If you're looking for a big boost to your passive income in 2022, then the high yield ASX 200 dividend shares listed below could be worth considering.
Here's what you need to know about them:
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BHP Group Ltd (ASX: BHP)
This mining giant could be an ASX 200 dividend share to buy in 2022.
The Big Australian's shares are currently trading well below their recent highs. This has been driven by investors selling down the mining giant's shares due to weakness in iron ore prices.
The good news is that BHP isn't a one trick pony and other commodities that it mines have been rising in price in recent months. This is helping BHP continue to generate significant free cash flows again, which is expected to underpin big dividends in the near term.
For example, the team at Macquarie expect fully franked dividends per share of ~$3.85 in FY 2022 and ~$2.85 in FY 2023. Based on the current BHP share price of $40.66, this will mean yields of 9.5% and 7%, respectively.
Macquarie has an outperform rating and $52.00 price target on BHP's shares.
Westpac Banking Corp (ASX: WBC)
Another ASX 200 dividend share to look at is Westpac. This banking giant's shares have also come under pressure recently and are now trading notably lower than their 2021 highs. This has been driven by concerns over the bank's margin outlook and cost cutting plans.
The team at Morgans believe this is a buying opportunity, particularly given its attractive valuation and generous dividend yield.
Morgans recently explained: "WBC shares have been sold off heavily following the FY21 result announcement, such that out of the major banks, WBC is now trading on the lowest FY22F P/NTA multiple, the lowest FY22F P/E multiple and the highest FY22F dividend yield. Such multiples or yields could only be justified if WBC is a value trap, which we think it is not."
The broker has pencilled in fully franked dividends per share of $1.23 in FY 2022 and then $1.62 in FY 2023. Based on the current Westpac share price of $20.96, this will mean yields of 5.9% and 7.7%, respectively.
Morgans has an add rating and $29.50 price target on the bank's shares.
