2 blue chip ASX 200 dividend shares named as buys

These dividend shares could be buy s right now…

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A stopwatch ticking close to the 12 where the words on the face say 'Time to Buy' indicating its the bottom of the falling market and time to buy ASX shares

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If you're looking to add some blue chip ASX 200 dividend shares to your portfolio, then the two listed below might be ones to consider.

Here's what you need to know about them:

Aurizon Holdings Ltd (ASX: AZJ)

The first ASX 200 dividend share to look at is Australia's largest rail freight operator. Each year, Aurizon transports more than 250 million tonnes of Australian commodities, connecting miners, primary producers, and industry with international and domestic markets.

It also provides customers with integrated freight and logistics solutions across an extensive national rail and road network, traversing Australia.

Earlier this month it released its full year results and revealed a 1% decline in revenue to $3.019 billion and a flat net profit after tax of $531 million. This was in line with the expectations of leading broker Credit Suisse, which led to the broker retaining its outperform rating and $5.30 price target on its shares.

Not only does Credit Suisse see value in its shares, it sees generous dividends in the near term. It is forecasting dividends per share of 29.5 cents in FY 2022 and then 30.9 cents in FY 2023.

Based on the current Aurizon share price of $3.82, this represents yields of 7.7% and 8%, respectively.

Westpac Banking Corp (ASX: WBC)

Another blue chip ASX dividend share to look at is Australia's oldest bank. Although this banking giant's shares are smashing the market in 2021, it isn't too late to invest according to analysts at Goldman Sachs.

This morning the broker retained its buy rating and trimmed its price target slightly to $29.83. This compares very favourably to the current Westpac share price of $26.15.

The broker is expecting fully franked dividend yields of 4.4%, 4.9%, and 5.4% between FY 2021 and FY 2023.

Goldman likes Westpac due to its belief that the earnings risks are skewed to the upside because of its bold cost reduction plans. It notes that management is aiming to reduce its cost base down to $8 billion by FY 2024.

Motley Fool contributor James Mickleboro owns shares of Westpac Banking Corporation. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Aurizon Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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