its shares.
The broker expects dividends per share of 62 cents in FY 2021, 67 cents in FY 2022, and 73 cents in FY 2023. Based on the latest Coles share price of $18.01, this will mean fully franked yields of 3.4%, 3.7%, and 4.1%, respectively.
Transurban Group (ASX: TCL)
Another ASX dividend share to look at is Transurban. It is one of the world's leading toll road operators with key roads in Melbourne, Sydney and Brisbane, as well as in Greater Washington, United States and Montreal, Canada.
Transurban also considers itself to be a technology company. It has been investing in research and development activities in order to create innovative tolling and transport technology that makes travel easier for everyone.
While its near term is likely to underwhelm due to lockdowns and border closures, the longer term remains very positive. Particularly given the company's significant pipeline of opportunities in its core markets that look set to underpin its next growth phase.
Ord Minnett believes it is worth being patient with the company. Its analysts have a buy rating and $16.00 price target on the company's shares.
The broker is forecasting dividends per share of 36.5 cents in FY 2021 and then 57.7 cents in FY 2022. Based on the latest Transurban share price of $14.31, this will mean yields of 2.6% and 4%, respectively, over the next two years.
